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July could propel Solana to third-largest crypto by market cap, says Zeta Markets Founder

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Solana (SOL) is up 35% in 2024 and is at present the fifth-largest crypto by market cap. Final week, asset administration agency VanEck filed for the primary spot SOL exchange-traded fund (ETF) within the US, and the motion was shortly adopted by 21Shares. This information was sufficient to make SOL one of many best-performing crypto previously seven days among the many 20 largest by market cap.

Tristan Frizza, founding father of decentralized trade Zeta Markets, sees a positive July for Solana and the crypto market as an entire. “Regardless of current market fluctuations, the general crypto macro circumstances look robust, and we anticipate a optimistic pattern to materialize within the coming months,” he shared with Crypto Briefing.

Frizza highlights Bitcoin’s dominance has dropped by greater than 5% previously few days, from 52.8% on June 25 to round 50% on the time of writing, which is a motion that sometimes encourages market diversification, driving traders to discover different digital property.

Subsequently, on this favorable panorama, the founding father of Zeta Markets said that Solana is poised to grow to be the third-largest crypto by market cap resulting from its “unmatched potential to deal with excessive transaction volumes with low charges, real-world use instances, and a particularly energetic ecosystem.”

“It’s an excellent atmosphere for each retail and institutional traders, particularly after VanEck’s software for the primary Solana ETF. This milestone clearly signifies SOL as the following candidate for ETFs after BTC and ETH. It additionally opens up the opportunity of SOL being labeled as a commodity,” he added.

Though it would take some time for the approval of a spot SOL ETF, this boosts a optimistic outlook for the Solana ecosystem, which can “undoubtedly” proceed driving extra curiosity and utilization. “Total, the potential for extra crypto-friendly administrations could possibly be a tailwind for the market,” concluded Frizza.

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