Bitaigen Research In this article we outline the key factors behind Solana’s recent market‑cap breakout, analyze why it has secured the fourth spot among a fiercely competitive lineup of mainstream tokens, and discuss the potential implications of the market recovery and platform developments for investors. If you want to understand how SOL achieved this leap, please continue reading.
As of now, Solana (SOL) has a market capitalization that exceeds Binance’s platform token BNB, placing it fourth globally, behind Bitcoin, Ethereum, and USDT. (U.S. users should access BNB through Binance.US rather than the global Binance platform.)
Since mid‑October, the bearish sentiment triggered by the FTX collapse has gradually faded, and Solana’s price has kept climbing. Today, SOL broke the $100 barrier for the first time, peaked at $118, marking its highest level since April 2023. At the time of writing, it closed at $116, a 24.29 % rise over the past 24 hours, and has accumulated more than a 103 % gain over the past month.
CoinMarketCap data shows SOL’s market cap has risen to roughly $49.6 billion, overtaking Binance’s platform token BNB (around $41.0 billion) for the first time and securing the fourth‑largest market cap, trailing only Bitcoin, Ethereum and USDT.
FTX has already realized over $3 billion in profit from its SOL holdings. However, according to a prior report by 动区, the 11th‑chapter restructuring plan amendment submitted by FTX creditors this month retroactively values client‑asset claims to the “cash value” at the time of the November 2022 bankruptcy. That valuation is denominated in U.S. dollars and may be settled in cash or a USD‑pegged stablecoin. Because Bitcoin was only about $17,000 at that moment, creditors who accept the proposal would suffer a substantial loss relative to the frozen‑price at collapse.
Performance of Other Cryptocurrencies
Aside from SOL, the top‑ten cryptocurrencies as a whole are showing modest gains today:
| Cryptocurrency | Current Price (USD) | 24 h Change |
|---|---|---|
| **Bitcoin** | $43,910 | 1.2 % |
| **Ethereum** | $2,326 | 1.8 % |
| **BNB** | — | 1.4 % |
| **XRP** | — | 1.4 % |
| **ADA** | — | 4.2 % |
| **DOGE** | — | 1.9 % |
| **AVAX** | $48.9 (highest since May 2022) | 13.9 % |
Coinglass data indicates that in the past 24 hours the total amount of liquidated positions across the crypto market exceeded $80 million, affecting 44,152 investors who were forced to close positions. SOL accounted for the largest liquidation amount at $215,900, followed by Ethereum (ETH) at $81,600, and Bitcoin at $56,100.
This provides a complete overview of Solana’s (SOL) market‑cap overtaking of BNB, positioning it just behind Bitcoin, Ethereum and USDT. For more information on SOL’s >20 % surge and its breach of the $118 level, please follow other articles from Bitaigen.
*Note: Cryptocurrency gains may be taxable in your local jurisdiction; consult a tax professional for guidance.*
Related Reading
- Solana Nears $100, Overtakes BNB, Beats Ethereum DEX Volume
- REN Dark‑Pool Trading & Cross‑Chain Potential
- IEO vs ICO: Core Concepts, Benefits, Risks & Top Projects
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⚠️ Risk Disclaimer: Crypto prices are highly volatile. This is not investment advice.
