Solana (SOL) has been on a tear, with its value surging in direction of a brand new all-time excessive and fueling optimism amongst merchants and buyers to the purpose the altcoin’s upward momentum has seen open curiosity on it surge previous the $5 billion mark.
Based on knowledge from CoinGlass, open curiosity on Solana derivtives merchandise – futures and choices – has surged rom round $4.5 billion earlier within the week to a brand new $5.6 billion all-time excessive, earlier than correcting barely to $5.55 billion on the time of writing.
The lion’s share of open curiosity is on main cryptocurrency trade Binance, which has $2.16 billion in open curiosity on Solana merchandise, adopted by Bybit with $1.51 billion and by Bitget with $659 million.
As CryptoGlobe reported, Solana surged previous BNB to turn into the fourth-largest cryptocurrency by market capitalization earlier this month because it outperformed most different digital belongings.
Solana is up greater than 16% over the previous week to now commerce at $246 per token, giving it a complete market capitalization of $116.86 billion, above BNB’s $89 billion. Its upward momentum is seeing it problem Tether’s stablecoin USDt to turn into the third-largest digital asset by the metric, with USDt at present sitting at $128.2 billion.
Solana’s value has benefitted from Republican presidential candidate Donald Trump securing a victory within the US elections. A Trump victory was broadly anticipated to assist enhance Bitcoin’s value, as the previous U.S. President has expressed robust help for the cryptocurrency sector.
Trump has vowed to fireside the Chairman of the U.S. Securities and Trade Fee (SEC) Gary Gensler, who’s led a sequence of regulatory crackdowns on the cryptocurrency trade.
A Trump victory can also be boosting Solana’s value because the perceived odds of a spot Solana exchange-traded fund (ETF) being listed are prone to develop consequently. As reported Canary Capital Group has not too long ago taken its first step to record a spot Solana ETF within the US.
Featured picture through Unsplash.