Solana surges past $140, securing its position as the fourth largest cryptocurrency.
Solana experienced a significant surge in value on March 4, closely following Bitcoin’s rally. Within a span of 24 hours, Solana saw an increase of up to 7%, surpassing Binance’s BNB coin and securing a higher rank among the top five cryptocurrencies in the world.
The rise of Solana, represented by the token SOL, propelled it to become the fourth largest cryptocurrency globally, overtaking BNB. This achievement came as the entire market witnessed double-digit gains across various tokens. The surge in SOL’s value brought it to a two-year high, reaching levels last observed in April 2022, which was three months after the peak of the bull cycle in 2021.
This significant milestone for Solana coincided with Bitcoin’s new all-time high. The leading cryptocurrency token, Bitcoin (BTC), surpassed $69,000 before retracing to approximately $65,000 at the time of writing, according to CoinGecko.
Bitcoin’s retracement can be attributed to market selloffs, as traders secured profits and the cryptocurrency encountered a technical resistance barrier at its all-time high.
According to CoinMarketCap data, the total market capitalization of cryptocurrencies rose by nearly 3% in a 24-hour period, driven by the price increases of Bitcoin and Solana. The surge pushed the overall market cap of cryptocurrencies beyond $2.54 trillion, resulting in substantial gains of 35% or more for two specific coins.
One of these coins, eCash (XEC), witnessed a staggering 53% increase in value within a single day, with trading volumes exceeding $1.5 billion. However, it is important to note that eCash is still 88% away from its previous all-time high, which was recorded in November 2021. eCash, launched in July 2021, is essentially a rebrand of Bitcoin Cash ABC and serves as a digital payment method for goods and services.
Another coin that experienced a significant surge in value is Terra Classic (LUNC), the original Luna crypto. It saw a 38% jump in value, with a daily trading volume of $596 million. The surge in the coin’s value coincided with a legal victory achieved by the founder of Terraform Labs, Do Kwon, who successfully challenged his extradition to the United States for criminal prosecution in Montenegro.
In related news, Terraform Labs recently refuted the Securities and Exchange Commission’s allegations of running an “opaque slush fund.”
For the latest updates and news, follow us on Google News.
