The increased institutional interest in Solana leads him to be listed on the Bloomberg cryptocurrency terminal
Solana (SOL) has become the third cryptocurrency on the Bloomberg terminal, after Bitcoin and Ethereum. Dubbed the ‘Bloomberg Galaxy Solana Index’, the independent altcoin price tracker went live on the global terminal on November 16. It is now “Solana’s first source of institutional grade pricing,” according to Tim Grant, Galaxy Digital’s Europe boss. The latter is a digital asset services company that partnered with the Manhattan-based media giant to list the new cryptocurrency.Solana is now the fifth largest cryptocurrency, with a market capitalization of 68.4 billion, ranking after Bitcoin, Ethereum, Binance Coin, and Tether. The Bloomberg tracker now shows that the altcoin has gained 1,300% on the year. Much of these gains have occurred only in recent months.
Solana and the Bloomberg list
In particular, Solana owes much of its growth to decentralized financial applications (dApps) and non-fungible tokens (NFTs). These two aspects of the decentralized industry have seen massive growth this year, and the positivity has rubbed off on Solana. The Blockasset Product Manager. co agrees with this view, stating that DeFi and NFTs have been “the latest source of demand boost” for the coin. The DeFi sector now has a total locked value of $ 106 billion, up from $ 26 billion in January, according to DeFi Pulse. NFT’s sales volume increased eightfold between the second and third quarters ($ 10.7 billion), according to market tracker DappRadar.According to CryptoSlam , Solana-based NFT secondary sales have reached a volume of nearly $ 500 million. The same NFT data aggregator ranks Solana’s 24-hour NFT sales as the fourth best behind Ethereum, Ronin, and Wax.Over time, SOL has been touted as the ‘Ethereum Killer’ for its potential to turn the second largest cryptocurrency around. The network has proven to be better in terms of less congestion, faster transaction speeds (60 times that of Ethereum) and cheaper transactions, according to Solana Beach data. SOL competition with Cardano has also been observed as each struggles to be ahead of the other in terms of market capitalization. Today, Cardano is just behind Solana, with a market capitalization of $ 61 billion.
SOL: The Big Picture
The Bloomberg Sol listing indicates increased institutional interest in altcoin, partly contributed to by the network’s entry into the NFT landscape. According to CoinShare’s weekly report, last week the altcoin received $ 9.8 million from institutional investors. The figure placed it as the fourth highest-earning coin after Bitcoin ($ 97.5 million), Ethereum, ($ 17.3 million) and Cardano ($ 16.4 million).Additionally, prominent figures in the cryptocurrency industry, such as FTX CEO Sam Bankman-Fried (SBF), have endorsed the coin. SBF notes that Solana has a greater capacity for mass adoption, as its transaction speed and gas rates rival those of Ethereum.At the time of writing, our data shows that SOL was trading at $ 215.88, having lost 8.1% on the day. The general market correction probably caused this decline.
