Solana Hits New All-Time High, Surpasses Cardano And Tether To Fourth Place

The Solana (SOL) ecosystem continues to see huge growth in the market. SOL price touched another record high on Sunday, November 7, as it reached $260.06. Its price is up by almost 17,500% YTD – from $1.51. SOL surpassed Cardano (ADA) and Tether (USDT) to become the fourth-largest cryptocurrency with a market capitalization of $75.4 billion. Related Reading | Is Cardano Fighting A Losing Battle Against Solana? At the time of writing, it falls behind Binance Coin (BNB) $109 billion, Ether (ETH) $546 billion, and Bitcoin (BTC) $1.17 trillion. While it is creeping closer to Ethereum, there is still a huge gap between both coins. Meanwhile, ADA and USDT’s market capitalization came out to be $67.1 billion and $74.4 billion, respectively. SOL Rises After $100 Million Investment Initiative Solana’s rise to ATH comes just after its venture capital arm Solana Ventures, Lightspeed Venture Partners, and FTX spearheaded a new investment fund dedicated to Web 3 gaming, also known as GameFi. Web 3 gaming has skyrocketed in popularity. Related Reading | Solana, FTX, Lightspeed Ventures To Launch $100M Web3 Gaming Fund The venture company intends to increase SOL adoption by attracting desktop and mobile video game developers to build their projects on its public blockchain. With SOL’s bullish run recently, many are comparing it to No. 2 crypto Ethereum. “Solana is the leading Ethereum competitor,” Matt Houga...