The XRP token on Tuesday dropped from sixth to seventh place in the ranking of cryptocurrencies in terms of capitalization amid a sharp decline in the crypto market.
The cryptocurrency market sank 11% after the law on the recognition of bitcoin as an official means of payment came into force in El Salvador.
XRP lost more than 21% on Tuesday, dipping below $ 1 in the short term. On the contrary, Solana grew by 6% by the end of the day and turned out to be the only cryptocurrency in the top ten CoinGecko that was able to withstand the pressure of the market correction.
Within the day, SOL set a new record for value above $ 190. Over the past seven days, the cryptocurrency has been adding more than 50%, over the last month – over 350%.
The Solana (SOL) token has surpassed XRP in crypto rating due to faster recovery, ttrcoin writes. SOL surpassed Dogecoin just last week and was still outside the top 10 last month.
Along with the rise in price, Solana is showing an uptick in activity in applications related to decentralized finance and non-fungible tokens.
In particular, the token showed positive dynamics ahead of the launch of several NFT series amid demand from collectors who bought it to participate in the initial release.
The volume of assets in DeFi projects on the Solana blockchain, meanwhile, approached $ 6 billion. A month ago, it was $ 1.5 billion. At the same time, the number of SOL tokens in DeFi over the past time even slightly decreased, but their total value increased along with the rate.
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