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Solana battles Cardano for the top-five spot as SOL market cap crosses $70B-mark

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Solana price rallied to a new record high while SOL entered the top five cryptocurrencies by market cap for the first time.

Solana’s (SOL) autumn rally continued on Nov. 3 with its price and market cap hitting a new record high.
SOL surged by 7% in the past 24 hours to $236, pushing its market capitalization to over $70 billion for the first time in history. As the token wobbled near its record high levels, it flipped Cardano (ADA) briefly to become the world’s fifth-most valuable crypto asset.
Currently, SOL’s market cap was around $69.37 billion, just $500 shy of ADA’s $69.87 billion market valuation.
Solana’s battle for the top-five cryptocurrency spot came on the heels of SOL’s renewed upside strength heading into the fourth and the final quarter of 2021. For instance, the Solana blockchain’s native token grew by over 65% since Oct. 1. On the other hand, ADA’s returns in the same period came out to be just 2.13%.
ADA underperformed primarily on “sell-the-news” sentiment. As Cointelegraph covered, the Cardano token started plunging right after it rolled out its much-awaited smart contracts functionality via a so-called Alonzo upgrade on Sept. 13.

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