The crazy surge of the public chain Solana (SOL) continues, breaking through the $100 mark today and reaching a high of $118, the highest since April of last year. This also brings the market value of SOL to $49.6 billion, surpassing BNB and becoming the fourth largest cryptocurrency by market value.
Since the slump caused by the closure of the cryptocurrency exchange FTX, the public chain Solana (SOL) has been soaring since mid-October. Today, SOL finally broke through $100, reaching a high of $118, marking the first time it has surpassed $100 since April last year. As of the deadline, it was reported at $116, with a 24-hour increase of 24.29%, and a monthly increase of over 103%.
With the skyrocketing price, according to CoinMarketCap data, the market value of SOL has reached $49.6 billion, surpassing the $41 billion of BNB, the largest cryptocurrency exchange platform in the world, and becoming the fourth largest cryptocurrency by market value, only behind Bitcoin, Ethereum, and USDT.
Despite the surge in SOL, FTX has earned more than $3 billion from its SOL holdings. However, according to previous reports, FTX creditors are still worried that they will not be able to benefit from it. In the revised Chapter 11 reorganization plan submitted by FTX debtors earlier this month, the value of customer asset claims will be estimated based on the “cash value” at the time of FTX’s bankruptcy application in November 2022. In other words, it will be valued in US dollars at that time, and the compensation will be in US dollars (possibly stablecoins). At that time, the cryptocurrency market was very depressed, with Bitcoin quoted at only $17,000. If this plan is approved, creditors will face potential huge losses due to the “freeze price” at the time of bankruptcy.
In addition to SOL, most of the top ten cryptocurrencies have slightly increased today. Bitcoin continues to fluctuate between $43,000 and $44,000, currently reported at $43,910, with a 24-hour increase of 1.2%. Ethereum is currently reported at $2,326, with a 24-hour increase of 1.8%.
In the past 24 hours, BNB has increased by 1.4%, XRP by 1.4%, ADA by 4.2%, DOGE by 1.9%, and AVAX by up to 13.9%, currently reported at $48.9, reaching a new high since May last year.
According to Coinglass data, in the past 24 hours, the total amount of liquidations in the cryptocurrency network has accumulated more than $80 million, and 44,152 investors have been liquidated. Among the liquidated currencies, SOL accounts for $21.59 million, ETH ranks second with $8.16 million, and Bitcoin ranks third with $5.61 million.
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