The crazy surge of the public chain Solana (SOL) continues as it broke through the $100 mark today, reaching a high of $118, the highest since April last year. This also pushed the market value of SOL to $49.6 billion, surpassing BNB and becoming the fourth largest cryptocurrency by market capitalization.
Since the closure of the cryptocurrency exchange FTX, Solana (SOL) has been soaring since mid-October. Today, SOL finally broke through $100, reaching a high of $118, the first time it has surpassed $100 since April last year. At the time of writing, it is reported to be $116, with a 24-hour increase of 24.29%, and a monthly increase of over 103%.
With the skyrocketing price, CoinMarketCap data shows that the market value of SOL has reached $49.6 billion, surpassing the $41 billion of BNB, the largest cryptocurrency exchange platform, becoming the fourth largest cryptocurrency by market capitalization, second only to Bitcoin, Ethereum, and USDT.
Despite the surge in SOL, FTX has earned more than $3 billion from its SOL holdings. However, according to previous reports from Dong Qu, FTX creditors are still afraid of seeing but not being able to eat because the revised Chapter 11 restructuring plan submitted by FTX debtors this month sets the value of customer asset claims based on the “cash value” at the time of FTX’s application for bankruptcy in November 2022.
In other words, it is valued in US dollars at that time, and the compensation is in US dollars (possibly stablecoins). At that time, the cryptocurrency market was performing extremely poorly, with Bitcoin quoting only $17,000. If this plan is approved, creditors will face huge potential losses based on the “freezing price” at the time of the bankruptcy.
In addition to SOL, most of the top ten currencies have risen slightly today. Bitcoin continues to fluctuate between $43,000 and $44,000, currently reporting $43,910, with a 24-hour increase of 1.2%. Ethereum is currently reporting $2,326, with a 24-hour increase of 1.8%.
Furthermore, in the past 24 hours, BNB has increased by 1.4%, XRP has increased by 1.4%, ADA has increased by 4.2%, DOGE has increased by 1.9%, and AVAX has increased by 13.9%, currently reporting $48.9, reaching a new high since May last year.
According to Coinglass data, in the past 24 hours, the cumulative amount of liquidation in the entire cryptocurrency network has exceeded $80 million, and 44,152 investors have been liquidated. Among the liquidated currencies, SOL ranks first with $21.59 million, followed by ETH with $8.16 million, and Bitcoin with $5.61 million.
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