Solana (LEFT) hit new yearly highs, gaining more than 17% on the day, after ARK Invest CEO Cathie Wood praised the network for its efficiency and cost-effectiveness.
On November 15, meeting On CNBC, Wood described the Solana network as a major infrastructure player in the blockchain ecosystem and “well done” under recent market conditions.
Wood praised the Solana network for being faster and more efficient than Ethereum.
“At the time, Ether was faster and cheaper than Bitcoin, which is how we got Ether. Solana is even faster and cheaper than Ether.”
Wood mentioned that Ethereum and Solana are important elements of the blockchain ecosystem, describing them as critical infrastructure layers that can offer more real-world applications than Bitcoin.
Although the crypto market is generally on the rise, Solana’s earnings have significantly outpaced other major cryptocurrencies, growing by over 197% last month. Meanwhile Bitcoin (Bitcoin) and Ether (ETH) grew by 32% and 28% respectively in the same period.
Second data According to TradingView, Solana is currently trading just above $66.
Additionally, Wood touched on the issue of pending spot Bitcoin ETF products and stated that it is important to focus on the underlying meaning of Bitcoin. “money revolution” and don’t get too caught up in short-term price movements.
He later admitted that a style incident may have occurred “sale in news”A situation where investors’ expectations for approval exceed market demand for the event, leading to a rapid crash in the following days.