Reasons for Changes
As of August 26, the precise rationale behind CNBC’s decision to drop Bitcoin Cash and Litecoin remains unclear. However, what is evident is that both BCH and LTC have faced challenges in recent times, leading to a decline in their valuation over the past few years.
SOL In, BCH And LTC Out
Despite experiencing substantial gains in July, Bitcoin Cash (BCH) saw its momentum wane as excitement around the potential approval of a Bitcoin spot exchange-traded fund (ETF) in the United States diminished. A similar trajectory was observed for Bitcoin itself after BlackRock submitted an application for a Bitcoin spot ETF with the Securities and Exchange Commission. Concurrently, Litecoin (LTC) faced a decline shortly after reducing its miner rewards in early August.
As a result of these developments, both BCH and LTC have lost their spots within the top 10 cryptocurrencies by market capitalization. In their stead, emerging smart contract and transactional networks have secured positions in recent years. LTC and BCH currently hold market capitalizations of approximately $4.8 billion and $3.7 billion, respectively, placing them at 16th and 18th in the cryptocurrency rankings.
On the contrary, Solana (SOL) has ascended to the 9th position in the market capitalization rankings, boasting a valuation of $8.3 billion. This places Solana ahead of Tron, ranked 10th with a market capitalization of $6.9 billion. SOL is also closing in on Dogecoin and Cardano, whose market caps stand at $8.8 billion and $9.1 billion, respectively.
Rise of NFT Activity and Solana Pay
The decision by CNBC to prioritize coverage of SOL while discontinuing coverage of BCH and LTC has sparked discussions across social media platforms. One user on X suggested that this decision could be interpreted as an endorsement for Solana, citing significant developments behind the scenes, notably the surge in non-fungible token (NFT) activity.
In early July, Solana surpassed Ethereum in terms of the number of NFTs minted, marking the first time since May 2022. This surge in activity can be attributed to Solana’s high scalability, resulting in lower transaction fees—a benefit particularly advantageous for creators. Major NFT marketplaces, such as OpenSea and Rarible, extended support for Solana NFTs in 2022, streamlining trading processes and potentially fostering increased blockchain engagement.
Beyond the realm of NFTs, Solana Pay—a payment solution—has been gaining traction. Recently, Shopify, a prominent ecommerce platform, integrated Solana Pay to facilitate seamless settlements with USDC payments. Circle, the issuer of USDC, and Checkout, a payment processor, have both extended support for Solana Pay.
