Solana (SOL) has seen incredible growth over the past year, rising over 800% in value. According to data from CoinGecko, Solana has surged 803% over the past year, beating major cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH).
Ethereum overtook Bitcoin in the period since receiving final approval for the token-focused fund, with ETH up 51% since the start of the year, outpacing Bitcoin's 45% gain.
Bitcoin has begun to be overshadowed by Ethereum and Solana due to interest in US-based cryptocurrency exchange-traded funds. Returning to these two assets, Bitcoin started 2024 with an impressive rally behind US spot ETFs. Launched in January
The ETF-created trust saw Bitcoin hit $73,798 in March. But since then the demand and prices have come down.
Solana Rises in ETF Confidence in Exchange-Traded Fund Provider VanEck Apply for Cryptocurrency-Based Product
After filing documents with the Securities and Exchange Commission (SEC), the SOL token price rose 11%, the most since late May.
VanEck, one of the first companies to launch a spot bitcoin ETF in the U.S., filed for the new Solana ETF on Thursday. The new fund, called the VanEck Solana Trust, is the first Solana ETF to be filed in the US.
VanEck's Solana ETF filing comes after the SEC approved the introduction of a spot ether (ETH) ETF in the U.S. on May 23, 2024.
At the time of writing, SOL is up 4.92% in the last 24 hours to $145.69 and is the fifth largest cryptocurrency by market cap according to data from CoinGecko.
Source: u. Today