Altcoins Surge as Solana Becomes the 4th Largest Cryptocurrency

While the U.S. presidential election dominates the headlines, Solana has made a significant breakthrough, reaching a market capitalization of $87.4 billion. This growth has pushed it past Binance Coin (BNB), positioning Solana as the fourth-largest cryptocurrency by market cap. Positive sentiment has spread throughout the crypto market, largely fueled by the near-certainty of Donald Trump’s re-election. Solana’s price, for instance, rose from $156 on November 4 to $186 at the time of writing. Current SOL Price: $187.69 (+15.85%).

Altcoin Market Sees Strong Upward Movement Beyond Solana, other altcoins have also surged, with Bitcoin reaching a new all-time high above $75,000. Current BTC Price: $74,685 (+8.7%). Solana’s recent price jump crowns an already impressive week, with a 24% increase over the past 30 days. On a weekly basis, Solana recorded a stable 2.2% gain, outpacing the global crypto market's 1.2% rise. Solana has similarly outperformed other “Layer 1” cryptocurrencies, which collectively saw a 1.4% increase over the same period. Meanwhile, BNB posted a more modest 3.9% gain, with its market cap trailing Solana’s by around $3.5 billion at $84 billion.

Unlike Solana, BNB has underperformed relative to the broader crypto market, losing 3.6% of its value over the past week. However, losses over the past two weeks have been limited, standing at roughly 0.9%, according to CoinGecko. Solana’s surge is part of a larger altcoin rally that has pushed the total crypto market cap to $2.6 trillion, with Bitcoin accounting for nearly 60% of that value. Bitcoin’s value peaked just above $75,000, setting a new record high and driving further market momentum. Strong gains were also seen in DOGE, UNI, TAO, LDO, INJ, and NEAR. Monero (XMR) initially lagged, but by November 6, it also entered positive territory and is now trading around $163.