Solana's SOL Outpaces Binance's BNB to Clinch 4th Spot in Crypto Market Cap
Summary:
Solana's SOL has overtaken Binance's BNB as the fourth-largest cryptocurrency by market cap, trading at $112.52 with a market cap of $49.36 billion. This ascension coincides with significant movements in the Crypto Fear and Greed Index, and also follows the on-chain approval of the Pyth DAO Constitution, which potentially influenced the token's price.
SOL, the token of Solana, has ousted Binance's BNB token, rising to the position of the fourth-largest cryptocurrency by market capitalization. As of 1:50 pm UTC, after a 24-hour increase of 7.56%, SOL was trading at $112.52, surpassing BNB. According to data from CoinMarketCap, with a total market cap of $49.36 billion, Solana sits at 1.74% larger than BNB's $48.5 billion. CoinMarketCap rates the top 5 cryptocurrencies by market cap.
The value of Solana inflated in sync with the Crypto Fear and Greed Index reaching an unmatched high in November 2021, the same period Bitcoin achieved a $69,000 value. The index's sudden leap takes place a day after Bitcoin cleared the $50,000 mark for the first time since December 2021.
Despite an operational disruption on the Solana network on February 6, the SOL token managed to ascend beyond BNB. It's conceivable that the Pyth DAO Constitution's on-chain endorsement sparked this surge. The proposal intended to establish the Pyth DAO Constitution as the protocol for decision-making within the Pyth DAO – the governance body for the Pyth Network.
Additional details pertaining to this developing story will be updated as they emerge.
Published At
2/13/2024 5:52:41 PM
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