Solana (SOL) hit a new yearly high, rising more than 17%, a day after ARK Invest CEO Cathie Wood praised the network’s efficiency and cost-effectiveness.
On the November 15 CNBC show interviewWood described the Solana Network as a major infrastructure player in the broader blockchain ecosystem, adding that it has been doing “very well” amid recent market conditions.
Wood praised the Solana network for being faster and more efficient than the Ethereum network.
“At the time, Ethereum was faster and cheaper than Bitcoin — that’s how we got Ethereum. Solana was faster and more cost-effective than Ether.”
Wood said Ethereum and Solana are important additions to the blockchain ecosystem, describing them as critical infrastructure layers that can provide more real-world applications than Bitcoin.
While the broader cryptocurrency market is trending upward, Solana has significantly outpaced other major cryptocurrencies, gaining more than 197% in the last month. Meanwhile, Bitcoin (BTC) and Ethereum (ETH) are up 32% and 28% respectively during the same time frame.
Solana is currently changing hands for just over $66 per TradingView data.
Wood also talked about the current market expectations for a large number of upcoming Bitcoin ETF spot products. He said that it is important to continue to pay attention to the potential significance of Bitcoin as a “currency revolution” and not to focus too much on short-term price trends.
She acknowledged that there could be a “news sell-off” type of event, where investor expectations for approval exceed market demand for the actual event, leading to a rapid sell-off in the following days.
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