Solana (SOL) Reaches All-Time High, Ousting Ripple (XRP) in Market Capitalization

The native cryptocurrency of the Solana blockchain (SOL) has reached a brand new all-time excessive, superseding XRP at #6 in market capitalization. 

SOL achieved a brand new all-time excessive earlier right now, reaching $218.25, according to CoinGecko. SOL had been increasing steadily since September 21, however the upward transfer got here to a brief halt on October 3, after SOL was rejected on the $170 resistance space. Nonetheless, SOL managed to interrupt out on October 19 and has been growing at an accelerated fee since. Having reached the brand new all-time excessive, the subsequent resistance may very well be discovered at $277.

With the surge in market capitalization, SOL has now surpassed XRP at #6 with a market capitalization of $64 billion. Simply $5 billion shy of fifth place, SOL may very well be coming for Cardano subsequent.

NFTs & FTX

Each Solana and its related alternate FTX have been on a roll lately, notably in regard to NFTs. Earlier in October, a Solana Monkey NFT was sold for a record-breaking $2 million, only one month after the sale of the primary NFT on the Solana blockchain. The NFT in query is a part of the 5,000 sturdy ‘Solana Cash Enterprise’ assortment and is solely named ‘Solana Monkey #1355’. This latest sale far exceeds the typical sale worth for a Solana Monkeys, which have bought for a mean of 422 SOL, roughly $74,272 per Monkey, based on knowledge from Solanalysis.

In the meantime, FTX has debuted its personal NFT market, permitting customers to mint and commerce Solana NFTs. At the moment, NFTs deposited to the brand new FTX US market should be listed in Solana (SOL). If the NFTs are minted on FTX US, they may also be listed in ETH and USD by way of ACH fee or bank cards. The platform takes a 2% price from each the client and vendor for every sale or commerce together with a $1 price to mint or to listing your individual NFT artwork. 

In a sequence of tweets concerning the launch, FTX US President Brett Harrison clarified a number of lingering questions concerning the platform. He said that if customers at present have NFTs from collections that aren’t verified by FTX, they’ll nonetheless be deposited and can be reviewed and verified. Harrison added that, not like NFT creators, NFT holders can be unable to obtain any royalties from their digital purchases.

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