solana (SUN) has hit new yearly highs, gaining more than 17% the day after ARK Invest CEO Cathie Wood praised the network for its efficiency and profitability.
In a CNBC article from November 15 interviewWood described the Solana network as an important infrastructure player in the broader blockchain ecosystem, adding that it had been doing "really good work" in recent market conditions.
Wood praised the Solana network for being faster and more efficient than the Ethereum network.
โEther was faster and cheaper than Bitcoin back in the day; this is how we got Ether. Solana is even faster and more profitable than Etherโ
Wood spoke of Ethereum and Solana as important additions to the blockchain ecosystem, describing them as crucial infrastructure layers, capable of having more real-world applications than Bitcoin.
While the overall crypto market is in an uptrend, Solana's gains have significantly outpaced those of other major cryptocurrencies, gaining over 197% in the last month. Meanwhile, Bitcoin (btc) and ether (ETH) increased respectively by 32% and 28% in the same period.
Solana is currently changing hands for just over $66 per TradingView data.
Wood also addressed the market's current anticipation for a large number of pending spot Bitcoin ETF productssaying that it is important to remain focused on the underlying importance of Bitcoin as "the money revolution" and not get too caught up in the short-term price action.
He admitted that there could be a "sell on the news" type event, where investor anticipation of an approval exceeds market demand for the actual event, leading to to a quick settlement in the following days.
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