Solana Soars to Yearly Highs, Outpacing Major Cryptos after Praise from ARK Invest CEO Cathie Wood
Summary:
Cryptocurrency Solana (SOL) has witnessed a significant increase of over 17%, reaching new yearly highs, following praise from ARK Invest CEO Cathie Wood for its efficiency and affordability. Wood highlighted Solana's potential for real-world applications during a CNBC interview, surpassing both Bitcoin and Ether. With a 197% gain in the last month, Solana's growth significantly outpaces other major cryptocurrencies. Furthermore, Wood commented on the market's anticipation of Bitcoin ETF products, stressing the importance of focusing on Bitcoin's inherent transformative potential rather than its short-term price volatility.
The cryptocurrency Solana, represented as SOL, has soared to new annual peak prices, posting an impressive gain of over 17% following high praise from ARK Invest Chief Executive Officer Cathie Wood. In an interview with CNBC on November 15, Wood commended Solana for its exceptional performance, notable efficiency, and affordability in transactions, which has positioned it as a significant player in the vast Blockchain network. She underscored that Solana has been exceedingly good in managing the prevailing market dynamics, and immensely outperforms Ethereum regarding speed and cost-effectiveness.
Wood drew parallels between Ethereum and Bitcoin by pointing out that Ethereum had been faster and less expensive, thereby outshining Bitcoin in its heyday. However, now Solana has dethroned Ethereum due to its enhanced speed and cost-effectiveness.
Wood underscored the crucial roles Ethereum and Solana play as infrastructure layers in the Blockchain network. She highlighted their potential for real-world applications, which she noted, goes beyond what Bitcoin can achieve. While the entire cryptocurrency market is experiencing a positive surge, Solana is standing out with its gains surpassing those of the other significant players. In the past month, Solana has recorded a massive gain of over 197%, whereas Bitcoin and Ether have only managed to appreciate by 32% and 28% respectively in the same period. According to TradingView data, Solana is presently traded for a little over $66.
In the same interview, Wood talked about the market's anticipation of various spot Bitcoin Exchange Traded Fund (ETF) products, cautioning that investment in bitcoin should focus on its inherent transformative potential as a catalyst in the world of money rather than its short-term price volatility. She noted that there could be a "sell the news" type event imminent where the market's anticipation of approval overshoots the actual event resulting in a swift selloff soon after.
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Published At
11/16/2023 1:41:00 AM
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