Cryptocurrency Solana Crosses $20 Billion Market Cap

Solana (SOL), the world’s 10th largest cryptocurrency, saw a sharp increase in its price during the last seven days as SOL touched an all-time high of approximately $80 on 18 August.

According to the latest data posted by Coinmarketcap, Solana entered the list of the world’s top 10 cryptocurrency assets after a jump of more than 75% in the last seven days. SOL is up by more than 200% in the last 30 days.

Solana remained the best performing digital currency among the top 10 during the last week, followed by Cardano (ADA), Polkadot (DOT) and XRP. The total market cap of SOL currently stands at around $21 billion. SOL now accounts for more than 1% of the total market cap of cryptocurrencies.

“Solana holders have proudly watched the rising popular asset climb above $80 for the first time ever, as the crowd has gradually recognized its breakout away from alts more and more this week,” the crypto analytics platform, Santiment highlighted.

The adoption of Solana has jumped significantly in the last few months. Last week, Mango Markets, a decentralized exchange (DEX) on the high-speed Solana blockchain, raised nearly $70 million in a token sale.

Cryptocurrency Market

Another reason behind the latest surge in Solana is the alt season. The total market cap of cryptocurrencies excluding Bitcoin has increased substantially in August. Due to the latest jump in altcoins, the crypto market dominance of BTC has dropped from 48% to 43% within the last three weeks. Apart from Solana, Cardano, Dogecoin, XRP, Polkadot, Binance Coin and Terra that saw sharp gains in August. Terra (LUNA), the world’s 12th largest digital currency, is up by more than 35% in the last 24 hours. LUNA gained over 100% in the last seven days.

Overall, the market cap of cryptocurrency assets currently stands at around $1.9 trillion, which is up by more than $700 billion compared to $1.19 trillion on 20 July 2021. ETH’s crypto market dominance stands at around 18%.