3min read
Published on: Feb 29, 2024
#Blockchain
#Crypto 360
#Daily Brew
Solana (SOL) has skyrocketed to its 2024 all-time high (ATH) of more than $125, riding on the broader crypto market rally.
In fact, Solana’s price rose 14.05% within the last 24 hours with a weekly gain of over 20%.
What spurred SOL’s price upwards is the market frenzy to purchase dogwifhat (WIF), a Solana-based memecoin. The value of WIF rose more than 50% within the last two days, due to rising popularity among crypto enthusiasts.
In fact, the value of WIF has grown 50,000% since its inception in December 2023.
The phenomenon, in tandem with the broader crypto rally led by Bitcoin (BTC), has given a major boost to Solana.
Earlier in the month, the Solana network witnessed a downtime of approximately five hours due to a bug. Irrespective of outages, SOL managed to stay steady, with a surge in price being witnessed.
Read more : Solana Defies Expectations, Soars Amid Outage
Meanwhile, we are witnessing an ever-enthusiastic participation in Bitcoin ETFs since their debut in the US market in early January.
On 28th February, these ETFs achieved a record-breaking volume of $7.68 billion and surpassed the earlier record of $4.6 billion on launch day.
Among the market leaders were BlackRock’s iShares Bitcoin ETF (IBIT), Grayscale Bitcoin Trust (GBTC) and Fidelity Wise Origin Bitcoin Fund (FBTC) which recorded volumes of $3.35 billion, $1.86 billion and $1.44 billion respectively.
Read more: Record Volume for BlackRock’s Bitcoin ETF, 2nd Day High
These three ETFs themselves captured over 85% of the total trading volume of $7.68 billion yesterday.
Bitcoin was trading at $62.7K at press time, while Ethereum (ETH) was trading at $3.4K.
Market experts are now anticipating potential approval of Ethereum ETFs in the US, hoping for even a more bullish rally in the crypto market.
ETH is closely following BTC at the moment.
Ethereum’s rising momentum comes ahead of the EthDenver, which starts today.
Recommended Read: Ethereum Explained
What is EthDenver?
EthDenver is a meetup of developers, the community, and investors to get into the Ethereum ecosystem. While the event kicked off on February 23rd, the 29th marks the beginning of the main event.
More than 20,000 DAOs will be coming together to discuss ETH developments, by sharing ideas on how to drive the tech forward. What’s even better is the announcement of the latest developments within the ecosystem itself.
Will it have a direct effect on Ethereum’s price action?
There are expectations that during the main event, announcements will be made that touch on Ethereum core metrics. This could not only pump the tokens, but also positively impact Ethereum’s value.
Overall, the amount of money flowing into ETH has increased as investors are now expecting major nows from EthDenver.
After EthDenver comes the long-awaited Dencun upgrade.
What’s the Dencun upgrade? Learn here.
If the current momentum continues, driven by Ethereum-specific factors and Bitcoin, Ethereum could soon retest its all-time high of $4800.
Will ETH outperform BTC?
Given the market’s anticipation of the approval of spot ETH ETFs scheduled for May 2024, there is an exciting opportunity for ETH to experience a notable rise.
With ETH testing a level not seen in two years, market sentiment is expecting for the price to soar further.
Similar to the hype surrounding spot BTC ETFs – which sent Bitcoin’s price up – ETH could potentially see a surge in value.
This article is for informational purposes only and not intended as investment or financial advice. It contains opinions and speculations that are subject to change without notice.
The author and publisher disclaim any liability for decisions made based on the content of this article. Readers are advised to conduct their own research and consult a financial advisor before making investment decisions.
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Oct 29, 2024
Crypto
