Author: Tom Mitchelhill, Cointelegraph; Translated by: Song Xue, Golden Finance
SOL hit a new yearly high, up more than 17%, a day after ARK Invest CEO Cathie Wood praised the network’s efficiency and cost-effectiveness.
In a Nov. 15 interview with CNBC, Wood described the Solana network as a major infrastructure player in the broader blockchain ecosystem, adding that it has been doing “very well” in recent market conditions.
Wood praised the Solana network as being faster and more efficient than the Ethereum network.
“At the time, Ethereum was faster and cheaper than Bitcoin — that’s why we chose Ethereum. Solana is faster and more cost-effective than Ethereum.”
Wood said Ethereum and Solana are important additions to the blockchain ecosystem, describing them as critical infrastructure layers — capable of providing more real-world applications than Bitcoin.
While the broader cryptocurrency market is on an upward trend, Solana has significantly outperformed other major cryptocurrencies, gaining more than 197% in the last month. Meanwhile, Bitcoin and ETH have risen 32% and 28% respectively in the same time frame.
Solana is currently changing hands at just over $66.
Solana (SOL) is up nearly 200% in the last month. Source: TradingView
Wood also touched on the current market anticipation for a slew of upcoming Bitcoin ETF spot products, saying it’s important to continue to focus on Bitcoin’s potential as a “monetary revolution” and not get too hung up on short-term price movements.
She acknowledged that there may be a "sell on the news" type event, where investor anticipation for approval outstrips market demand for the actual event, which could lead to a rapid sell-off in the following days.