Bitcoin, the original cryptoasset, fails to challenge the $50k mark once again. While Bitcoin (BTC) is still struggling below $49,000, Solana (SOL) has overtaken Polkadot (DOT) and USD Coin (USDC) in the last 24 hours to become the world's number 8 cryptocurrency by market cap.
Recently, Solana has shown a remarkable performance by equalizing and overtaking two major cryptocurrencies DOT and USDC, which have long been among the top 10 altcoins on the market.
In recent days, several alternative cryptocurrencies including Terra, Cardano, Binance Coin, Tether, have been trading bullish, but they remained comparatively sluggish on a weekly scale, except for intraday price volatility.
The price of Polkadot has managed to fall about 11% in the last week and about 2.5% in the last 24 hours. The 7-day low and high prices for DOT were $23 and $28 respectively, showing that DOT has not done well in the market considering it traded above $49.69 (about 4 months ago). Since then, the value of DOT has dropped by 50%.
During the time DOT was trading above $49, its market cap was about $44,973,584,933, but currently DOT's crypto market cap has dropped to $27,607,651,309. Polkadot is now ranked #10.
After the news about Coinbase removing USD Coin backed by dollar, its price has been slowly slipping. In the last 7 days and 24 hours, USDC's price has only managed to gain 0.01% while its competitors' prices are gaining traction at a high rate. At press time, USDC is changing hands at around $1.00, with a MC of approximately $27,222,218,826 (+0.21%) and a trading volume of $1,888,548,276 (+0.73%). USD Coin is currently ranked #9.
Therefore, their stalemate has given Solana the opportunity to outperform and have a run with the two aforementioned altcoins.
In the last 24 hours, SOL has gained about 7%, making it the best performer of the day among the top 10 coins. It has also managed to skyrocket by about 33.9% in the last 7 days, making it the best performer among the top 10 altcoins on the market.
At press time, the price of Solana stands at about $100.7 (6.45%). SOL recorded its all-time high price of $101.92 a few hours ago. Solana has now become the 8th largest cryptoasset in terms of market cap.
The SOL's market cap is around $29,266,551,908, which translates to a gain of about 7%. Even though Solana is trading like hot cakes, its trading volume is still down by about 16.5% - the 24hr volume currently stands at $2,374,872,566.
Solana has a goal to surpass Dogecoin (DOGE). In order for SOL to surpass DOGE, its market cap needs to increase by about $8.32B, which means MC for SOL needs to increase by 29.2% to reach its goal.