{"id":383733,"date":"2023-12-20T23:50:37","date_gmt":"2023-12-20T23:50:37","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=383733"},"modified":"2023-12-20T23:57:21","modified_gmt":"2023-12-20T23:57:21","slug":"solana-overtakes-xrp-to-become-fifth-largest-digital-asset","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/solana-overtakes-xrp-to-become-fifth-largest-digital-asset\/","title":{"rendered":"Solana overtakes XRP to become fifth-largest digital asset"},"content":{"rendered":"<p>Solana overtook XRP to become the fifth-largest cryptocurrency on the crypto market on Dec. 20, based on current data.<\/p>\n<p>As of 11:30 p.m. UTC, Solana (<a href=\"https:\/\/cryptoslate.com\/coins\/solana\/\">SOL<\/a>) reported a market cap of $34.8 billion. <a href=\"https:\/\/cryptoslate.com\/coins\/xrp\/\">XRP<\/a>, a coin associated with Ripple, reported a market cap of $33.3 billion.<\/p>\n<p>Solana's high market standing appears to be due to its own exceptional performance rather than XRP losses. XRP was up just 1.67% over 24 hours, closely in line with market-wide average gains of 2.8%. SOL, by contrast, far outperformed the average by gaining 12.08% over 24 hours.<\/p>\n<p>At the time of writing, SOL and XRP were priced at $81.45 and $0.62, respectively. The difference between each asset's price is the result of token denomination and, unlike market cap, does not reflect each asset's relative standing.<\/p>\n<figure id=\"attachment_383758\" aria-describedby=\"caption-attachment-383758\" style=\"width: 660px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-383758 size-full\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/12\/sol2.png\" alt=\"\" width=\"660\" height=\"528\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/12\/sol2.png 660w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/12\/sol2-300x240.png 300w\" sizes=\"(max-width: 660px) 100vw, 660px\" \/><figcaption id=\"caption-attachment-383758\" class=\"wp-caption-text\">24-hour performance for Solana (SOL)<\/figcaption><\/figure>\n<h2>SOL has gradually risen since October<\/h2>\n<p>The reasons for Solana's latest price gains are unclear, though it seems that this builds on long-standing growth. The price of SOL has been gradually rising since at least October, meaning that notable events such as the launch of Solana's <a href=\"https:\/\/cryptoslate.com\/solana-labs-unveils-gameshift-a-web3-suite-for-game-developers\/\">GameShift<\/a> suite, FTX estate transfers involving the <a href=\"https:\/\/cryptoslate.com\/ftx-transfers-316-million-in-crypto-with-solana-leading-the-outflows\/\">SOL token<\/a>, and hype around the Solana-based <a href=\"https:\/\/cryptoslate.com\/solana-based-memecoin-bonk-adds-1b-to-market-cap-following-exchange-listings\/\">BONK memecoin<\/a> have all coincided with its recent growth.<\/p>\n<p>On-chain activity rather than public events may also contribute to growth. Recent reports indicate, for example, that Solana decentralized exchanges <a href=\"https:\/\/cryptoslate.com\/solana-dexs-momentarily-outpace-ethereum-amid-surge-in-memecoin-stablecoin-activity\/\">recently outperformed<\/a> their Ethereum-based counterparts in trading volume.<\/p>\n<p>In contrast to previous negative perceptions, Solana recently experienced a victory with its Saga phone. Despite <a href=\"https:\/\/cryptoslate.com\/solanas-saga-smartphone-sales-dramatically-underperform-despite-positive-reviews\/\">poor sales<\/a> for most of 20203, it has since sold out in the U.S. after the explosion of the Solana-based BONK memecoin.<\/p>\n<p>SOL also experienced sudden losses in November 2022 when <a href=\"https:\/\/cryptoslate.com\/companies\/ftx\/\">FTX<\/a>, with which it was closely associated, collapsed. Though these events have not prevented SOL's overall growth, they may have had some effect on price regardless.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Solana overtook XRP to become the fifth-largest cryptocurrency on the crypto market on Dec. 20, based on current data. As of 11:30 p.m. UTC, Solana (SOL) reported a market cap of $34.8 billion. XRP, a coin associated with Ripple, reported a market cap of $33.3 billion. Solana&#8217;s high market standing appears to be due to [&hellip;]<\/p>\n","protected":false},"author":1403,"featured_media":366619,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[120,1],"tags":[],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Solana overtakes XRP to become fifth-largest digital asset<\/title>\n<meta name=\"description\" content=\"Solana overtook XRP to become the fifth-largest cryptocurrency on the crypto market on Dec. 20, based on current market data.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/solana-overtakes-xrp-to-become-fifth-largest-digital-asset\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Solana overtakes XRP to become fifth-largest digital asset\" \/>\n<meta property=\"og:description\" content=\"Solana overtook XRP to become the fifth-largest cryptocurrency on the crypto market on Dec. 20, based on current market data.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/solana-overtakes-xrp-to-become-fifth-largest-digital-asset\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2023-12-20T23:50:37+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-12-20T23:57:21+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/10\/solana-xrp.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Mike Dalton\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Mike Dalton\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/solana-overtakes-xrp-to-become-fifth-largest-digital-asset\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/solana-overtakes-xrp-to-become-fifth-largest-digital-asset\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/mike-dalton\/#person\",\"name\":\"Mike Dalton\",\"url\":\"https:\/\/cryptoslate.com\/author\/mike-dalton\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/mike-dalton\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/mike-dalton\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/12\/mike-dalton-author-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/12\/mike-dalton-author-300x300.jpg\",\"caption\":\"Mike Dalton\"},\"jobTitle\":\"Former Journalist\",\"description\":\"Before transitioning to crypto writing in 2018, Mike studied library and information sciences. 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