A crypto crash that wiped hundreds of billions of dollars from the market this week has led to fresh fears that bitcoin and its rivals could lose all the gains made in 2021.
But one leading cryptocurrency managed to not just make it through the turmoil unscathed – but actually soared to new record highs.
Solana’s SOL token hit an all-time high on Thursday, peaking at $214.96 according to CoinMarketCap’s price index. Just one year ago it was worth less than $2.
The price surge has boosted Solana’s market cap above $60 billion and pushed it ahead of both dogecoin and Ripple (XRP) this week to rank as the world’s sixth most valuable cryptocurrency.
“The majority of the crypto market slid with BTC, demonstrating the relative immaturity of the asset class and the market’s dependency on bitcoin,” said Alexandra Clark, a sales trader at UK-based digital asset broker GlobalBlock. “But Solana remained largely unaffected and instead have seen double digit returns.”
Exactly how it has managed to…