Solana (SOL) has shown impressive growth this year, surging by almost 800% and outpacing both Bitcoin and Ethereum. Over the last 12 months, the token has increased by more than 770% according to CoinMarketCap, despite its recent dip to the $141 level.
Alternatively, Bitcoin and Ethereum have grown 100% and 82% in the same time frame, respectively. The development has firmly established SOL alongside both BTC and ETH as the top three cryptocurrencies in the market. That fact has led two firms to file for Spot Solana ETFs this week alone.
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SOL Beats Both Bitcoin and Ethereum in Yearly Gains So Far
Throughout 2024 thus far, the US has approved two crypto-based ETFs. That is expected to grow, and Solana has emerged as a favorite to get the investment product, especially as its 800% yearly gains have outpaced both Bitcoin and Ethereum.
A recent report from GSR Markets has said SOL “cemented itself as a part of crypto’s Big Three.” Additionally, they stated that it is “just a matter of time before Solana” gets its own ETF. That would place the three assets in rarified air, but looks more and more like it will become reality.
Also Read: 21Shares Officially Files for Spot Solana ETF
Both 21Shares and VanEck have filed for the Solana investment product this week. It speaks as much to Sol’s potential as an investment offering, as it does to the shifting regulatory conversion in the country. Moreover, it could speak to an even greater overarching change taking place.
Bloomberg recently said that “Bitcoin’s performance is starting to be overshadowed by Ether and Solana” as ETF hype grows. Additionally, there is the expectation that the latter could get a much-needed boost from the investment product discussions. If it does get approved, the industry, and the token itself, should be massively helped.