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As altcoins rally, Solana (SOL) is proving to be a tough Ethereum (ETH) competitor after flipping BNB to fourth.
Solana flips BNB, next Ethereum?
SOL has seen a strong month, bouncing off $54.17 on Nov. 28 to reach $99.12 by Dec. 22.
Currently at $91.6, its $38.9 billion market cap places the token at fifth, just below BNB.
SOL flipped BNB on Dec. 22 – with SOL reaching $41.9 billion, above BNB’s $41.8 billion.
Still, SOL remains 64% below its all-time high of $260.06.
Solana’s seen a lot of positive developments this year, with multinational giants like VISA choosing their network to support USDC settlements.
New features like State Compression dramatically cheapen the cost of storing/minting NFTS on their blockchain.
Their new Token-2022 standard increases privacy protection and enforces royalty payouts for NFT creators, and their new validator client, Firedancer, went live on their Testnet.
It’s set to raise the network’s threshold to one million transactions a second.
Solana’s new $10 million grant will sponsor teams looking to research and develop at the intersection of blockchain and artificial intelligence (AI).
With even cheaper gas fees than Avalanche, many crypto analysts like Zed Monopoly remain bullish.
He believes that once a spot Bitcoin ETF is approved, more money will trickle into altcoins, and a lot of new investors will be looking for a viable alternative to ETH.
Bitcoin Minetrix may trend in 2024
While SOL trends, investors are also looking at Bitcoin Minetrix.
The aims to provide a unique decentralized, token-based cloud mining service.
This innovation allows you to mine Bitcoin (BTC) both effectively and safely, tackling the problem of deceptive third-party cloud mining operations.
It achieves this by giving token holders direct control over the mining process. Holders can stake BTCMTX, Bitcoin Minetrix’s native token, to earn credits for BTC mining.
BTCMTX is currently trading at $0.0124 in the ongoing presale which has seen over $5.7 million raised.
77.5% of the four billion BTCMTX have been allocated to the public. There are 39 planned incremental price gains set, with the token price rising from $0.0117 to $0.0124 on Dec. 22.
This strategy is designed to draw in early investors by offering more attractive prices before BTCMTX is listed on crypto exchanges.
Be sure to check out their X (Twitter) and Telegram for the latest updates.
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Source: https://crypto.news/solana-breaks-90-flips-bnb-as-new-altcoin-posts-gains/