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<a href="https://www.blockhead.co/tag/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin</a> bulls might be relishing in the world&#39;s strongest crypto breaking new highs but layer-1 underdog <a href="https://www.blockhead.co/tag/solana/" rel="noopener noreferrer nofollow">Solana</a> (SOL) continues to bark loudly.Already up over 275% from last year, SOL has reached $212 for the first time since 2021. These gains have pushed its market cap above $100 billion, placing it in the exclusive $100 billion club with Bitcoin, <a href="https://www.blockhead.co/tag/ethereum" rel="noopener noreferrer nofollow">Ethereum</a>, and <a href="https://www.blockhead.co/tag/tether" rel="noopener noreferrer nofollow">Tether</a>.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/1aa32841280d49be92daae4b375aee41.png" />Solana&#39;s pump comes as the wider crypto industry experiences a rally on the heels of <a href="https://www.blockhead.co/tag/donald-trump" rel="noopener noreferrer nofollow">Donald Trump&#39;s</a> re-election. With Bitcoin hitting new highs of over $81,700, the broader market has been reignited by the promise of friendlier regulation and support.Even more excitingly, the best might not be over for Solana. According to BRN, Solana&#39;s previous all-time high might soon be a thing of history.&#34;Solana recently achieved a record high in monthly fees for October, accompanied by strong growth in active users and transaction volumes,&#34; BRN analyst Valentin Fournier explains.&#34;With Bitcoin driving the overall cryptocurrency market cap upward, Solana is well-positioned to deliver outstanding performance. Its rapid growth and leading role in the memecoin trend could propel its price well beyond its previous all-time high of $259 during this bull run.&#34;Not only has Solana&#39;s price been flourishing but developers have been grinding hard for the community.Most recently, <a href="https://www.blockhead.co/tag/coinbase/" rel="noopener noreferrer nofollow">Coinbase</a> launched a Bitcoin-backed token on the Solana blockchain in the form of &#34;cbBTC.&#34;Prior to <a href="https://www.blockhead.co/tag/ftx" rel="noopener noreferrer nofollow">FTX&#39;s</a> collapse, the exchange issued &#34;soBTC,&#34; a bitcoin-pegged token widely used on Solana. When FTX collapsed, soBTC became unusable and Solana&#39;s DeFi system no longer had a reliable, liquid Bitcoin standard.This hindered Solana-based DeFi protocols and put them at a disadvantage compared to protocols on <a href="https://www.blockhead.co/tag/ethereum" rel="noopener noreferrer nofollow">Ethereum,</a> which offered Bitcoin-backed tokens.cbBTC allows users to send Bitcoin to Coinbase, receive cbBTC in their Solana wallet, and trade it in Solana&#39;s DeFi protocols. The token is positioned to be Solana&#39;s standard for Bitcoin-based DeFi with Coinbase entering the scene with $10 million worth of cbBTC available to Solana protocols and an additional $500,000 circulating in trading pools and reserves.

Solana Joins $100B Market Cap Club Alongside Bitcoin, Ethereum, Tether

Blockhead

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