Ethereum (ETH) competitor Solana (SOL) reached a new all-time high of $263.70 as the crypto market continues to rally.
Market data shows that Solana is trading at $256 after seeing its price increase by a quarter of a percent over the last 24 hours and over 23% over the previous seven days. The coin’s market cap currently stands at $121.2 billion.
The market
The overall cryptocurrency market has been rallying almost non-stop since United States Republican presidential candidate Donald Trump won the elections. Since then, Bitcoin (BTC) recently started approaching $100,000 and the crypto market cap reached new highs.
CoinMarketCap’s global charts page shows that the total market cap of all cryptocurrencies reached a new all-time high of nearly $3.3 trillion. Out of that, over $1.95 is just Bitcoin.
This puts the crypto market at a higher value than Google owner Alphabet ($2.033 trillion), Amazon ($2.088 trillion), and Microsoft with its $3.071 trillion market cap. It is also approaching Apple’s market cap of $3.465 trillion.
Trump’s victory has very clear consequences for crypto. He is the first United States president-elect who is personally involved in crypto, and last month he announced the sale of his World Liberty Financial (WLF) token, which aims to become a decentralized finance (DeFi) platform.
The project already announced the intention to create an instance of DeFi protocol Aave (AAVE) on Solana’s older brother Ethereum (ETH). Trump had explicitly described himself as the “crypto candidate” and promised favorable regulation and even proposed the creation of a U.S. Bitcoin reserve if elected.
Trump is also expected to appoint pro-cryptocurrency officials to the Securities and Exchange Commission (SEC). Many believe that he will also appoint a crypto-friendly official to replace Gensler during his presidency.
This follows SEC chairman Gary Gensler leading the regulator in a major crackdown on the crypto industry during his tenure. This led Republican state attorney generals and a crypto advocacy group to file a lawsuit against the SEC and its commissioners now that the political climate is changing.
