By Kenny S - Bitcoin Enthusiast - 03-11-2021
The self-proclaimed fastest blockchain with the fastest growing cryptocurrency trading ecosystem, Solana, is having a great year. The public blockchain platform with its native token Solana (SOL) has seen exponential growth in 2021. The price to buy Solana in the UK has been on the rise and has reached as much as $248.01 with an outstanding total increase of around 15,300% since the beginning of the year. The impressive statistics and gains even have surpassed many other popular altcoins.
Even cryptocurrency analysts are coming forward to talk about the growth of Solana. One well-known analyst, Scott Melker who hosts the popular "The Wolf Of All Streets" podcast, spoke about how Solana is a competitor to the second-ranked cryptocurrency, Ethereum (ETH). Melker stated that Solana provides "lightning-fast transactions" at low costs, which rivals Ether.
Scott Melker further explained that the reason for Solana's major and fast-paced growth this year is due to crypto gaming and investors that purchase and sell Solana NFT collections. The development process has been ongoing for a number of years to build Solana, which resulted in a sudden rapid growth in price. Other analysts have pointed out that when the cost to buy Ethereum goes up, so do SOLs. Reportedly, Solana benefits from Ethers gains significantly when gas prices increase as well. One thing to note is that the transaction fees on the Ethereum network have increased by more than 2000% since the second quarter of this year. Because of the hefty gas fees when transacting, many investors have been flocking to Solana, which is all-around much more cost-efficient and faster than Ethereum.