Summary:
S&P 500 only saw a 25% return in 2024 compared to crypto.
Bitcoin gained 138%, while Solana achieved 101% in the same time frame.
Solana's price surged 2,000% from December 2022 lows.
FTX collapse significantly impacted Solana's price recovery.
Solana is set to become widely used for smart contracts and real-world applications.
The S&P 500 market index has seen a total return of 25% in 2024, which is impressive, but it pales in comparison to the crypto market. As of the end of 2023, the total market value of all cryptocurrencies reached $1.65 trillion, and by December 19, this number doubled to $3.30 trillion.
Bitcoin (CRYPTO: BTC) has gained 138% during this period, while Solana (CRYPTO: SOL), known for its smart contracts, showed a 101% gain. However, Solana's performance shines even brighter when looking back further; starting from the lows of December 2022, Solana has achieved a staggering 2,000% price gain.
This recent surge in Solana's price comes after a drastic drop from $259 to $10 per token due to the collapse of Sam Bankman-Fried's FTX crypto exchange. While Bitcoin also suffered during this period, its decline was less severe. Therefore, Solana's impressive gains can be attributed, in part, to its low starting price.
On the upside, Solana continues to excel in executing smart contracts efficiently, making it ideal for automating financial transactions and managing decentralized applications under pressure. This capability positions Solana as a strong contender for widespread adoption in the future, particularly in sectors like mobile gaming and blockchain trading.
Given its return to the top-10 list of major cryptocurrencies, investing in Solana appears to be a sound strategy for 2024, as its applications are expected to expand significantly in real-world scenarios.
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