This Week in Crypto – Solana Surges as Bitcoin Holds Steady
BTC Fails to Break Above $44K
It seems like the crypto markets are not taking a break this festive season, based on this week’s performances. Several altcoins have rallied massively. However, Bitcoin is still unable to break above the resistance at $44,000. Still, the largest coin by market cap continues to trade above $43,600, having grown by 3.29% over the past 7 days.
The main reason Bitcoin is trading at these high levels, which it saw last in May 2022, is the growing optimism that the United States Securities and Exchange Commission will finally approve a Bitcoin spot Exchange-Traded Fund (ETF) after years of rejecting all applications. Earlier this week, the Commission and asset manager BlackRock held a meeting in regard to the firm’s ETF filing. Among the discussions was how BlackRock would make it possible for banks to participate in its ETF without too much exposure to cryptocurrencies.
Bitcoin to $100,000 Soon?
Several crypto analysts believe that an ETF approval will cause Bitcoin to jump to $100,000 before the end of next year.
Meanwhile, Ethereum is another crypto asset that has continued to hold steady at higher levels. The token is up 3.87% to $2,298 as of this writing. Notably, the native tokens of Ethereum scaling solutions Arbitrum and Optimism have jumped 19% and 47% to $1.37 and $3.22, respectively.
Tokens Within Solana Ecosystem Post Tremendous Gains
Solana hasn’t stopped rallying this week. It is up 54%. According to data from CoinGecko, SOL trades at $112.76. It is worth mentioning that it has surpassed XRP, becoming the fifth-largest cryptocurrency by market capitalization. Solana has had an exceptional run over the past 30 days. Those who bought the token during the final week of November have seen the value of their SOL holdings increase by 101%.
But SOL isn’t the only token within the Solana ecosystem performing well. Meme coins built on the Solana blockchain have posted massive gains this month. BONK, for example, has seen 30-day gains of 366%. However, the meme coin is down 10% this week to trade at $0.0000184 as of this writing. Another Solana-based meme coin, Dogwifhat, is up 267% this month to $0.267.
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