Solana Becomes Fourth Largest Crypto by Market Cap Ranking, Flips BNB

Layer-1 blockchain Solana (SOL) has surpassed Binance Coin (BNB) to occupy the fourth position amongst the largest cryptocurrencies by market capitalization. Solana’s impressive upward trajectory continued after it broke through $187 following the increased odds that Republican presidential candidate Donald Trump will win Tuesday’s election.

Notably, SOL maintained a lead over BNB with a market cap of $86.9 billion after previous failed attempts to sustainably flip BNB. The “Ethereum Killer,” known for its high-speed and low-cost transactions, has been on a bullish upsurge recently, making the Wednesday flip somewhat expected among the crypto community.

Recently, the network has immensely attracted interest from institutional investors. Solana’s growing on-chain activities and anticipation of its spot ETF have been the backbone of the price rally. Meanwhile, market makers predict that Solana will outperform Bitcoin’s performance before and after the approval of its spot ETF.

Solana Reaps From BNB’s Stagnation

Solana trades at $183 at press time, having surged 12.89% in the past 24 hours. This substantial uptick places it as the best-performing crypto asset in the top seven rankings, growing its market cap to $86.9 billion.

However, BNB stands above $580, maintaining a 3.6% uptick in the past 24 hours. Data shows the BNB Chain native coin is the worst performing in the top 8 in what has been a green day for crypto.

Furthermore, BNB is down 3.55% in the past seven days and has appreciated a meager 2% month-to-month. This signals that the coin seems to be missing out on the bullish momentum prevailing in the crypto market.

Election Crypto Rally Commences

Generally, the emerging Tuesday election results have had an impressive impact on the market. Many cryptocurrencies gained bullish momentum, experiencing extensive upticks in prices and market caps.

The election results greatly benefited Bitcoin, the world’s largest crypto asset by market cap. The premier asset attained a new milestone, breaking its previous all-time high of $73,835 to $75,361, with an over 7% uptick in the past 24 hours.

Although Ethereum did not attain a new all-time high and is currently 46% away from the price mark, it experienced a bullish upsurge on Wednesday. The altcoin king climbed 7.59% in the past 24 hours, trading at $2,627 at press time.

Altcoins like XRP Dogecoin (DOGE) and Cardano (ADA) also saw an uptick of 4.48%, 17.86%, and 8.38% in the past 24 hours.