Solana (SOL) rises over $140, claiming the fourth spot in global cryptocurrency rankings, surpassing Binance's BNB. Market sees double-digit gains with Bitcoin reaching new all-time high.
Solana experienced a surge on March 4, closely following the upward trajectory of Bitcoin. Within 24 hours, it gained an impressive 7%, surpassing Binance's BNB coin and securing the fourth position among the top five cryptocurrencies.
The value of Solana (SOL) climbed above $140, propelling it to become the fourth-largest cryptocurrency globally. This ascent resulted in double-digit gains for various tokens across the market, marking SOL's rise to a two-year high, reaching levels last witnessed in April 2022, just three months after the peak of the 2021 bull cycle.
This significant milestone for Solana coincided with Bitcoin's (BTC) new all-time high (ATH). Bitcoin reached a peak above $69,000 before retracting to around $65,000 at the time of writing, according to CoinGecko.
Bitcoin's retracement can be attributed to market selloffs, with traders capitalizing on profits and the cryptocurrency encountering technical resistance at its ATH.
Solana and Bitcoin Surge, Accompanied by Other Notable Coins
According to CoinMarketCap data, the total cryptocurrency market cap experienced a nearly 3% increase within 24 hours, driven by the upward movements of Bitcoin and Solana. This surge elevated the overall market cap of the crypto space to over $2.54 trillion, leading to notable gains of 35% or more for specific coins.
With trading volumes exceeding $1.5 billion, eCash (XEC) witnessed an impressive spike of over 53% in a single day. However, it's worth noting that the crypto is still 88% away from its previous all-time high recorded in November 2021. Launched in July 2021, eCash represents a rebrand of the Bitcoin fork, Bitcoin Cash ABC, serving exclusively as a digital payment method for goods and services.
Another coin that experienced a notable surge is Terra Classic (LUNC), the original Luna crypto, with a 38% jump and a daily trading volume of $596 million. This surge coincided with a legal victory for Terraform Labs founder Do Kwon in Montenegro, as the former crypto tycoon successfully challenged his extradition to the U.S. for criminal prosecution.