In 2023, Solana experienced an astonishing 1,000% increase, propelling it back into the top 10 cryptocurrencies by market cap. This remarkable run has reignited comparisons between Solana and Ethereum, especially since Solana’s blockchain activity has overtaken Ethereum’s at times, even generating more revenue during certain periods. However, one area where Ethereum still maintains a significant lead is in its market cap. With Solana trailing behind, the intriguing question arises: How much would one SOL (Solana) be worth if it matched Ethereum’s market cap?
Solana with Ethereum’s Market Cap
As of now, Solana’s market cap stands at $70.3 billion, whereas Ethereum’s market cap is a hefty $315 billion. This indicates that Ethereum’s market cap is more than four times that of Solana. While this gap is substantial, it is not insurmountable, particularly in the volatile world of cryptocurrencies.
Using comparative data from MarketCapOf, we can estimate the price of SOL if it were to achieve Ethereum’s market cap. According to the data, if Solana’s market cap reached $315 billion, the price of SOL would soar to approximately $670.83. This would represent a 4.47x increase, or a 447% rise from its current level. Achieving this would catapult Solana above other notable cryptocurrencies like BNB and Tether’s USDT, potentially making it a top 3 cryptocurrency by market cap.
Conversely, if Ethereum’s market cap were to drop to Solana’s current market cap, the price of ETH would plummet to around $587.83, marking a dramatic 77.5% decline. This scenario underscores the significant market cap disparity between the two cryptocurrencies.
Reaching Half the Market Cap of Ethereum
VanEck analysts have recently weighed in on the ongoing Solana versus Ethereum debate, providing projections for Solana’s potential growth relative to Ethereum. Their analysis suggests that Solana’s market cap could realistically reach at least half of Ethereum’s, which would position it around $157 billion. In this scenario, the price of SOL would be expected to climb above $330.
The analysts attribute this potential growth to the increasing activity on the Solana blockchain, which has already surpassed Ethereum. Despite the slower pace of institutional adoption for Solana, the overall sentiment remains bullish. The continuous development and adoption of Solana’s technology could further bolster its market position.
