This Ethereum Competitor Hits Top 10 Coins In The Crypto Market

As we reported earlier today, important voices in the crypto space are saying that the recovering crypto market is definitely on its way to new ATHs.

An Ethereum competitor surged and managed to reach the top 10 coins in the crypto market.

The smart contract platform Solana started the year with its native token SOL trading at $2.16 and ranked 112th by market cap, according to CoinMarketCap, as revealed by the online publication the Daily Hodl.

Now, it’s trading at $71.81 at the time of writing, and it’s placed n the tenth position on CMC.

The crypto research firm said the following:

“If Solana can continue to grow its developer base and application pipeline, its uniqueness may become a strength. Projects won’t be able to port their contracts and liquidity to secondary networks easily.”

They continued and explained that “With a burgeoning economy, an inherent developer lock-in, and plenty of funds to spare, Solana could become a popular platform for DeFi users to park their assets in the not-too-distant future.”

It’s been also revealed that the pseudonymous crypto trader Pentoshi predicts that SOL will continue its uptrend to new ATHs.

“SOL [is] in price discovery. [In my opinion] if $56-60 comes, that’s an absolute steal now that it has made new [all-time highs]. That should be new support, and the sky is the limit.”

Ethereum in the news

Not too long ago, it’s been revealed that the daily supply of Ethereum is under heavy pressure as the platform burns thousands of ETH on a daily basis.

Etherchain is an Ethereum on-chain monitoring tool, and this shows that the second-largest crypto asset is now torching 4.23 ETH per minute, which equates to 6,091.2 ETH burned per day, worth over $19 million at the time of writing.

Stay tuned for more news, and make sure to keep your eyes on the crypto market.

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