Solana alcanza su nivel más alto contra Ethereum en la historia

Solana, the network that provides infrastructure for tokens and decentralized applications (dApps), continues to achieve milestones showing more traction than its main competitor, Ethereum.

Its native cryptocurrency, Solana (SOL), reached a new all-time high price measured in ether (ETH) today. It reached a record of 0.061 ETH this morning, surpassing the resistance it showed earlier this year at 0.057 ETH.

Thus, SOL, introduced to the market in 2017, outperforms Ethereum’s cryptocurrency, ETH, which was launched in 2015. This milestone comes as Solana’s price rose by 9% in dollars (USD) in the last 24 hours, compared to Ethereum’s 0.8% increase.

Meanwhile, SOL is trading 40% below its all-time high in dollars, which was $260 during the 2021 bull run. ETH, on the other hand, is slightly worse off, being 49% away from its record high in that year.

However, it is worth noting that Solana still maintains a lower market capitalization compared to Ethereum, with USD 70.773 billion and USD 298.865 billion, respectively. Currently, SOL is the fifth largest cryptocurrency by market capitalization, while ETH is the second after bitcoin (BTC).

Over the last 24 hours, major memecoins on Solana increased by around 30%, unlike other ecosystems that saw declines. This shows a preference for tokens in this niche on the Solana network.

This comes in a year where memecoins became popular in this ecosystem, in part due to their ease of creation using applications like Pump. Additionally, the lower transaction fees compared to Ethereum enable Solana’s scalability.

Volumes on Solana surged this week from USD 1.5 billion to over USD 3.3 billion, accumulating fees of at least USD 750,000 per day, according to DefiLlama data. This is not only due to memecoin trading but also other factors such as traction in decentralized exchanges (DEX) on the network.

DEX on Solana recorded record volumes last week (USD 1.9 billion), surpassing Ethereum’s by 94%.

Economic Transactions Facilitate Solana’s Scalability

“Solana can process thousands of transactions per second at very low costs. This makes the Solana ecosystem very efficient and grow faster due to the projects and applications built on its network,” stated the centralized exchange Buenbit.

In a note sent to CriptoNoticias, the exchange mentioned the increasing interest in Solana, to the point where they have seen similar volumes on their platform as with ETH.

Solana’s growth occurs at a time when there are expectations for exchange-traded funds (ETFs) of the cryptocurrency to be launched in the United States. With the approval of ETH ETFs this year, following BTC, it suggests that this event is possible, facilitating demand from traditional and institutional investors.

“The possibility of a SOL ETF shows promising signs for investors regarding widespread adoption of SOL,” commented Lucy Hu, senior analyst at the financial platform Metalpha. She added that Solana’s cryptocurrency has proven to be robust with network innovations and the popularity of memecoins.

“The rapid rise of SOL indicates renewed confidence in the broader cryptocurrency space as the market stabilizes,” she added. These statements are made as the price of bitcoin shows strength for the second day at $56,000, after a sharp drop to $49,000 that led to a decline in the overall market.