Programmable blockchain Solana’s SOL token has risen by 13% in the past 24 hours to a record high of $234. The cryptocurrency has gained 25% in the past seven days, pushing Solana’s market capitalization to $70 billion – the fifth-largest globally and ahead of another Ethereum rival Cardano’s $67 billion, CoinGecko data show.
According to Messari’s Mason Nystrom, Solana is also expanding its footprint into Ethereum-dominant crypto market sub-sectors like NFTs.
“As the Solana ecosystem continues to expand, NFTs on Solana have similarly witnessed formidable growth as a category,” Nystrom said in a blog post published Wednesday. “Total NFT secondary sales volume on Solana has officially reached $500 million.”
Smart-contract blockchain Polkadot’s DOT token also rallied to a lifetime high, touching $53.37 early today and surpassing the previous peak of $49.74 reached in May.
Most coins linked to smart-contract blockchains have outperformed ether in the past 24 hours. Ether was trading near $4,600 at press time, representing a 3.5% gain.
According to Delphi Digital, a continued rise in Ethereum’s transaction fees would crowd out retail investors, leading to a drop in network usage and the cryptocurrency’s price.
“It is critical that Ethereum scaling solutions like StarkNet, zkSync, Arbitrum, and Optimism gain traction soon, otherwise steep transaction costs will increase activity on alternate L1s such as Solana, Avalanche, Fantom, and Polygon (to name a few),” analysts at Delphi Digital said in the market updated published Tuesday.
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