Cathie Wood drives up the Solana price, US investors follow suit

0

Last Updated on 17 November 2023 by CryptoTips.eu

Solana, the so-called Ethereum killer that ultimately wants to replace Vitalik Buterin’s coin, has been on a roll in the last few weeks. Ark Invest CEO Cathie Wood pushed the currency a few more percentage points higher with her comments in US media this week.

Meanwhile, more and more ordinary Americans are also discovering crypto investing once again.

Advertentie.

SBF

The conviction of Sam Bankman-Fried (aka SBF) earlier this month appears to have sparked an incredible rally in both Bitcoin and altcoins. It is almost as if the traditional financial media in the United States are suddenly ready to embrace crypto again now that FTX is a chapter they can close.

Cathie Wood, the most famous female ‘stock picker’ was therefore allowed to explain to various media channels why Bitcoin, Ether, Dogecoin and especially Solana have started a rally.

“Solana is doing a really good job,” she told CNBC’s “Squawk Box”.

“Ether was faster and cheaper than bitcoin [back] in the day – that’s how we got ether. Solana is even faster and [more] cost-effective than ether,” Wood said.

Solana’s price tripled in the past month and is now trading around $60 again.

It became the darling of the crypto world during the 2021 bull market because it presented investors with a vision of Ethereum, last seen during the early days of crypto (but without the slow and expensive transactions that Ether has).

However, after FTX’s bankruptcy last year, Solana lost 70% of its value in just two days, as one of its biggest investors was Sam Bankman-Fried.

Now that it appears the demise of FTX does not necessarily mean the demise of Solana, the price of the digital currency is rising again. Solana is up about 550% this year and is one of the best performing crypto coins of 2023 (so far).

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
View all posts