Solana (SOL) has climbed above $200, while Bitcoin (BTC) hit a new record of $76,873 following the election victory of Donald Trump.
According to CoinMarketCap, Solana surged 22.8% over the past week to reach the $200 milestone, while Bitcoin settled slightly lower at $75,984 making a new all-time high of $76,849. Ethereum (ETH) also saw a boost, up 3.4% to $2,911.
The U.S. stock markets echoed this rally, with the S&P 500 closing up by 0.7% and the Nasdaq Composite climbing 1.5%, both hitting record highs as well.
Solana’s rise to $200 is especially notable because it hasn’t been at this price level for seven months, and it recently overtook Binance Coin (BNB) to become the fourth-largest cryptocurrency.
However, Solana is still down 22.5% from its all-time high of $259.59 in 2021. Meanwhile, some analysts at CNBC expected Bitcoin’s record-setting price to keep climbing, with predictions of $100,000 before Trump’s inauguration set for next year’s January.
Another boost for Solana came from Coinbase’s announcement to bring Wrapped Bitcoin (WBTC) to the Solana blockchain, allowing users to access decentralized finance (DeFi) applications.
In October, Solana saw its highest-ever monthly active addresses, over 123 million, driven by strong activity in meme tokens and decentralized exchanges (DEX) like Raydium, which saw over $30 billion in trading volume last month, according to DefiLlama.
Trump’s win has also raised hopes that U.S. regulators might approve a Solana-based exchange-traded fund (ETF).
As Solana builds momentum, it’s also taking a lead in DeFi trading volumes and generating $20.5 million in transaction fees over the last week, nearing Ethereum’s $22.6 million. This high activity on Solana shows the growing appeal of its fast, low-cost transactions, bringing in more developers and users. Solana’s staking program is also drawing interest, with 66.9% of its supply staked at a 6.5% return, according to StakingRewards.
Trump’s win has also raised hopes that U.S. regulators might approve a Solana-based exchange-traded fund (ETF).
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