BTC rally stalls; ETH, Solana jumps 18-month High
By Laxmikant Khanvilkar
The rally in Bitcoin (BTC) seems to have hit the air-pocket as the price of the largest cryptocurrency by market capitalization underperformed broader markets in the last 24-hours. The day belong to other major protocols such as ether (ETH) and solana (SOL) as their price surged to fresh 19-month high.
BTC slipped near $43,000 during the day following its breakneck climb to near $45,000 earlier this week, suggesting that traders took some profits after the largest crypto’s breakout from $38,000 a week ago. Recently, bitcoin was changing hands at around $43,335, down 1.2%
Ether (ETH), the second-largest cryptocurrency by market capitalisation, jumped 5% over the 24-hours and hit $2,372, its highest level since May 2022. It is currently trading at $2,358, up 5.1%.
Ether dominating crypto price gains bolstered optimism in adjacent tokens, making them the best performers of the day. Ether classic (ETC) appreciated 6%, while liquid staking protocol Lido’s governance token (LDO) increased by over 11%.
Native tokens of Ethereum scaling networks Optimism and Arbitrum also gained 22% and 9%, respectively, during the day.
Solana (SOL) jumped over 8% to $69, the highest since May 2022.
As a result, the global crypto market cap increased by 0.95% to $1.61 trillion in the last 24 hours. However, the total crypto market volume eased 6.9% to $71.3 billion. Total volume in DeFi is currently $7.2 billion, and all stablecoins are $63.1 billion, representing 10.2% and 88.5%, respectively, of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 52.8%, down 1% over the day.
The IC15 index, the barometer of the top fifteen tokens, rose 0.7% to 54,473.
Meanwhile, Crypto analytics firm Santiment noticed that,
“Traders are fearful that crypto markets may be in a bull trap at the moment.”
The growing disbelief could actually help propel BTC further toward $50,000, Santiment said, squeezing shorts who are betting on lower prices.
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