Solana Soars Nearly 20% Following Praise from 'Stock Queen' Cathie Wood
Riding the positive wave in the cryptocurrency market, SOL experiences impressive gains after remarks from Ark Invest's CEO.
In an interview with CNBC on November 14, Cathie Wood lauded Solana, emphasizing its speed, practical applications, and cost efficiency within its network. According to the CEO, Ethereum and Solana are crucial components of the blockchain ecosystem, labeling them as essential infrastructure layers with more practical applications than Bitcoin.
In terms of performance, Solana has outshined other major coins, especially in recent times. SOL has surged over 53% in the past week, with monthly and yearly gains of 197% and 350%, respectively. Meanwhile, BTC and ETH have adjusted with fluctuations of 32% and 28% in the month.
During the interview, Cathie Wood also discussed the current market expectations for a series of Bitcoin spot ETF products awaiting SEC approval. According to her, the focus should be on the fundamental role of Bitcoin as a "monetary revolution," rather than placing too much emphasis on short-term price volatility. Instead of choosing gold or cash, Cathie Wood has previously declared her bet on Bitcoin for the next decade on Bloomberg's podcast.
In conclusion, she does not rule out the possibility of a "sell the news" scenario, as the anticipation for spot ETFs far exceeds the current demand. This could potentially trigger a significant market sell-off.
Read our news: SOL Price “Jumps” 20% Following Positive Remarks From Ark Invest CEO
Riding the positive wave in the cryptocurrency market, SOL experiences impressive gains after remarks from Ark Invest's CEO.
In an interview with CNBC on November 14, Cathie Wood lauded Solana, emphasizing its speed, practical applications, and cost efficiency within its network. According to the CEO, Ethereum and Solana are crucial components of the blockchain ecosystem, labeling them as essential infrastructure layers with more practical applications than Bitcoin.
In terms of performance, Solana has outshined other major coins, especially in recent times. SOL has surged over 53% in the past week, with monthly and yearly gains of 197% and 350%, respectively. Meanwhile, BTC and ETH have adjusted with fluctuations of 32% and 28% in the month.
During the interview, Cathie Wood also discussed the current market expectations for a series of Bitcoin spot ETF products awaiting SEC approval. According to her, the focus should be on the fundamental role of Bitcoin as a "monetary revolution," rather than placing too much emphasis on short-term price volatility. Instead of choosing gold or cash, Cathie Wood has previously declared her bet on Bitcoin for the next decade on Bloomberg's podcast.
In conclusion, she does not rule out the possibility of a "sell the news" scenario, as the anticipation for spot ETFs far exceeds the current demand. This could potentially trigger a significant market sell-off.
Read our news: SOL Price “Jumps” 20% Following Positive Remarks From Ark Invest CEO