XRP price has surpassed Solana (SOL) by market capitalization, currently sitting in seventh place

After yesterday’s brief signs of revival in the crypto markets, today’s situation looks rather bleak once again. Bitcoin almost broke below $35,000, while most altcoins are in much worse shape, including the massive 19% dumping from Solana (SOL). This causes SOL to slip below XRP price as the network suffers another outage.

SOL is down nearly 40% over the past week, XRP price regain 7th place on CoinMarketCap

With massive price drops from Solana, Terra, Cardano, and other altcoins, the crypto market is back in the red. Bitcoin fights for $35,000. It traded above $43,000 last week before the whole landscape changed and the bears turned bullish. Over the next 24 hours, the cryptocurrency dropped $5,000 to a six-month low of around $38,000. While this has been a major correction, the asset has moved further south. Bitcoin fell to its lowest price position since late July 2021 at around $34,000 on Saturday.

Sunday looks more upbeat as BTC has regained some ground and even crossed $36,000 at one point. However, it turned out to be a false breakout. As a result, it lost almost $10,000 in a few days. Since then, BTC has lost nearly $3,000 and is currently standing below $35,000. As such, its market capitalization is just over $650 billion.

Altcoins were also affected by yesterday’s brief recovery efforts. Now, however, red has prevailed again. Ethereum stood above $3,300 on Thursday before a market-wide correction sent the second-largest cryptocurrency down $1,000. Yesterday, ETH rose above $2,500, but another 8% drop since then has brought it below $2,400.

Since yesterday, Solana (SOL) has been among the worst performers amid reported network issues from users and the blockchain protocol itself. SOL has dumped almost 20% and is now at $85. This is the lowest price of SOL since August.

XRP price has surpassed SOL by market capitalization, which is currently in seventh place, according to cryptocurrency rating website CoinMarketCap. The two cryptocurrencies above are valued at $27.2 billion and $26.5 billion, respectively.

After recovering from Saturday’s devastating sell-off, the token fell to $87.6, its lowest level since late August, early today. Solana is now down 65.69% from the record high of $259.96 set on November 6, dashing the hopes of those who consider its native blockchain the top Ethereum killer. Most notably, it’s down 40% since boxing legend Mike Tyson tweeted he’s gone all out for SOL just over a week ago.

Solana, which is considered a Wall Street-friendly blockchain for high-speed processing transactions, has once again become volatile due to the market turmoil over the weekend. Users began joking about turning the network off and on, pointing to the blockchain’s poor decentralization.

This is the sixth outage Solana has experienced in the past three months. American entrepreneur Mark Jeffrey has commented that he currently has no faith in the ambitious project, comparing it to EOS, one of the dominant blockchain projects of 2018 that has finally turned murky.

The cryptocurrency market cap has declined by $100 billion to under $1.5 trillion in a day.

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