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Bitcoin bulls might be relishing in the world's strongest crypto breaking new highs but layer-1 underdog Solana (SOL) continues to bark loudly.
Already up over 275% from last year, SOL has reached $212 for the first time since 2021. These gains have pushed its market cap above $100 billion, placing it in the exclusive $100 billion club with Bitcoin, Ethereum, and Tether.
Solana's pump comes as the wider crypto industry experiences a rally on the heels of Donald Trump's re-election. With Bitcoin hitting new highs of over $81,700, the broader market has been reignited by the promise of friendlier regulation and support.
Even more excitingly, the best might not be over for Solana. According to BRN, Solana's previous all-time high might soon be a thing of history.
"Solana recently achieved a record high in monthly fees for October, accompanied by strong growth in active users and transaction volumes," BRN analyst Valentin Fournier explains.
"With Bitcoin driving the overall cryptocurrency market cap upward, Solana is well-positioned to deliver outstanding performance. Its rapid growth and leading role in the memecoin trend could propel its price well beyond its previous all-time high of $259 during this bull run."
#Solana recently achieved a record high in monthly fees for October, accompanied by strong growth in active users and transaction volumes.
— BRN (@thebrn_co) November 11, 2024
Not only has Solana's price been flourishing but developers have been grinding hard for the community.
Most recently, Coinbase launched a Bitcoin-backed token on the Solana blockchain in the form of "cbBTC."
Prior to FTX's collapse, the exchange issued "soBTC," a bitcoin-pegged token widely used on Solana. When FTX collapsed, soBTC became unusable and Solana's DeFi system no longer had a reliable, liquid Bitcoin standard.
This hindered Solana-based DeFi protocols and put them at a disadvantage compared to protocols on Ethereum, which offered Bitcoin-backed tokens.
Blockhead
cbBTC allows users to send Bitcoin to Coinbase, receive cbBTC in their Solana wallet, and trade it in Solana's DeFi protocols. The token is positioned to be Solana's standard for Bitcoin-based DeFi with Coinbase entering the scene with $10 million worth of cbBTC available to Solana protocols and an additional $500,000 circulating in trading pools and reserves.
