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Solana Surpasses Tether by Market Value, Enters Fourth Place with $75 Billion

Tue, 11/09/2021 - 10:25
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Arman Shirinyan
Solana is continuing to move forward and reaches fourth place in total market capitalization among all cryptocurrencies
Solana Surpasses Tether by Market Value, Enters Fourth Place with $75 Billion
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"Ethereum killer" Solana crypto has surpassed Tether, becoming the biggest stablecoin provider in terms of market capitalization with $75 billion compared to Tether's $73.8 billion, according to CoinGecko.

Competition with Tether

At press time, Solana is in fourth place in terms of market capitalization. Its closest competitor, BNB, currently holds third place with an impressive $109 billion. The major part of its capitalization has been gained in the most recent rally started at the beginning of November.

CoinGecko market cap
Source: CoinGecko 

Tether has not started up the "printer" again, which means that Solana still has some time to gain traction and create a small lead. With each issuance of new Tether tokens, the market cap gets an average of a $1 billion increase.

Fund sources

The increasing market value of Solana is tied to the previous rise of the NFT industry and decentralized applications. The total market capitalization of NFTs built on the Solana network is nearing $1 billion, which makes it the second-largest network for NFT art.

Solana Market Cap
Source: CoinMarketCap

In addition to NFT, the decentralized finance industry brings Solana an additional $15 billion in valuation, which, added to NFT, totals almost 20% of the project's capitalization.

"Ethereum killer"

The project has been dubbed an "Ethereum killer," or an alternative to the huge fees of the Ethereum network. In addition to relatively small fees, Solana brings to the table a much wider network bandwidth with 65,000 transactions per second.

Discord to Integrate Ethereum in Its Network Through Metamask and WalletConnect

According to Solana block explorer, the current network holds 2,486 transactions per second, less than the 10% load listed on Solana's own website. Previously, the Solana network was down for more than 24 hours due to reaching a large transaction volume, which raised concerns in the community about the network's declared ability to handle a large number of transactions simultaneously.

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.