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Solana Jumps XRP in Market Cap and Leads in Weekly Gains: Details

Fri, 04/01/2022 - 11:49
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Tomiwabold Olajide
Solana is also outperforming the top 10 major cryptocurrencies in weekly gains
Solana Jumps XRP in Market Cap and Leads in Weekly Gains: Details
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According to CoinMarketCap data, Solana presently ranks sixth in terms of market capitalization, surpassing XRP. With a present market valuation of $40.51 billion, Solana now ranks ahead of XRP's market cap of $39.24 billion.

Solana is also outperforming the top 10 major cryptocurrencies in weekly gains, up 21.65% in the past seven days. Terra (LUNA) falls behind with a 9.83% gain over the past seven days. The majority of cryptocurrencies tanked in the last 24 hours, erasing both daily and weekly gains.

Source: CoinMarketCap

The cryptocurrency market is struggling to recover after the European Parliament voted in favor of prohibiting anonymous crypto transactions. Nearly all of the cryptocurrencies in the top 100 were losing value at press time, mostly recording losses between 4% and 11%.

"Ethereum killer" Solana (SOL) is marginally down in the past 24 hours, according to data provided by CoinMarketCap. XRP has also shed over 6.31% within the same time frame.

Despite the market dip, positivity remains amid earlier developments. New York-based exchange-traded product sponsor WisdomTree recently announced that its Solana, Cardano and Polkadot exchange-traded products have been listed in France and the Netherlands. The two ETPs have started trading on Euronext exchanges located in Amsterdam and Paris. The products boast a total expense ratio (TER) of just 0.95%. It measures the total costs associated with operating a certain investment fund.

Earlier this week, the Solana, Cardano and Polkadot ETPs were also launched on Zurich-based SIX Swiss Exchange and Frankfurt-based Xetra.

1 billion XRP unlocked from escrow

As covered by U.Today, blockchain data tracker WhaleAlert reports that Ripple has unlocked a staggering billion XRP from escrow on the first day of a new month to add some of it to the circulating supply.

In the meantime, more than 410 million XRP coins have been shoveled by high-end digital exchanges and addresses that Whale Alert marked as "unknown."

Ripple has been releasing one billion XRP from escrow since the start of 2017, with the goal of unlocking 55 billion Ripple-affiliated coins. In the past couple of years, Ripple has been adding 200 million from a released amount to circulation and locking back in escrow 800 million, sometimes 900 million.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.