Hassan Maishera
TL;DR
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BNB has reclaimed its fourth spot in the market after momentarily losing it to Solana.
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BNB is now trading above the $300 mark while Solana has dipped below $110.
SOL’s Dip Allows BNB to Recover
SOL, the native coin of the Solana ecosystem, has underperformed in recent days. The coin has retraced after hitting a 2023 high of $125 earlier on Monday. However, SOL briefly dropped below the $100 mark to trade at $98 per coin on Thursday. It has now slightly recovered and is trading just above the $105 mark.
The poor performance, coupled with BNB’s positive rally this week, allowed Binance’s native coin to reclaim its fourth position in the market. BNB is up by 15% over the last seven days and is now trading at $319 per coin
With BNB crossing the $315 mark, it now has a market cap of $48 billion while Solana’s market cap has shrunk to the $45 billion region.
The broader cryptocurrency market has underperformed over the last 24 hours, with the total crypto market cap currently standing at $1.67 trillion, down by 1.5% during that period.
Chainlink’s LINK is the worst performer amongst the top 20 cryptocurrencies by market cap, losing 7% of its value during that period. Meanwhile, BTC is down by 1% in the last 24 hours and is now trading at $42,672 per coin.
