Solana becomes 4th largest crypto following blitz past $140

General

Solana followed Bitcoin’s rally on Mar. 4, gaining as much as 7% in 24 hours and usurping Binance’s BNB coin for a higher rank among the top five cryptocurrencies.

Solana (SOL) has become the fourth largest cryptocurrency in the world ahead of BNB, following an ascent above $140, as tokens across the market saw double-digit gains. SOL’s rise took the digital asset to a two-year high and levels last seen in April 2022, three months after the peak of 2021’s bull cycle.

The Solana milestone arrived on the heels of Bitcoin’s (BTC) new all-time high (ATH), as the leading crypto token rose past $69,000 before retreating to around $65,000 at press time, per CoinGecko.

Bitcoin’s retrace was likely due to market selloffs, as traders booked profits and the cryptocurrency faced a technical resistance wall at its ATH.

SOL daily chart | Source: TradingView

Solana, Bitcoin up, but so are these coins

CoinMarketCap data said the total cryptocurrency market cap buoyed nearly 3% in 24 hours as Bitcoin and Solana pumped to higher prices. The increase carried crypto’s total market cap over $2.54 trillion, resulting in 35% or more gains for two particular coins.

Trading volumes of over $1.5 billion allowed eCash (XEC) to skyrocket over 53% in a single day, although the crypto is still 88% away from its previous ATH recorded in November 2021. Launched in July 2021, eCash is a rebrand of the Bitcoin fork, Bitcoin Cash ABC, and exists solely as a digital payment method for goods and services.

Terra Classic (LUNC), the original Luna crypto, also jumped 38% with a daily trading volume of $596 million. The coin’s surge coincided with a victory scored by Terraform Labs founder Do Kwon in Montenegro, as the former crypto tycoon challenged his extradition to the U.S. for criminal prosecution.