Cathie Wood Praises Solana's 20% Increase In Price and Efficiency Above Ethereum

With a rise of around 200% in the past month, Solana has beaten other important cryptocurrencies by a wide margin.

Source: www.theblock.co

With a rise of over seventeen percent the day following ARK Invest CEO Cathie Wood's praise of the system for its usefulness and affordability, Solana has hit new annual highs. In a conversation with CNBC on November 15, Wood said that the network run by Solana was performing well under the circumstances at the moment and that it is an essential component in the larger blockchain environment.

Wood lauded the network created by Solana for outperforming the Ethereum network in terms of speed and effectiveness. Wood discussed Ethereum and Solana as significant blockchain environment developments, seeing them as essential infrastructure layers with greater practical uses than Bitcoin. While the whole cryptocurrency market is rising, Solana has risen more than 197% in just one month, much outpacing the gains of other prominent cryptocurrencies. In the identical period, Ether and Bitcoin have increased by 28% and 32%, respectively. At present, Solana can be purchased for little more than $66 according to TradingView data.

In response to the market's recent excitement over several impending spot Bitcoin ETF offerings, Wood said it's critical to keep your eyes on Bitcoin's fundamental importance as the money moves and avoid succumbing to getting caught up in immediate fluctuations in price. She acknowledged that there might be a sell-on the news type of event, in which the market's appetite for the event is outpaced by investors' expectations of an authorization, resulting in a sharp selloff in the subsequent hours 

Statistics from source Kaiko show that the traffic on Solana keeps increasing all year, especially in liquid staking methods like Jito. A year ago at this point, the coin in question was in an oven following the FTX blowup, which saw it plunging 70% in two days and temporarily trading below $10. The Solana program was largely credited with receiving significant funding as well as assets to get on its feet from FTX. Solana is one of the top-performing cryptocurrencies in 2023, which has increased by almost 600% this year. 

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