Will Solana Replace Bitcoin?
Solana (SOL -1.96%) has the potential to overtake Bitcoin in popularity. The token has increased by an amazing 3,350% since its initial public offering in 2020. One of the most popular cryptocurrencies in 2021 was Solana.
A cryptocurrency like Bitcoin (BTC -0.97%) might never exist. Bitcoin has generated an astounding 22,379.89% return since its inception in 2013. And it might not even be finished yet; according to some estimates, Bitcoin might finally reach $1 million by 2030. That would represent a gain of more than 40 times the current $24,000 price.
To draw in as many investors as possible, Solana needs to have a special value offer, just like any other wise investment. Solana’s current investing thesis is that it is a more advantageous, quicker, and less expensive alternative to Ethereum (ETH -1.47%), the second-largest cryptocurrency in the world by market capitalization. Solana is a pure proof-of-stake blockchain that can process over 63,000 transactions per second with almost no fees.
However, Solana will require an even more compelling value proposition to become the next Bitcoin. For instance, Bitcoin is digital gold.
Today, the price of one bitcoin dropped by 1.02 percent over the previous 24 hours to stand at $23,579.72. Under the $23,510 region, where the immediate support level is located, the price may trend downward. According to the data, the price of bitcoin has risen by 3.27 percent during the last week.
Because of this, the Solana ecosystem has begun to attract users and developers. Everything on Solana is more affordable and effective than on Ethereum. Media experts have branded Solana an “Ethereum killer” as a result. Solana will still have a more advanced technological foundation than Ethereum, even after the much-anticipated fusion between the two projects is accomplished and they attempt to implement a proof-of-stake system.