Solana (SOL) has hit yet another all-time high.
The value of the cryptocurrency is now $157. The 24-hour increase of 14.71% makes the coin the seventh-largest cryptocurrency with a market cap of $45.8 billion.
The remarkable rise is a 70.632% increase compared to a year and a half ago when Solana had simply launched and the market hadn’t yet appreciated its value.
Solana, developed by former Qualcomm workers, promises a raft of innovations that decrease transaction instances, enhance capacity, and decrease costs to a fraction of a penny per transaction.
Chief among these is proof-of-history, a novel consensus algorithm that verifies transactions by using a cryptographic clock to logically deduce whether someone is able to fund it.
Solana’s rise comes at a time when the market is desperate for a smart contract-enabled blockchain that gives excessive throughputs at a low cost. Ethereum, its primary competitor, is matched to burst; a hotly-awaited improvement is taking a very long time and transactions can cost hundreds of dollars.
Solana’s latest all-time high coincides with the launch of an NFT market on FTX that lets individuals commerce the NFTs throughout Solana and Ethereum. The marketplace grabbed headlines today after customers spammed submissions of NFT fish. FTX has since introduced a fee for NFT submissions.
Though individuals cannot but withdraw the NFTs minted on FTX’s new market, the premise of minting NFTs for trivial amounts of money (compared to the ~$80 it costs to mint an NFT on Ethereum) on a major exchange that helps the Solana ecosystem could have turned new investors onto the cryptocurrency.
The remainder of the market has supported Solana’s rise today. Bitcoin elevated to $51,908 hours before El Salvador adopts it as its national currency, and Ethereum is flirting with $4,000 because the non-fungible market continues to develop.