Mercato
24h Vol
6566
Cryptocurrencies
51.43%
Bitcoin Condividere

VanEck Predicts Solana Could Reach 50% Of Ethereum’s Market Cap, Targeting $330 Per SOL

VanEck Predicts Solana Could Reach 50% Of Ethereum’s Market Cap, Targeting $330 Per SOL


NewsBTC
2024-09-26 01:00:13

Currently, Solana (SOL) is the fifth-largest cryptocurrency, with a market capitalization of approximately $71 billion. Following the recent decision by the US Federal Reserve to cut interest rates by 0.50% on September 18, the cryptocurrency market has seen a resurgence in investor confidence, leading to notable price increases for SOL. In light of these developments, asset management firm VanEck, through its research arm MarketVector, has released compelling predictions regarding Solana’s future. The report highlights Solana’s technological advancements and raises questions about its current market positioning compared to Ethereum (ETH). Solana Market Cap Could Hit $157 Billion VanEck’s analysis reveals significant differences between Solana and Ethereum, particularly in performance metrics. Solana processes 3,000% more transactions than Ethereum, has 1,300% more daily active users, and offers transaction fees that are nearly 5 million percent lower. However, despite Solana’s superior performance, its market capitalization is only 22% of Ethereum’s, which currently stands at $314 billion. This disparity is even more pronounced when considering the combined activity of Ethereum and its Layer 2 (L2) solutions, which often enhance transactional capabilities. Related Reading: SUI Eyes $1.45 Retest Following Breakout: Will Bulls Defend Support? Based on the report, there is growing optimism that Solana could reach 50% of Ethereum’s market cap, which would mean a jump from the current market cap of $71 billion to $157 billion for the fifth-largest cryptocurrency. In addition, the research notes that the SOL price could reach a mark of $330, representing a rise of nearly 120% for the cryptocurrency. This could represent a potential top for this market cycle and a new all-time high for the token, a far cry from the current record high of $259 in the 2021 bull run. VanEck Warns Of Missing Out On SOL Opportunities The report also notes that the roles of decentralized finance (DeFi), stablecoins, and payments are critical drivers of adoption for both Ethereum and Solana. Lending and borrowing in the DeFi space are projected to grow rapidly. At the same time, Solana’s cheaper fees and faster transaction times present a strong case for its adoption in payments and remittances. The asset manager believes that if institutions and everyday users can benefit from low-cost transactions, Solana’s user base could grow significantly, further strengthening its ecosystem and usage. Related Reading: Ethereum Gains On Bitcoin Following Fed Rate Cut: Altseason Soon? However, the report argues that while retail investors are beginning to recognize the benefits of Solana, institutional adoption has been slower. Factors contributing to this include Ethereum’s first-mover advantage, greater institutional familiarity and a general reluctance to shift significant capital from well-established assets such as ETH. Still, VanEck points out that institutions that “overlook undervalued assets” such as Solana, risk missing out on significant opportunities. The firm concludes that holding on to established assets without considering emerging competitors can be dangerous in cryptocurrency. At the time of writing, SOL was trading at $152, up 3.3% and nearly 20% over the 24-hour and seven-day periods, respectively. Featured image from DALL-E, chart from TradingView.com


Leggi la dichiarazione di non responsabilità : Tutti i contenuti forniti nel nostro sito Web, i siti con collegamento ipertestuale, le applicazioni associate, i forum, i blog, gli account dei social media e altre piattaforme ("Sito") sono solo per le vostre informazioni generali, procurati da fonti di terze parti. Non rilasciamo alcuna garanzia di alcun tipo in relazione al nostro contenuto, incluso ma non limitato a accuratezza e aggiornamento. Nessuna parte del contenuto che forniamo costituisce consulenza finanziaria, consulenza legale o qualsiasi altra forma di consulenza intesa per la vostra specifica dipendenza per qualsiasi scopo. Qualsiasi uso o affidamento sui nostri contenuti è esclusivamente a proprio rischio e discrezione. Devi condurre la tua ricerca, rivedere, analizzare e verificare i nostri contenuti prima di fare affidamento su di essi. Il trading è un'attività altamente rischiosa che può portare a perdite importanti, pertanto si prega di consultare il proprio consulente finanziario prima di prendere qualsiasi decisione. Nessun contenuto sul nostro sito è pensato per essere una sollecitazione o un'offerta