Solana overtakes BNB, climbs to become fourth largest crypto asset by market value

Solana (SOL) has overtaken Binance Coin (BNB) to become the fourth largest cryptocurrency by market capitalization.

The achievement comes amid a market-wide surge that saw several major altcoins explode, with leading cryptocurrency Bitcoin (BTC) hitting a new all-time high (ATH) of more than $75,000.

Solana’s Weekly Performance Outshines Market

Solana’s jump was solidified by a strong 15.4% pump in the last 24 hours, which brought the token’s price to $185.30 and increased its market capitalization to $87.3 billion .

This recent boost added to SOL’s already impressive month, during which it posted a 24% price increase over the past 30 days. The asset also maintained steady weekly growth, rising 2.2% to outpace the global crypto market’s 1.2% rise. It similarly performed well with other Tier 1 cryptocurrencies, which grew 1.4% overall over the same period.

Meanwhile, BNB posted a more modest increase of 3.9%, with its market cap trailing SOL by about $2.5 billion to $84.8 billion. Unlike Solana, BNB underperformed the broader crypto market, losing 3.6% over seven days. However, over the past fortnight, losses were more minimal, clocking in at around 0.9% per CoinGecko data.

Bitcoin Rise Sets the Stage for Altcoin Gains

Solana’s rise is part of a larger altcoin surge that saw the total crypto market cap hit $2.6 trillion, with Bitcoin accounting for nearly 60% of that amount . The number one cryptocurrency hit a high of just over $75,000, hitting a new ATH and helping boost sentiment in the rest of the market.

Aside from SOL, other notable performers over the past 24 hours include Dogecoin (DOGE), which surged 30% to $0.21, momentarily displacing XRP in seventh place with a valuation of $30.79 billion .

Several other altcoins, including Uniswap (UNI), Bittensor (TAO), Lido DAO (LDO), Injective (INJ), Sui (SUI), and Near Protocol (NEAR), have also benefited from double-digit increases.

The rally comes against the backdrop of an intense presidential race in the United States, where crypto is on the ballot.

However, there have been some laggards, one of them being Tron (TRX), which, at the time of writing, had neither moved up nor down in the past 24 hours. However, the network recently recorded its eighth consecutive month of transaction growth.

Monero (XMR) was one of the few negative performers, with its price of $159 reflecting a slight 0.8% drop from the previous day.

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