Solana (SOL) hit new yearly highs, rising more than 17% the day after ARK Invest CEO Cathie Wood praised the network for its efficiency and cost-effectiveness.
On November 15 on CNBC interviewWood described the Solana network as a major infrastructure player in the broader blockchain ecosystem and added that it was doing “a really good job” in recent market conditions.
Wood praised the Solana network for being faster and more efficient than the Ethereum network.
“Ethereum was faster and cheaper than Bitcoin at the time – that’s how we got Ethereum. Solana is faster and more cost-effective than Ether.”
Wood spoke of Ethereum and Solana as important additions to the blockchain ecosystem, describing them as important infrastructure layers – capable of delivering more real-world applications than Bitcoin.
While the broader cryptocurrency market is on an uptrend, Solana’s gains have significantly outpaced those of other major cryptocurrencies, rising more than 197% in the past month. Meanwhile, Bitcoin (BTC) and Ethereum (ETH) rose 32% and 28% respectively during the same time frame.
Solana is currently trading for just over $66 per TradingView Data.
Wood also addressed the current market outlook for a slew of spot Bitcoin ETF products, saying it is important to remain focused on the fundamental importance of Bitcoin as a “money revolution” and not get too caught up in short-term price action.
She acknowledged that there could be a “sell on the news” style event, where investors’ anticipation of approval outweighs market demand for the actual event, leading to rapid selling in the following days.
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