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Solana Soars 16% in 7 Days, Beats Bitcoin and Ethereum on ETF App Momentum: Will More Apps Follow? – Emeren Group (NYSE:SOL)
Solana SOL/USD is on the rise amid new applications for the first exchange-traded funds that track the currency’s spot price in the U.S.
What happened: The fifth-largest digital asset by market capitalization rose 6.4% in the past 24 hours, outpacing gains of Bitcoin BTC/USD e Ethereal ETH/USD exchange rate.
Solana’s trading volume jumped 50% to $1.68 billion, becoming the third most traded cryptocurrency, excluding stablecoins, in the past 24 hours.
See also: ‘Rich Dad Poor Dad’ Author Robert Kiyosaki Questions Authenticity of Bitcoin ETFs: ‘ETFs Are Fake Gold, Silver or Bitcoin’
Solana’s weekly gains increased to 16.59%, one of the strongest among large-cap cryptocurrencies.
Because matter: The latest bullish impulse came from spot ETF bids for Solana.
After Van Eck started the race last week becoming the first asset manager to apply for such an investment channel in the United States, 21Actions followed suit with his application with the SEC.
Spot cryptocurrency ETFs in the US have been largely successful, with Bitcoin BTC/USD saw a 36% price increase after its funds began trading in early January.
Ethereal ETH/USD is too there are just a few days left until the listing on US exchangespending SEC approval.
Price action: At the time of writing, SOL was trading at $147.55, up 6.4% in the last 24 hours, according to data from Benzinga Pro
Read also: SEC files lawsuit against Consensys for unregistered brokerage activity
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