The global digital assets market looked confused on Wednesday as indexes didn’t show much activity. However, in a dynamic turn of events, Solana (SOL) successfully secured its place as the fifth-largest cryptocurrency. SOL overtook Ripple’s XRP amid recent market fluctuations.
Solana jumps amid slow market trends
As the crypto market records a marginal dip in global market cap to stand at $1.61 trillion over the last day, Solana’s massive upward has left everyone shocked.
According to the data, Solana’s market capitalization has soared to $33.24 billion. This marks an extraordinary 915.7% surge from its early 2023 low of $3.63 billion. However, Solana’s price has gained around 300% in the last 60 days.
Coinglass data depicts that the recent market turmoil has seen 48,853 traders liquidated in the past 24 hours. The total liquidation was $119.87 million. The largest single liquidation recorded was valued at $3.27 million. This liquidation occurred on OKX for an ETH-USDT-SWAP.
Solana’s standout performance continues with a strategic liquidation mission. It recorded $1.94 million in liquidations in the last 12 hours. However, 87.1% of these liquidations were short positions. This depicts a bearish sentiment prevailing in the market.
Despite the bearish pressure, Solana’s bulls also faced some losses. However, it totaled a mere quarter of a million dollars. This serves as a stark reminder to latecomers in the market.
Displaced XRP
Solana’s price is up by around 3% in the last 24 hours. SOL is trading at an average price of $76.88. Its 24 hour trading volume is up by 15% to stand at $2.3 billion. Solana now holds a market cap of $33.3 billion.
On the other hand, XRP has witnessed a tough phase as its price dropped by 2% in the last 30 days. It is one of those crypto that did not perform well and delivered a loss in return over this period.
XRP price is up by 2% in the last 24 hours. It is trading at an average price of $0.611, at the press time. However, its market cap stands at around $33.1 billion.
