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Wednesday 3rd Nov, 2021
Since reaching a $3.10 all time high in September 2021, the price of Cardano (ADA) has mostly seen a downwards trend. Other coins appeared to follow the price action of Bitcoin but ADA did not.
Solana (SOL) on the otherhand has been climbing and still looks bullish in price predictions. Some hypotheses to explain this is that there is a large amount of developer activity within the ecosystem building decentralized apps, institutional interest and NFTs.
As of yesterday ADA's position at CoinMarketCap is #5, with SOL hot on it's heels in 6th place.
However according to CoinGecko, Solana is now the 5th largest asset by market cap overtaking Cardano. A price rise of 7% in the last 24 hours saw SOL flip Cardano's ADA and despite a price rise ADA was unable to respond. Solana's market cap is now over $64 billion whereas Cardano's is $63.5 billion.
Solana is an open source project that provides decentralized financial (DeFi) solutions on the blockchain. Officially launched in 2020, from headquarters in Geneva, Switzerland the protocol is designed to promote decentralized app (DApp) creation and improve scalability by introducing proof-of-history (PoH) concensus combined with the underlying proof-of-stake (PoS) concensus of the blockchain.
This hybrid concensus model allows for great scalability which in turn boosts adoptability as well as usability. There's also decreased validation times for both transaction and smart contract execution. Because of it's speed the project has attracted interest from institutional investors.
Market capitalization (Market Cap) in the world of cryptocurrencies is the total value of a coin. Crypto market caps are calculated by multiplying the price of a coin with the number of its coins in circulation. For example: Bitcoin's market cap is found by multiplying the current number of coins in existence — over 18 billion — with its price at a given time.
Bitcoin's price today is $63,000 which means its market cap is $1,134,000,000,000.
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