Solana Becomes More Valuable than XRP

Solana (SOL), one of the largest digital currencies in the world, is now more valuable than XRP. SOL touched an all-time high of $214 on Thursday after the surge of more than 22% in the last 24 hours.

According to Coinmarketcap, Solana is the 6th largest cryptocurrency in the world with a market cap of over $60 billion. SOL’s market cap is more than Dogecoin (DOGE), XRP, Polkadot (DOT), Uniswap (UNI), USDC, and Bitcoin Cash (BCH).

Solana is currently trading above $200 with a crypto market dominance of over 3%. SOL jumped by more than 80% within the last seven days. During the latest crypto volatility on 7 September, Solana touched a low of nearly $130 but recovered quickly and reached another all-time high on Thursday.

SOL remained the best-performing digital asset among the top 10 in 2021. The world’s 6th most valuable cryptocurrency started this year at a price level of just $1.5. Solana’s price has jumped by approximately 13,900% in 2021 so far. On the other hand, XRP saw gains of nearly 400% this year.

Solana Investment Products

During the recent bullish rally in Solana, institutional interest for SOL has increased sharply since the start of August 2021. Last week, Solana investment products attracted record inflows of $13.2 million. “Solana remains the favorite with weekly inflows totaling US$13.2m last week, doubling its total inflows year-to-date. While AuM has grown from US$15m the previous week to US$44m last week,” CoinShares, Europe’s largest digital asset manager, mentioned in its latest digital asset weekly fund flows report. Earlier this month, Solana’s total market cap jumped above $40 billion and SOL became more valuable than Dogecoin.

The crypto market saw immense volatility this week as Tuesday’s $400 billion market sell-off triggered panic among retail and institutional investors. However, the market recovered quickly and added nearly $200 billion in the last 24 hours. At the time of writing, the total market cap of digital currencies stands at around $2.1 trillion.