A strong price jump of Solana of 20 percent in the last seven days has briefly elevated this cryptocurrency to fourth place by market capitalization, for the first time in over two years.
The latest surge catapulted Solana’s market capitalization to $41.9 billion, surpassing BNB’s market capitalization of $41.8 billion. The price of Solana is currently $92.17, while its recent peak was around $98.40.
Just a day earlier, on December 21, Solana surpassed XRP in market capitalization. In the past week, Solana has risen over 30 percent, outperforming all other major cryptocurrencies in the same timeframe.
However, despite the nickname ‘ETH killer’ that many of its supporters praise, Solana has a long way to go to reach Ethereum’s market capitalization of $278 billion.
The last time Solana was in fourth place was in November 2021, according to CoinMarketCap. At that time, at the peak of the market cycle, it had a market capitalization of $75 billion, but was still behind BNB with $108 billion.
However, the price of Solana ended 2022 at just below $10, mainly due to its connection with FTX and former crypto billionaire Sam Bankman-Fried. A year later, Solana is at nearly $100, making it one of the best-performing cryptocurrencies of the year.
Google Trends also shows a significant increase in searches for Solana, which has nearly approached searches for Ethereum in the U.S.
