Solana (SOL) Skyrockets by 800%, Surpassing BTC, ETH in Yearly Gains

In an astonishing display of growth, Solana SOLUSD has surged by an incredible 800% over the past year, outpacing major cryptocurrencies like Bitcoin BTCUSD and Ethereum ETHUSD. According to CoinGecko data, Solana is currently up 803% since the last year.SOLUSD Daily Chart, Courtesy: TradingView

Ethereum has surpassed Bitcoin within this time frame as final approvals for funds focusing on the token are near. Notably, ETH has increased by 51% since the start of the year, outpacing Bitcoin’s 45% increase.

Bitcoin’s performance is beginning to be overshadowed by Ethereum and Solana tokens, as interest in U.S. cryptocurrency exchange-traded funds swings to the two crypto assets. Bitcoin stole the spotlight with an impressive rise at the start of 2024 after the first U.S. spot ETFs for the largest digital asset went live in January.

The ETF-driven optimism spurred Bitcoin to a record of $73,798 in March, but demand and price have since cooled.

Solana climbs on ETF optimism

Solana recently saw its greatest gain in almost a month when VanEck, an exchange-traded fund provider, filed for a cryptocurrency-based product.

Following the submission of documentation to the Securities and Exchange Commission (SEC), the SOL token soared by up to 11%, the most since late May.

VanEck, one of the first to launch spot Bitcoin exchange-traded funds (ETFs) in the United States, filed for a new Solana ETF on Thursday. The new fund, called the VanEck Solana Trust, will be the first Solana ETF to be filed in the United States.

VanEck’s Solana ETF filing comes weeks after the SEC approved the debut of spot Ether ETHUSD ETFs in the United States on May 23, 2024.

At the time of writing, SOL was up 4.92% in the last 24 hours to the last 24 hours to $145.69 and ranks as the fifth-biggest cryptocurrency by market cap, according to CoinGecko data.