{"id":363615,"date":"2021-11-07T17:37:56","date_gmt":"2021-11-07T14:37:56","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/solana-surpasses-cardano-tether-to-become-fourth-biggest-crypto-worth-76-billion\/"},"modified":"2021-11-07T17:37:56","modified_gmt":"2021-11-07T14:37:56","slug":"solana-surpasses-cardano-tether-to-become-fourth-biggest-crypto-worth-76-billion","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/solana-surpasses-cardano-tether-to-become-fourth-biggest-crypto-worth-76-billion\/","title":{"rendered":"# Solana surpasses Cardano, Tether to become fourth-biggest crypto worth $76 billion"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_88 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6ad0140a41c55\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6ad0140a41c55\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/solana-surpasses-cardano-tether-to-become-fourth-biggest-crypto-worth-76-billion\/#100M_fund_launch_boosts_SOLs_bullish_outlook\" >$100M fund launch boosts SOL&#8217;s bullish outlook<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/solana-surpasses-cardano-tether-to-become-fourth-biggest-crypto-worth-76-billion\/#Correction_risks_for_SOL_price\" >Correction risks for SOL price<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Solana surpasses Cardano, Tether to become fourth-biggest crypto worth $76 billion <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-128018ef>Solana (SOL) surpassed Cardano (ADA) and leading stablecoin Tether (USDT) to become the fourth-largest cryptocurrency by market capitalization.<\/p>\n<p>At press time, the net worth of total SOL tokens in circulation was a little over $76 billion, falling only behind Binance Coin&#8217;s (BNB) $109 billion, Ether&#8217;s (ETH) $540 billion, and Bitcoin&#8217;s (BTC) $1.17 trillion. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-11\/e56a6ea3-e6b8-4764-95c0-ee121c454c7f.png\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>Top ten cryptocurrencies by market cap as of 1330 UTC, Nov. 7. Source: Messari<\/em><\/figcaption><\/figure>\n<p>Meanwhile, Cardano and Tether&#8217;s market cap came out to be $66.39 billion and $74.42 billion, respectively.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"100M_fund_launch_boosts_SOLs_bullish_outlook\"><\/span>$100M fund launch boosts SOL&#8217;s bullish outlook<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Solana&#8217;s market capitalization surged as its native token, SOL, rose to yet another record high. On Nov. 7, the SOL price crossed above $262 for the first time in history, primarily owing to a market-wide price rally that saw other top cryptocurrencies ink similar gains.<\/p>\n<p>Meanwhile, SOL received additional bullish cues from Solana&#8217;s foray into Web3 gaming development via its venture capital arm. Dubbed Solana Ventures, the firm announced Friday that it, alongside\u00a0FTX and Lightspeed Venture Partners, would invest $100 million into the <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/game\/\" data-internallinksmanager029f6b8e52c=\"7\" title=\"Game\" target=\"_blank\" rel=\"noopener\">game<\/a> studios and <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a> sector.<\/p>\n<p>In doing so, Solana Ventures aims to attract desktop and mobile video game developers to build their projects atop its public blockchain, thereby raising the prospect of higher SOL adoption. A similar adoption boom in 2021 helped send the SOL price up by almost 17,500% YTD \u2014 from $1.51 to $262.45.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-11\/fe153d7e-fad0-4580-9ff1-ca08306544ba.jpeg\"><figcaption style=\"text-align: center;\"><em>Solana ecosystem in a nutshell. Source: Solanians Telegram Channel<\/em><\/figcaption><\/figure>\n<p>The uptrend surfaced as speculators started treating Solana as one of the most serious challengers to Ethereum, the leading smart contracts platform gr<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ling with higher gas fees and network congestion issues. <\/p>\n<p>For instance, Solana <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.solwealth.com\/\">claims<\/a> that it could process 50,000-60,000 transactions per second (tps) for an average transaction fee of $0.00025. In comparison, Ethereum transacts 15-30 tps, with its <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a>n transaction cost ranging between $4 and $21.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-11\/0f70d230-92e5-493b-bb5b-7aacb91ab438.png\"><figcaption style=\"text-align: center;\"><em>Smart contract platforms comparison. Source: Solwealth<\/em><\/figcaption><\/figure>\n<p>Paul Veradittakit, a partner at Pantera Capital, told Bloomberg, called Solana &#8220;the top competition&#8221; to Ethereum, Cardano, and other smart contract platforms, regarding &#8220;developer adoption and momentum.&#8221;<\/p>\n<p><strong><em>Related:\u00a0Solana battles Cardano for the top-five spot as SOL market cap crosses $70B-mark<\/em><\/strong><\/p>\n<p>Nonetheless, Solana also exhibited signs of resource exhaustion, i.e., a lack of prioritization among SOL transactions and a lower number of validators that led to an eighteen-hour long network outage in September. If not fixed, it could raise the risks of reversed or altered transactions across the Solana network.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Correction_risks_for_SOL_price\"><\/span>Correction risks for SOL price<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Despite its latest rally to an all-time high, SOL risks undergoing a correction due to at least two bearish indicators.\u00a0<\/p>\n<p>First, the SOL price has been forming a Rising Wedge, a technical pattern that typically results in lower prices. And second, the cryptocurrency has also been confirming a bearish divergence between its rising price and declining momentum (as confirmed by lower highs on its daily relative strength index).<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-11\/e8061af0-b170-403f-98e0-4c76cc1747ed.png\"><figcaption style=\"text-align: center;\"><em>SOL\/USD daily price chart featuring rising wedge and price-momentum divergence. Source: TradingView<\/em><\/figcaption><\/figure>\n<p>A break below the Wedge&#8217;s lower trendline, if accompanied by an increase in volume, would risk sending the SOL price lower by as much as the maximum height. That roughly puts SOL&#8217;s downside target to levels between $205 and $91.52, depending on the level at which the bearish breakout begins.\u00a0<\/p>\n<p class=\"post-content__disclaimer\">The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.\n<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/solana-surpasses-cardano-tether-to-become-fourth-biggest-crypto-worth-76-billion\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Solana surpasses Cardano, Tether to become fourth-biggest crypto worth $76 billion &#8221; Solana (SOL) surpassed Cardano (ADA) and leading stablecoin Tether (USDT) to become the fourth-largest cryptocurrency by market capitalization. At press time, the net worth of total SOL tokens in circulation was a little over $76 billion, falling only behind Binance Coin&#8217;s (BNB)&#8230;<\/p>\n","protected":false},"author":1,"featured_media":363616,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMTEvMmU2NDUyNDEtNjA3Zi00ZDRiLWI4YjMtMTQ0MDE5OGVmZTUxLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74867,88119,74937,75378,82962,74938,74939,75150,92498,78261,73785,36041],"class_list":["post-363615","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-altcoin","tag-altcoin-watch","tag-bitcoin-price","tag-cardano","tag-coinmarketcap","tag-ethereum-price","tag-market-analysis","tag-market-update","tag-solana","tag-tech-analysis","tag-markets","tag-tether"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/363615","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=363615"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/363615\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/363616"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=363615"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=363615"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=363615"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}