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Solana outperforms Bitcoin and Ether with a 197% monthly surge

EditorPollock Mondal
Published 11/16/2023, 08:59 AM
© Reuters.

NEW YORK - Solana, a blockchain platform known for its high-speed transactions and low fees, has significantly outstripped its competitors in the cryptocurrency market. Following a CNBC interview on Tuesday with Cathie Wood, CEO of ARK Invest, where she lauded Solana's efficiency and cost-effectiveness over Ethereum, the digital currency experienced a remarkable surge. The next day, the crypto asset soared to new yearly highs, recording an over 17% increase in value and a striking monthly gain of over 197%.

In contrast, during the same period, Bitcoin and Ether reported more modest increases of 32% and 28%, respectively. As of now, Solana is trading slightly above $66, showcasing its growing appeal among investors and developers within the blockchain ecosystem. Wood emphasized Solana's potential for real-world applications as a key factor distinguishing it from Bitcoin.

Wood also touched upon the highly anticipated spot Bitcoin ETF products, emphasizing Bitcoin's long-term position as a transformative financial instrument. She suggested that while investor excitement builds up, there could be a "sell on the news" effect where high expectations may lead to a swift sell-off following any announcements related to these products.

This recent performance by Solana underscores the dynamic nature of the crypto market where new technologies can rapidly change investment landscapes. Wood's comments have clearly resonated with investors who are increasingly recognizing the value of efficient and scalable blockchain solutions.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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