Diversifying Your Portfolio with the Solana Crypto Altcoin [With Explainer Videos] | by Stephen Dalton | Jan, 2024
CRYPTOCURRENCY | ALTCOINS
The Solana (SOL) crypto altcoin started the year 2023 at just $11.44. It will start 2024 up 800% at $109.07. What is causing this rise, and will it continue?
If you follow crypto, you might be surprised that SOL passed Ripple’s XRP on the Coin Market Cap top 100 crypto list to land at #5 for market capitalization. That’s huge.
At one point in December 2023, the SOL price reached $120, and the market cap had surpassed that of the Binance Coin (BNB) at #4.
“Binance Coin (BNB) is a cryptocurrency that can be used to trade and pay fees on the Binance cryptocurrency exchange. The Binance Exchange is the largest cryptocurrency exchange in the world as of January 2018, facilitating more than 1.4 million transactions per second.” — Binance.
Solana’s market capitalization is nearly $47 billion. That’s more than the gross domestic product (GDP) of 120 countries.
“SOL declined by 3.8% in the past 24 hours and is trading at $109.5 at the time of writing. The asset’s market cap fell from around $50 billion to $47 billion over the past day — making it the fifth-largest cryptocurrency.” — Crypto News.
What Is SOL?
SOL is a rising star in the crypto altcoin universe.
It’s a blockchain platform designed for decentralized applications (DApps) and smart contracts. Launched in 2020, Solana quickly gained attention for its high-speed, low-cost transactions and scalability.
“Solana is a public, open-source blockchain that supports smart contracts, including non-fungible tokens (NFTs) and a variety of…
