SOL - Solana Shoots Up While Larger Marketcap Bitcoin Ethereum Drop — What Is The Possible Reason? | Benzinga
Solana (CRYPTO: SOL) defied the slump in blue-chip currencies to emerge as the best-performing large-cap cryptocurrency in the last 24 hours.
What Happened: The fifth-largest coin by market valuation jumped more than 8% on a day where Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) bled significantly.
SOL's trading volume surged 156% to $3.5 billion, catapulting it to become the third-most traded cryptocurrency (barring stablecoins) in the last 24 hours. The rally helped to offset losses encountered over the previous week.
See Also: Trump Reportedly Discussing Participation In Bitcoin 2024 Conference, Move To Reinforce ‘Crypto President’ Image?
While not conclusive, the uptick could be attributed to the launch of Wrapped Bitcoin (CRYPTO: