Мэтт Хоуган из Bitwise: Solana способна повторить триумф биткоина на растущем рынке Translation: Headline: Matt Hougan from Bitwise: Solana is capable of repeating Bitcoins triumph in the growing market

Solana could potentially mirror Bitcoin’s success, as it provides similar prospects. This opinion was expressed by Matt Hougan, the chief investment officer of Bitwise.

The expert identified two main drivers for the original cryptocurrency. Its price could increase due to the expansion of the entire value preservation market as well as an increase in the asset’s share within this market.

Given the current market capitalization, which stands at $27.5 trillion, and the fact that digital gold occupies 9% of that market, maintaining this share while the overall market doubles would lead to a proportional rise in the asset’s price.

«Many investors mistakenly concentrate on Bitcoin’s market share growth while overlooking the expansion of the market itself. Over the past 20 years, the savings sector has experienced a tenfold increase—from $3 trillion in 2005 to $27.5 trillion today. For the price of cryptocurrency to rise tenfold, it would be sufficient for this scenario to repeat while preserving its current share. This is entirely realistic,» Hougan remarked.

If the market continues to grow and Bitcoin captures 50% like gold, he believes the price of one coin could soar to $6.5 million.

According to the Bitwise investment director, this same reasoning could apply to Solana. The blockchain platform is positioned as an infrastructural solution for stablecoins and the tokenized assets market, which holds significant growth potential, he emphasized.

Currently, Solana is competing with Ethereum, TRON, and other platforms. At present, it holds roughly 14% of the market with a capitalization exceeding $107 billion. Its technological advantages—such as high transaction speeds and increasing institutional support—provide a favorable foundation for increasing its market share.

«Solana is a young platform, but it is already establishing a presence among major players. Recently, Western Union chose it for the launch of its stablecoin. If I’m correct, the combination of a growing market and share will create an explosive effect for this cryptocurrency—similar to what happened with Bitcoin,» Hougan concluded.

Previously, the expert predicted a rally for Solana, which could lead to a new historical peak, thanks to the emergence of exchange-traded funds based on the asset in the United States. On October 28, Bitwise launched a spot SOL ETF under the ticker BSOL.

The following day, Grayscale introduced a similar product, GSOL.

During the initial trading sessions, these products attracted $154 million. The issuers currently manage assets valued at $439 million, which amounts to 0.4% of the total supply of Solana.

The altcoin has yet to display pronounced price momentum. Over the past 24 hours, the SOL price has increased by 0.1%, while it has declined by 2.4% over the week.

As of the time of writing, Solana is trading around $186.

Analysts at Hyblock compared the coin’s reaction to Bitcoin’s behavior following the launch of spot BTC ETFs in January 2024. They noted that the first cryptocurrency remained stable before eventually breaking out. A similar pattern could be feasible for Solana.

It’s worth recalling that earlier in October, Hougan referred to Solana as the future favorite on Wall Street.