Bitcoin and Ethereum are household names in the crypto currency world but Solana, a relatively unknown cryptocurrency, has increased its price by 40 times in the last 12 months.
Solana was ranked 42nd at the beginning of 2021 and at time of writing, it is ranked 6th. The crypto world is fast moving, and anything can happen in a matter of minutes but why is Solana becoming popular?
One of the most important features of Solana (SOL) is that it can process 65 000 transactions a second. Ethereum (ETH) can handle 30 transactions a second and Bitcoin (BTC) only 7 per second. Ethereum is working towards implementing ETH 2.0 which will enable 100 000 transactions per second but ETH 2.0 has continually been delayed and is now only expected to be implemented in 2022.
Another big factor influencing the rise in SOL is the cost per transaction with it only being $0.00025 and $0.0001 with BTC being $5 and ETH between $10 – $65 depending on congestion of the network.
Many analysts believe the race is still wide open considering the infancy of blockchain technology. Solana has done well in the past few months but competition from Bitcoin, Ethereum, Cardano and Polkadot and many more has only just begun. Who do you think will be the eventual winner?
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