- Solana has overtaken BNB in market capitalization.
- The price of SOL rose 17%.
- Trump favored cryptocurrency assets.
The shocking Trump landslide is reverberating throughout the cryptocurrency landscape. With Bitcoin hitting record highs, many altcoins are seeing double-digit gains. Solana is one of them, with its stock price soaring more than 17% following the election news.
Following the election, Solana surpassed BNB to become the fourth largest cryptocurrency asset. Experts believe Solana is one of the biggest potential beneficiaries of Trump’s favorable stance on cryptocurrencies.
Why Solana ranked 4th after the election
Solana gained momentum after former Republican President Donald Trump won a landslide victory. On Election Day, Wednesday November 5th, SOL surged 17% to $188. This surge pushed its market capitalization to $85 billion, surpassing that of Binance Coin (BNB). Solana is now the fourth largest cryptocurrency asset, behind Bitcoin (BTC), Ethereum (ETH), and Tether (USDT).
Solana’s rise follows broader bullish momentum in the cryptocurrency market. In particular, President Trump’s comments during the campaign led investors to think he would favor more cryptocurrency-friendly regulation. This is especially important for altcoins like Solana.
Solana’s ETF Approval Path After Trump’s Victory
Investors are optimistic about the potential approval of Solana’s exchange-traded fund (ETF). If approved, the fund will increase Solana’s market capitalization and liquidity by opening it up to institutional investors.
Before the election, experts were skeptical about the Solana ETF. In particular, current Securities and Exchange Commission Chairman Garry Gensler is unlikely to approve such funds. Despite early approval of the Ethereum ETF, Solana suffers from the lack of a regulated futures market.
VanEck’s experts previously suggested that a Trump victory would increase the odds of approval. VanEck was the first fund manager to file for the Solana ETF. Nonetheless, they acknowledged at the time that a leadership change at the SEC would be necessary for the fund to be viable. It is very likely that this change will occur if Trump comes to power.
On the flip side
- It is not yet clear what impact a potential approval for the Solana ETF will have. Previously, experts from BlackRock and Sygnum Bank suggested: Little institutional interest From Solana ETF.
- In addition to Solana, Ripple’s XRP also potential candidate For our own ETF.
Why This Matters
Changes in the regulatory environment for cryptocurrencies following Trump’s election will have a significant impact on cryptocurrencies. Assets like Solana stand to gain the most.
Learn more about ETFs:
What is a spot Bitcoin ETF and why is it so important?
Learn more about MEMCOIN:
How high can the Memecoin market go? ArkStream Capital Predictions