The crypto market has experienced a significant upsurge, with Solana‘s native token SOL emerging as a key player alongside Bitcoin’s ascent over $50,000. In a bullish crypto climate, Solana has seen an impressive boost, aligning with the positive trend among investors and signaling a strong market performance.
Altcoins Experience Notable Gains
The New York market’s opening on Monday saw Bitcoin’s value rise, which coincided with a noteworthy 8% spike in SOL’s price. Other major cryptocurrencies like Ethereum (ETH) climbed by 7%, while Avalanche (AVAX), Binance Coin (BNB), and Cardano (ADA) also enjoyed gains, albeit at a more conservative rate of around 3%.
Notably, the liquidity index of the top twenty tokens, discounting stablecoins, recorded a 4% increase in capitalization and volume. Ethereum ecosystem tokens, including Lido’s LDO and layer-2 project tokens such as Arbitrum’s ARB and Mantle’s MNT, also rallied by 7% post an ETF application by investment firm Franklin Templeton.
The enthusiasm is not restricted to Bitcoin alone; high-volume and alternative tokens have also shown growth, reaffirming the market’s response to Bitcoin’s milestone price. Spot bitcoin ETFs have drawn considerable attention, with over 192,000 tokens traded since their inception approximately a month ago.
Bitcoin’s Online Search Interest: A Divergent Indicator
Despite the market’s buoyancy, Bitcoin’s Google search trends suggest that individual investor interest might not be as high as expected. However, this observation should not be misconstrued as a decline in current searches but rather a relative decrease compared to other search terms. This suggests a potential wariness among people about cryptocurrency investment due to the fear of short- to medium-term price corrections.
According to Bitget Research Chief Analyst Ryan Lee, the market is currently lacking significant news that could predict medium to long-term returns, aside from the anticipated halving event. He emphasizes the psychological thresholds of the market, especially how Bitcoin’s price movement towards previous highs could trigger larger pullbacks.