The global digital asset market looked mixed today with indices lacking much activity. However, in a dynamic turn of events, solana (SOL) has successfully retained its place as the fifth largest cryptocurrency. SOL has outperformed Ripple’s XRP amid recent market volatility.
Solana Bounces Amid Slow Market Trends
Crypto While the market recorded a marginal decline in global market value in the last day, falling to $1.61 trillion, Solana’s tremendous rise shocked everyone.
According to the data, SOL’s market value increased to $33.24 billion. This represents a remarkable increase of 915.7% from the low of $3.63 billion at the beginning of 2023. However, the price of SOL has gained nearly 300% in the last 60 days.
Coinglass data shows that 48,853 investors were liquidated in the last 24 hours during the recent market turmoil. Total liquidation amounted to 119.87 million dollars. The largest single liquidation on record was worth $3.27 million. This liquidation took place for ETH-USDT-SWAP on OKX.
Solana’s outstanding performance continues with a strategic liquidation mission. It recorded liquidations of $1.94 million in the last 12 hours. However, 87.1% of these liquidations were short positions. This situation shows the downward trend prevailing in the market.
Despite bearish pressure, Solana’s bulls also faced some losses. However, it totaled only a quarter of a million dollars. This serves as a stark reminder to latecomers in the market.
Displaced XRP
Solana’s price has increased by approximately 3% in the last 24 hours. SOL is trading at an average price of $76.88. 24-hour trading volume increased by 15%, reaching $2.3 billion. SOL currently has a market cap of $33.3 billion.
On the other hand, XRP has witnessed a rough patch as its price has fallen by 2% in the last 30 days. It is one of the cryptos that did not perform well and lost returns during this period.
XRP The price increased by 2% in the last 24 hours. At the time of writing, it is trading at an average price of $0.611. However, its market cap is around $33.1 billion.