Solana (SOL) has risen by an amazing 700% in the last year, outperforming other cryptocurrencies like as Bitcoin (BTC) and Ethereum (ETH).
As per the data from CoinMarketCap, Solana is currently up 702% from the previous year. During the same time, Ethereum eclipsed Bitcoin, thanks to final approvals for token-focused funds. Ethereum has grown by 51% since the beginning of the year, outpacing Bitcoin’s 45% increase.
At the time of this writing, SOL is currently the fifth-largest cryptocurrency by market capitalization, having a bullish year till now. Currently, SOL is trading at $145.6, and a year ago it was trading at $20, and at its peak in 2024, it was $200.
Bitcoin’s initial run this year, aided by the launch of the first U.S. spot ETFs in January, saw it hit a new high of $73,798 by March. However, demand and price have subsequently slowed, and Bitcoin’s performance is being overshadowed by increased interest in Ethereum and Solana.
ETF excitement is responsible for Solana’s recent rise, especially when exchange-traded fund company VanEck applied for a cryptocurrency-based product.
The SOL token experienced its largest spike since late May after VanEck filed the necessary paperwork with the Securities and Exchange Commission (SEC) for the new Solana ETF. The boost reached as high as 11%.
The VanEck Solana Trust is the company’s newest product and the first Solana ETF to be registered in the US. This submission comes after spot Ether (ETH) ETFs were approved by the SEC for the United States on May 23, 2024.
Also Read: 21Shares Joins Solana ETF Race After VanEck’s Filing
