Solana Inches Closer to $100, Overtakes BNB in Market Cap Rankings

Since Monday, Solana (SOL) has rallied by over 45%, approaching the much-awaited $100 mark. It has flipped Binance’s BNB to become the cryptocurrency with 4th largest market capitalization.

The collapse of FTX adversely impacted the Solana ecosystem’s price and total value locked (TVL). In December last year, it hit a long-term low of $8. However, in 2023, Solana made a solid recovery, almost reclaiming the $100 milestone.

Solana Flips BNB as it Approaches $100

Solana and Binance’s BNB are engaged in a close contest for the 4th spot among cryptocurrencies with the highest market capitalization. Earlier today, Solana briefly surpassed BNB but couldn’t maintain the position.

Also, the price of Solana reached $99.50 on Binance, falling just $0.5 short of the $100 milestone. It is highly likely that if the price of Solana stays above $100, it can firmly secure its 4th position.

As of writing, the screenshot below shows that BNB’s market capitalization is $41.75 billion, while Solana’s market capitalization is $41.44 billion.

Solana Flips BNB Based on Market Capitalization. Source: CoinMarketCap

Read more: How to Buy Solana (SOL) and Everything You Need To Know

The Big BNB Flip

Solana has never managed to flip the market capitalization of Binance’s BNB. The historical snapshot from CoinMarketCap shows that when Solana was around its all-time high in November 2021, it had the fourth spot based on market capitalization. Yet, BNB’s market capitalization remained higher compared to Solana.

On November 6, 2021, SOL’s market capitalization was almost $78 billion. Meanwhile, BNB’s market capitalization was at $106 billion, more than 25% higher than SOL.

Market Capitalization of Top 5 Crypto on November 6, 2021. Source: CoinMarketCap
Market Capitalization of Top 5 Crypto on November 6, 2021. Source: CoinMarketCap

Read more: What Is Market Capitalization? Why Is It Important in Crypto?

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