ETH Next? Solana (SOL) Dethrones BNB as the Fourth Largest Crypto Asset

Solana Network’s fine form has seen it briefly topple Binance Coin (BNB) to become the fourth biggest cryptocurrency by market cap. Stereotypically, SOL rose over 5% and traded almost at triple figures on Saturday, reaching $102 for the first time since 2021. 

The exponential uptick saw SOL reach a market cap of $44 billion, surpassing BNB’s $41.1 billion and becoming the fourth-largest crypto asset.

Red Hot SOL

Currently one of the hottest networks in crypto, Solana has continued its remarkable strides with BNB’s flip. The “Ethereum killer” flipped Ripple’s XRP early this week, reaching a 20-month cap high of $37 billion. SOL’s market cap further increased with a 7% price uptrend in the past 24 hours and currently sits at $39.4 billion.

SOL’s contract trading volume also spiked by 32%, surpassing $10 billion. Open interest in Solana positions also reached $1.34 billion, second only to Bitcoin and Ethereum.

SOL last tested the fourth position during the peak of the previous bull run but was nowhere near BNB’s market cap. Then, SOL had a market cap of $75 billion, 30% below BNB’s $108 billion.

Ethereum Next?

Although the “Ethereum killer” instincts are kicking in for Solana enthusiasts, the network is still miles away from reaching the second-largest cryptocurrency. Solana’s market cap would have to increase more than seven times to reach Ethereum’s current cap.

With Solana’s prospects, a 7x looks achievable. But it would also mean Ethereum would remain unmoved. Ethereum’s mainstream adoption, use case, and a potential spot Ether ETF approval means it would be impossible for that to happen.