The Victory of Donald Trump and the Rise of Solana
Donald Trump’s victory in the 2024 presidential elections created significant excitement in the cryptocurrency markets. The idea that a more crypto-friendly regulatory environment could emerge under Trump’s administration is attracting investors’ attention. In this context, significant increases are observed in the price of altcoins, especially Solana (SOL). The exchange-traded fund (ETF) approval that VanEck and 21Shares applied for Solana became an important catalyst for this rise.
Investors are speculating that with Trump’s second term, Solana could potentially surpass Ethereum (ETH) and reach $1,000 in market cap. This creates an optimistic atmosphere in the markets and strengthens Solana’s position in the altcoin league.
Trump’s Administration and Its Impact on Cryptocurrencies
Trump’s return to the White House has created great excitement in the cryptocurrency community. His positive statements about cryptocurrencies increase the hope that a more liberal regulatory process can begin in this area. These expectations make investors turn to altcoins such as Solana.
Daniel Cheung, co-founder of Syncracy Capital, thinks the market is ignoring a potential “Republican sweep.” He argues that this could push the value of SOL to levels “much higher than previously anticipated.” Cheung predicts the Solana ETF will likely happen in the first quarter of 2025. If this confirmation occurs, SOL’s value could rise up to $1,000.
Solana’s Market Cap and Outperforming Binance Coin
Recent price increases have enabled Solana’s market value to exceed $87 billion. This made it possible for it to rise to the fourth place in the cryptocurrency market, surpassing Binance Coin (BNB), which was previously ahead of it. It is now the fourth largest cryptocurrency outside Bitcoin (BTC), Ethereum (ETH) and stablecoin Tether (USDT).
This growth is supported by increasing demand for Solana among investors. Leading cryptocurrencies such as BTC and ETH are also recording impressive increases of 8.4% and 6% respectively. However, Solana’s performance continues to attract attention in the altcoin world.
Solana’s DeFi Performance and TVL Increase
According to data from DeFi Llama, Solana’s total value locked (TVL) has exceeded $6.56 billion. This demonstrates the significant growth in the DeFi space over the past two months. In particular, the huge increase in activity on the decentralized exchange Raydium has made a significant contribution to Solana’s market value. Raydium collected over $3 million in transaction fees for Solana in the last 24 hours alone. This proves how effective Solana is in the DeFi field.
$2.42 million of Raydium’s total fee income was generated from trades alone. This reinforces Solana’s strong position in the decentralized finance (DeFi) ecosystem. As of now, Solana is trading at $186.68 with a market cap of approximately $87.9 billion. This makes it the fourth largest asset in the cryptocurrency market.
In conclusion
Possible changes under Donald Trump’s administration could create major volatility in cryptocurrency markets. Solana’s ETF approval could increase its market value and spark broader interest among investors. All these developments show that Solana’s future value may increase exponentially. Therefore, for investors, this period stands out as a period that should be followed carefully.
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