By Swann Collins, investor and consultant in global affairs. Eurasia Business News, October 25, 2021

The Solana token (SOL) became the sixth largest cryptocurrency in terms of capitalization, ahead of Ripple (XRP). At 09:11 pm Paris time on October 25, the Solana was trading at $ 212, over the past day it has risen in price by 12.6%, and its capitalization is $ 62.4 billion.

Over the week, Solana has grown in price by 30%. In early September, the altcoin renewed its all-time high above $ 213.

Solana is considered an emerging competitor to Ethereum. Vitalik Buterin’s cryptocurrency is the leader among blockchains with smart contracts, but its network is often overloaded, which leads to increased fees for transfers. Solana offers faster and cheaper transactions.

Read also : Why cryptocurrencies can help liberal democracies

So far, Solana lags far behind Ethereum in terms of network activity. Ethereum has its own blockchain where a global network of over 2.4 million computers known as “nodes” maintains a record of transactions. 

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© Copyright 2021 – Swann Collins, investor and consultant in global affairs.