Solana (SOL), the public blockchain, continues its crazy surge and has finally broken through the $100 mark today, reaching a high of $118. This is the highest it has been since April last year, and it has propelled SOL’s market value to $49.6 billion, surpassing BNB and becoming the fourth largest cryptocurrency by market capitalization.
After a period of stagnation due to the closure of cryptocurrency exchange FTX, Solana has been on a continuous upward trajectory since mid-October. Today, it has finally crossed the $100 mark, reaching a high of $118. This is the first time it has surpassed $100 since April last year. At the time of writing, it is trading at $116, with a 24-hour increase of 24.29%. Its value has increased by over 103% in the past month.
With the skyrocketing price, CoinMarketCap data shows that SOL’s market capitalization has reached $49.6 billion, surpassing BNB, the largest cryptocurrency exchange, which has a market capitalization of $41 billion. SOL has now become the fourth largest cryptocurrency by market capitalization, trailing only behind Bitcoin, Ethereum, and USDT.
Although the surge in SOL has allowed FTX to earn over $3 billion from its SOL holdings, according to previous reports by CoinGeek, FTX creditors may not be able to benefit from this. The revised Chapter 11 reorganization plan submitted by FTX debtors this month uses the “cash value” at the time of FTX’s bankruptcy filing in November 2022 to estimate the value of customer asset claims. In other words, the calculation is based on the US dollar valuation at that time, and the payment will likely be made in US dollars (possibly stablecoins). Considering the poor performance of the cryptocurrency market at that time, with Bitcoin priced at only $17,000, if this plan is approved, creditors will face potential significant losses based on the “freezing price” at the time of bankruptcy.
In addition to SOL, most of the top ten cryptocurrencies have seen slight increases today. Bitcoin continues to fluctuate between $43,000 and $44,000, currently trading at $43,910, with a 24-hour increase of 1.2%. Ethereum is currently trading at $2,326, with a 24-hour increase of 1.8%.
In the past 24 hours, BNB has increased by 1.4%, XRP by 1.4%, ADA by 4.2%, DOGE by 1.9%, and AVAX has surged by 13.9%, reaching $48.9, a new high since May last year.
According to Coinglass data, in the past 24 hours, the total amount of liquidated positions in the cryptocurrency market has exceeded $80 million, with 44,152 investors being liquidated. Among the liquidated cryptocurrencies, SOL ranks first with $21.59 million, followed by ETH with $8.16 million, and Bitcoin with $5.61 million.
In summary, Solana (SOL) has experienced a significant surge, breaking through the $100 mark and reaching a high of $118. Its market capitalization has surpassed BNB, making it the fourth largest cryptocurrency by market capitalization. However, FTX creditors may face potential losses due to the revised reorganization plan. Other cryptocurrencies have also seen slight increases, with Bitcoin trading between $43,000 and $44,000 and Ethereum trading at $2,326.
