It would seem that everyone you know owns at least one Cryptocurrency coin- whether that be Dogecoin or Bitcoin, the crypto market has never been hotter with some 'smaller coins' really beginning to take more precedence. According to TripleA, as of 2021, the estimated global crypto ownership rates are at an average of 3.9%, with over 300 million crypto users worldwide. And over 18,000 businesses are already accepting cryptocurrency payments, including major corporations like Masted Paypal.
Let's talk about Solana.
It's the latest crypto 'rage'. Solana’s SOL token rose to become the seventh-most valuable cryptocurrency this week, overtaking Dogecoin on Tuesday and rising by 26 per cent to reach a record high of $125.98 (€106.55), before later slipping back to the eighth position.
In the last month, Solana has soared a whopping 220 percent.
The token made its debut only 18 months ago but now has a market value of over $30 billion (€25 billion).
What is Solana?
Solana is the fastest blockchain in the world and the fastest-growing ecosystem in crypto, with over 400 projects spanning DeFi, NFTs, Web3, and more.
GCT'S Lifestyle Expert Despina Karp sat down with Zak Killermann, Fintech & crypto expert at Finder to talk about Solana and the future of Cryptocurrencies.
Thanks for your time Zak! Where do you think crypto will be in 5-10 years?
"5 years ago the total market cap of the entire crypto market was somewhere around $12 billion — now we’re back up over $2 trillion, that’s a massive ~18,000% increase in 5 short years. 10 years ago crypto was relatively non-existent compared to what it is today. In 5 - 10 years I imagine this trend will continue, with many leaps and setbacks. Things the market could have only dreamed of 5 years ago - DeFi, institutional investment, being adopted as a country’s currency - are all reality today."
Now the question on everyone's mind is, do you think Solana will outperform Ethereum and Bitcoin?
"It depends on how you look at it. Many altcoins outperform BTC and ETH in terms of total per cent growth, but that is just one metric to measure a crypto’s success by. Comparing Solana against ETH and BTC on a more apples-to-apples comparison, market cap, or trade volume shows that Solana has a long way to go before dethroning either."
What’s the safest coin to buy currently?
"The safest coin to buy right now is the coin you’ve spent time researching and that you understand on both a technical and public level. The technical level is the underlying function of the coin, and the public level being its perceived status in the world of crypto. All cryptos are “safe” to buy if you know when to sell, just as any stock offers the same promises."
What’s Cardano’s future look like?
"Just as Ethereum saw a major price surge when the network underwent an upgrade, Cardano has seen similar surges when it announces its upcoming Alonzo upgrade. In the very short term, Cardano’s performance will be based on the success of the Alonzo upgrade, which will add smart contracts to the network. Longer-term, Cardano’s success will depend on its ability to outperform Ethereum — which will become more difficult once Ethereum 2.0 launches."
So, there you have it! Don't buy any cryptocurrency UNLESS you've studied them thoroughly! Seriously, do your research.
Zak Killermann is an experienced writer at Finder who’s been specializing in cryptocurrencies and blockchain technology for five years — covering everything from ICO booms, crypto winters, meme coins, and more. He’s mined and minted cryptocurrencies, and remembers the days when DOGE was just for fun. Zak’s focus is on breaking down technical concepts (like yellow papers) for the average folk to digest on their morning commute. Before diving into all things crypto, Zak contributed to Finder’s money transfers vertical.
