Hassan Maishera
Solana Takes The Fourth Spot In The Market
The cryptocurrency market has been rallying in recent weeks, and numerous coins have reached new all-time highs. Solana is the latest altcoin to set a new all-time high after reaching $260 a few hours ago.
At press time, SOL is trading at $245 per coin, down by 6.3% from its all-time high. By reaching $260, Solana's market cap surpassed $72 billion, making it the fourth-largest cryptocurrency by market cap.
Solana was previously behind Cardano and Tether (USDT) in the market ranking. However, its latest performance has pushed it forward and is now behind only Bitcoin, Ether and Binance Coin. Bitcoin's total market cap is above $1.2 trillion, while that of Ether is over $550 billion. Binance Coin, on the other hand, has a market cap of over $100 billion.
The major reason behind SOL's recent rally is the massive investment made into the Web 3.0 and gaming sectors. Solana Ventures, the venture capital arm behind the cryptocurrency, announced on Friday that it had launched a $100 million gaming fund.
The funds were contributed by partners, including Lightspeed Venture Partners and FTX. According to Lightspeed Venture Partners executive Amy Wu, the investment is for the future of gaming.
Amy Wu said, "If it becomes even a fraction as meaningful as our offline lives, it's incredibly valuable. Hence why Web 2 companies like Meta and native Web 3companies alike are trying to build this. People spend hours a day in games like Fortnite and Roblox, so I believe the metaverse will be born out of a social game."
Total Crypto Market Cap Reaches $3 Trillion
The total cryptocurrency market has reached $3 trillion for the first time in history. This latest development comes as Bitcoin, Ether, Solana, and other major cryptocurrencies embark on a rally over the past few hours.
