With Solana experiencing strong momentum and a monthly growth rate exceeding 172%, Cathie Wood, the founder of Ark Invest, recently praised Solana in an interview with CNBC, stating that it surpasses Ethereum in terms of speed and cost-effectiveness.
Cathie Wood, also known as the “Queen of Tech Stocks,” described Solana as a major participant in the blockchain ecosystem and commended its performance in recent market conditions, saying that “Solana has done extremely well.”
During the interview, Cathie Wood highly praised the speed and efficiency of the Solana network, pointing out that it has surpassed Ethereum in terms of performance. She stated that Ethereum and Solana play important auxiliary roles in the blockchain ecosystem as key infrastructure layers with more practical applications than Bitcoin.
While the entire crypto market has seen strong growth recently, Solana’s surge has been particularly notable. In the past month, the price has risen by over 172.4%, compared to Bitcoin’s 32% and Ethereum’s 28% during the same period.
Cathie Wood also mentioned the high anticipation in the market for the upcoming launch of a Bitcoin ETF. She emphasized the importance of focusing on the fundamental significance of Bitcoin as a “currency revolution” rather than short-term price fluctuations.
At the same time, she warned investors about the possibility of a “sell on the news” phenomenon, where the market sells off rapidly after the release of anticipated news. This occurs when the market’s expectations for the approval of the Bitcoin ETF exceed its actual impact, leading to rapid market sell-offs in the following days.
Previously, on October 16, foreign media outlet Cointelegraph mistakenly reported false news that the SEC had approved BlackRock’s Bitcoin ETF “iShares Bitcoin Trust.” This caused a momentary surge followed by a drop in Bitcoin prices, resulting in a more than 7% fluctuation within 24 hours and a rare situation of both long and short positions being killed within half an hour.
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Ark Invest
Cathie Wood
ETH
iShares Bitcoin Trust
Solana