Solana Surpasses BNB in Market Cap, Now 4th Position

Solana’s SOL token has surpassed Binance’s BNB token to become the fourth-largest cryptocurrency in terms of market capitalization. Within a 24-hour period, the SOL token saw a 7.56% increase in value, reaching a trading price of $112.52. This boost allowed Solana to surpass BNB, with a market cap of $49.36 billion, which is 1.74% larger than BNB’s $48.5 billion market cap.

The surge in Solana’s price coincided with the Crypto Fear and Greed Index reaching its all-time high in November 2021, when Bitcoin hit $69,000. This spike in the index followed Bitcoin’s first-time surpassing of $50,000 since December 2021. Interestingly, Solana managed to surpass BNB despite experiencing a network outage on February 6.

The rally of Solana’s SOL token can be partially attributed to the on-chain approval of the Pyth DAO Constitution. This proposal aimed to establish the Pyth DAO Constitution as the framework for decision-making within the Pyth DAO, which governs the Pyth Network. The approval of this constitution likely contributed to the token’s rise in value.

In other news, a Bitcoin analyst suggests that Bitcoin could reach a six-figure price in 2024. The analyst believes that $55,000 is now considered the “worst case” scenario for Bitcoin’s price. This optimism reflects the ongoing bullish sentiment surrounding the cryptocurrency market.

Solana’s SOL token’s rise in market capitalization highlights its growing popularity and potential within the cryptocurrency market. Bitcoin’s recent performance continues to fuel optimism among analysts, with predictions of a higher price in the years to come.