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Solana surpasses Bitcoin and Ethereum in capital inflows, report reveals
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THE Solana (SUN) showed an increase in 5% this Tuesday (24)Christmas Eve, according to data from CoinGecko. At the time of writing, the SOL is costing US$192.56. Solana’s daily increase surpasses that of Ethereum, which rose 2.1% in the same period, and the price variation of Bitcoin, which fell 1.7%.
But it was not only in this aspect that Solana left ETH and BTC behind. According to a recent report from Glassnode, cryptocurrency has attracted more capital than Bitcoin (BTC) and Ethereum (ETH) recently.
Although the significant gains suggest a hot marketthe analysis indicates that Solana may continue to grow before reaching a peak in the current cycle.
From the fall to $9 Following the collapse of FTX in 2021, Solana has made an impressive recovery, accumulating an increase of over 2,000% in price until 2024. This appreciation led it to record a new historical record of $263 on November 23rd.
Historic high and sustained growth
According to Glassnode, Solana has surpassed Bitcoin and Ethereum by 344 out of 727 trading days since the 2022 event. Additionally, the cryptocurrency has seen greater capital flows over the period, as measured by the relative change in Realized Cap.
This inflow of capital and liquidity reflects a growing investor demand for Solanadriven by new market entrants, which Glassnode considers the main driver of the asset’s growth.
One of the factors that fueled the high demand for Solana was the increased activity involving memecoins on its blockchain in 2024. As the SUN is used as the base currency to settle these transactions, the intense movement helped propel the cryptocurrency to new heights.
Glassnode also highlighted profitability among different groups of SOL holders since January 2023. Tokens held for periods of 1 day to 1 week, 1 week to 1 month and 6 to 12 months generated profits from US$13.7 billion, US$14 billion and US$15.7 billionrespectively.
These groups represent 51.6% of all profits made in the period, demonstrating a balanced distribution of gains among investors.
It is worth noting that the Solana network has surpassed the revenue of all other layer-1 blockchains in the last 30 days. More precisely, Solana absorbed 53% of the entire global fee value of layer 1 networks.
Solana surpasses Bitcoin and Ethereum in capital inflows, report reveals
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Solana surpasses Bitcoin and Ethereum in capital inflows, report reveals
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Solana surpasses Bitcoin and Ethereum in capital inflows, report reveals
