Solana Surges 20% After Cathie Wood Praises its Speed and Cost Over Ethereum

17/11/2023

Solana's SOL token has surged over 17% to reach new yearly highs, following comments by ARK Invest CEO Cathie Wood praising Solana for its efficiency and cost-effectiveness. In a CNBC interview, Wood described Solana as a major infrastructure player in the blockchain ecosystem, noting its speed and cost advantages over Ethereum. She emphasized that Solana is even faster and more cost-effective than Ethereum, positioning it as a critical addition to the blockchain landscape. While the broader crypto market is on an uptrend, Solana's gains have outpaced other major cryptocurrencies, with a remarkable 197% increase in the last month, compared to Bitcoin's 32% and Ethereum's 28% within the same period. Solana's current price is just over $66. Wood also discussed the market's anticipation of spot Bitcoin exchange-traded funds (ETFs), cautioning against getting too caught up in short-term price movements and emphasizing Bitcoin's role in the broader "money revolution."

Resource: https://cointelegraph.com/news/solana-price-jumps-cathie-wood-ark-invest-ethereum-comparison