Although the latest surge of the global crypto market has been fuelled mainly by Bitcoin's and Ethereum's price rally, as the top two digital coins in the crypto space, some other cryptocurrencies witnessed much bigger growth.
According to data presented by StockApps.com, Solana still convincingly tops the list of the fastest-growing cryptos in 2021, with its market cap surging by nearly 1,000 times year-to-date.
170 times bigger growth rate
In 2021 only, the number of new coins in the crypto space practically doubled, jumping from around 4,000 in January to almost 8,000 this month. However, the vast majority of them don't have the functionality or depth of the big coins like Solana, considered a potential long-term competitor with Ethereum. And there is a reason for that.
Transactions on Solana's blockchain are relatively cheap compared to Ethereum because its tech allows tens of thousands of transactions per second, much more than around 100 for ETH.
According to CoinMarketCap data, the combined value of all SOL coins in the crypto space amounted to $75 million in January. By the end of June, this figure surged to $8.8bn, despite the crypto price crash in May. The following months witnessed even more impressive increase, with Solana's market cap skyrocketing to over $60bn in the first week of September. After a few hectic weeks and another crypto price crash, Solana's market cap continued growing again and hit around $65bn by the end of October.
Statistics show this figure rose to $73.6, showing a staggering 98,000 percent increase YTD, which is 170 times the growth rate of Ethereum or 748 times more than the growth of Bitcoin in this period.
Dogecoin, Binance Coin and Cardano follow
The CoinMarketCao data showed Dogecoin follows Solana when it comes to market cap increase in 2021. Since the beginning of the year, the combined value of all DOGE coins has surged by 5,334 percent to $36.3bn.
2021 has also been a fantastic year for Binance Coin, which became the world's third-largest crypto by market cap. Statistics indicate the combined value of all BNB coins soared by 1,909 percent YTD to $108.7bn.
Besides these two cryptos, Cardano and USD Coin were the only digital coins witnessing a four-digit growth this year. Statistics show the combined value of all ADA coins jumped by an impressive 1,311 percent YTD to $77.9bn, ranking it as the fourth-largest crypto globally. USD Coin follows with $34.5bn in market cap and 1,119 percent YTD growth.