Bitcoin, Ethereum, And Solana On Traders’ Radar: What’s Going On?
July 29 2024 - 4:30PM
NEWSBTC
After a drab week characterized by Bitcoin, Ethereum, and Solana
prices either dumping or moving sideways, prices bounced off
strongly by the end of last week. Of note, losses in Ethereum were
arrested as prices recovered, rising from around $3,000. At the
same time, Bitcoin and Solana pushed higher, closing in on $70,000
and $200, respectively. Interest In Bitcoin, Ethereum, And Solana
Spikes According to Santiment data, despite weakness across the
scene, there were hints of strength at the tail end of last week.
Of note was renewed interest, where Solana, Bitcoin, and Ethereum
saw a marked spike in trading volume. Related Reading: Fantom (FTM)
Regains Momentum After Weeks Long Bleed – Will This Continue? When
trading volume surges, it often suggests that market participants
are curious and willing to engage, especially if prices are rising.
Since these top coins were firm, rejecting losses, especially from
Friday, July 26, buyers were in the equation, looking to
capitalize. As Santiment analysts noted, how Bitcoin, Ethereum, and
Solana perform tends to impact the general market. If Ethereum
rallies, for example, it would benefit the broader layer-2 and 3
ecosystems. This will push meme coins and even decentralized
finance (DeFi) activity even higher. There were multiple factors
behind this interest. In Bitcoin’s case, shifting regulatory
perspective on the world’s most valuable coin and increasing
endorsement from politicians, especially in the United States,
could explain why more are willing to learn about the coin. The
Impact Of Trump, Spot Ethereum ETFs, And SOL Flipping BNB Over the
weekend, Donald Trump, the former president and the presidential
candidate in the upcoming November election, delivered a keynote
address at the recently concluded Bitcoin conference in Nashville.
Trump expressed his support for Bitcoin, saying he would make
America the home of crypto. Meanwhile, eyes were on Ethereum
following the approval of spot ETFs by the United States Securities
and Exchange Commission (SEC). Though the derivative product began
trading at leading bourses, including the NYSE and Cboe, inflows
remain low. If anything, Farside data showed that by Friday, spot
Ethereum ETFs had posted outflows for three consecutive days.
Outflows from Grayscale’s ETHE chiefly drove this. Even amid this
unexpected development, BlackRock’s spot Ethereum ETF product saw
over $87 million inflows on July 26. Related Reading: Donald Trump
Reveals Plans For US Government’s 213,239 Bitcoin If Elected
Traders also tracked Solana after the coin flipped BNB as the third
most valuable cryptocurrency, excluding stablecoins. According to
July 29, SOL commanded a market cap of $88.5 billion, while BNB
stood at $86.5 billion, according to CoinMarketCap data. Over the
past few weeks, SOL has been edging higher. To put in the numbers,
SOL is up 56% from July lows. It will likely register fresh Q3 2024
highs if buyers breach $200. Feature image from DALLE, chart from
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