Following praise from ARK Invest CEO Cathie Wood, Solana (SOL) has surged to new yearly highs, marking a 17% increase in just one day.
Wood lauded the Solana network in a Nov. 15 CNBC interview, describing it as a significant player in the blockchain ecosystem, particularly noting its efficiency and cost-effectiveness in current market conditions.
Comparing it to Ethereum, Wood emphasized Solana’s speed and efficiency, stating, “Solana is even faster and more cost-effective than Ether.”
“Ether was faster and cheaper than Bitcoin in the day — that’s how we got Ether. Solana is even faster and cost-effective than Ether”
Wood highlighted Ethereum and Solana as essential infrastructure layers in the blockchain ecosystem, capable of more real-world applications than Bitcoin.
Despite the overall crypto market being on an uptrend, Solana has outpaced major cryptocurrencies, gaining over 197% in the last month, while Bitcoin (BTC) and Ether (ETH) have respectively increased by 32% and 28% during the same period. Solana’s current value stands at over $66 per TradingView data.
Wood also discussed the market’s anticipation of pending spot Bitcoin ETF products, cautioning against getting too caught up in short-term price action and emphasizing the underlying significance of Bitcoin as “the money revolution.”
She acknowledged the possibility of a “sell on the news” event, where investors’ anticipation of an approval could lead to a quick selloff in the days following.
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