Solana surpasses Bitcoin and Ethereum in weekend trading volume Solana surpasses Bitcoin and Ethereum in weekend trading volume
Solana's SOL saw a higher trading volume than the top two largest cryptocurrencies by market capitalization combined.
2 min read
Updated: Dec. 25, 2023 at 4:17 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Crypto traders’ interest in Solana remains very high as the trading volume for the digital asset surpassed that of Bitcoin and Ethereum on major centralized exchanges during the weekend.
Conor Grogan, a director at Coinbase, first pointed out this milestone on Dec. 24, saying SOL saw more trading than the combination of the top two largest cryptocurrencies by market capitalization.
Riyad Carey, an analyst with Paris-based crypto intelligence platform Kaiko, further corroborated this finding, saying the same trend was observed on Kraken and Gemini, two of the largest U.S.-based crypto trading platforms.
SOL’s trading volume also beat BTC and ETH on UPbit and MEXC for the past 2 and 3 days, respectively.
Carey further shared a chart showing that SOL’s trading activities, compared to ETH and BTC, were experiencing an uptrend. According to the chart, SOL trading is approaching 40% of trading activities on centralized crypto platforms, while ETH and BTC were declining.
According to Carey, these metrics are “unprecedented” and show the sustained interest SOL is currently generating in the market.
Why SOL volume is rising
Over the past year, Solana has experienced remarkable growth, defying earlier associations with Sam Bankman-Fried, the disgraced founder of the bankrupt FTX cryptocurrency exchange. Despite this, the network has flourished, attracting an expanding user base.
During this period, Solana forged strategic alliances with renowned global financial players like Visa and Shopify. These partnerships harness blockchain technology to streamline payment procedures, showcasing SOL’s network’s potential to a broader global audience.
Moreover, the recent surge in interest surrounding the Solana-based BONK memecoin and the resurgence of decentralized finance (DeFi) activities on the smart contract-enabled blockchain have contributed significantly to its recent upward trajectory.
These developments have helped push the price of SOL to new highs, up more than 800% on the year-to-date metric to nearly $120 as of press time, according to CryptoSlate’s data.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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In this article
Solana is a high-performance blockchain platform that utilizes a unique consensus algorithm called “Proof of History” to achieve fast transaction speeds and low fees.
Ethereum
$3,342.47
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
Bitcoin
$97,836.38
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Coinbase
Coinbase is a digital currency exchange and wallet service that allows individuals to buy, sell, and store digital currencies, such as Bitcoin, Ethereum, and Litecoin.
Kraken
Kraken is a San Francisco-based digital asset exchange in euro volume and liquidity that trades various currencies, including Canadian dollars, US dollars, British pounds, and Japanese yen.
Gemini
Gemini is a regulated digital asset exchange and custodian that allows customers to buy, sell, store, and stake digital assets in a regulated, secure, and compliant manner.
MEXC Global
MEXC Global is a centralized crypto exchange with vast crypto-related services.
