Solana Beats Bitcoin And Ethereum As SpaceX IPO Drives Tokenized Trading Boom
The long-awaited U.S.–Iran peace agreement sparked a rally in top tokens in the cryptocurrency market, but the biggest gains didn’t come from Ethereum (CRYPTO: ETH) or Bitcoin (CRYPTO: BTC).
Solana Outperforms The Biggies
Over the past week, Ethereum advanced by nearly 9% and Bitcoin rose 5.89%, as investors boosted risk exposure amid hopes for prolonged global peace.
However, Solana (CRYPTO: SOL), a much smaller asset in terms of market capitalization, has rallied 14%.
| Cryptocurrency | 7-Day Gains +/- | Price (Recorded at 4:30 a.m. EDT) |
|---|---|---|
| Solana | +13.76% | $72.26 |
| Bitcoin | +5.89% | $64,935.22 |
| Ethereum |
+8.91% | $1,760.91 |
SpaceX-Led Surge?
The outperformance could be linked to SpaceX’s blockbuster IPO, which has had a pronounced impact on financial markets.
As the red-hot stock went public, its tokenized version went live on blockchains, with Solana (CRYPTO: SOL) recording the heaviest activity. The tokenized shares were available on Solana through tokenization platforms, including Ondo Finance (CRYPTO: ONDO), xStocks, and Sunrise.
SOL Sees Higher Long Exposure
SOL was also the frontrunner in the derivatives market. Open interest in SOL futures jumped nearly 16% over the week, compared to 8.50% for Bitcoin and 5.32% for Ethereum, data from Coinglass showed.
Additionally, traders in SOL derivatives favored bullish long positions over bearish shorts, a contrast to the trend observed in Bitcoin and Ethereum markets.
| Cryptocurrency | 7-Day Open Interest +/- | Long/Short Ratio |
|---|---|---|
| Solana | +15.8% | 1.48 |
| Bitcoin | +8.50% | 0.90 |
| Ethereum |
+5.32% | 0.92 |
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