Solana registered an increase of 7% across the previous 24 hours, flipping Cardano in the process and becoming the fifth-largest crypto by market cap.
Meanwhile, the price of Cardano has increased by only 2%, and during the previous seven days, it has dipped by 8%. Now Solana has a market cap of $64 billion while Cardano’s stands at the $63.5 billion level.
This increase is a result of the fact that Solana moved faster than Cardano when it comes to bringing smart contracts, DeFi apps, and NFTs to a network that is faster and less congested.
It’s true, though, that the speed of the network came with some security issues and even a couple of days of network outages, but the metrics have remained positive.
SOL climbed to a new ATH of $219.05 a bit over a week ago, and it currently has a price of $213. On top of that, the value of crypto assets in Solana DeFi apps has also reached a new ATH meaning people can borrow funds, earn interest, and swap assets, without needing a third party.
At the same time, Cardano had a problematic smart contract launch in the early fall, and it still hasn’t created a comparable ecosystem of decentralized apps.