Solana has been breaking records recently and surged to an all-time high with its latest price increase. Now valued at $50 billion, the Bitcoin rival has overtaken Dogecoin and continues its upwards trajectory.
The new cryptocurrency was valued at less than $3 in the month of September in 2020, but now today is valued at $180. It peaked at $194 and still continues to have a favorable position in the market.
Since the onset of the pandemic, many cryptocurrencies have popped up, with some performing really well. It also gives people less expensive options to buy into while keeping them interested in long-term trading.
In January of this year itself, Bitcoin had 70% of the market share but today is less than half. The $2.25 trillion market has seen Bitcoin losing some of its dominance, but it still is a major player.
The creators of Solana say that they have devised the fastest blockchain in existence and are proud of the 400+ projects that have been built using the network. They also added that it is censorship-resistant and expect it to grow even more in the future.
With the NFT market booming, many people view Solana as a competitor to Ethereum as now many NFTs accept Solana too. It is a fast and efficient network that does the job every time.
The crypto market is booming and if you are too hesitant to buy bitcoin, you can also invest in these alternate coins. Most of them have shown significant growth and are well on their way to becoming long-term investments.
