Bitcoin Halts Before $17,000, Solana Drops to 10-Day High (Market Watch)

Bitcoin tried to challenge $17,000 an hour ago but was stopped before they had a chance to get close, at least for now.

Altcoins have calmed down since yesterday’s impressive gains, with the exception of Solana, who continues to recoup its recent losses and LDO.

Bitcoin approached $17,000

The end of 2022 was uncharacteristically quiet for the major cryptocurrency, which remained around $16,500 after losing a few hundred dollars during the week.

Although the first day of the new year brought a similar lack of volatility, yesterday the landscape began to change. Amidst some promising predictions for 2023, BTC added nearly 2% in value and reached a 5-day high of just over $16,750.

The asset went to a slight rally after hours but was stopped out before it had a chance to challenge $17,000 and thus, it is on familiar ground now.

Its market capitalization was above $320 billion, while its dominance over altcoins is only 40%.

BTCUSD. Source: TradingView

SOL keeps pumping

Solana has become one of the most notorious victims of the FTX-Alameda crash, due to its connection to the former SBF-led crypto empire. The last few days of 2022 were also violent, with SOL plunging to $8 for the first time in about a month.

Despite the unfavorable price developments, Ethereum’s Vitalik Buterin had some positive comments for Solana at the time. Since then, the asset has outperformed the rest of the market and is now trading near $12. This means that SOL has increased by about 50% in days.

Lido’s native cryptocurrency is another big winner now, after the protocol has overtaken MakerDAO as the leading DeFi project in terms of TVL. LDO jumped 7% and approached $1.25.

Terra Classic (LUNC) is up over 5% over the past 24 hours and is close to $0.0002.

The majors have stalled since yesterday’s gains, with ETH trading just over $1,200 and Binance Coin trading near $250.

The cumulative market capitalization of all crypto assets has remained above $800 billion.

Overview of the cryptocurrency market.  Source: Quantify Crypto
Overview of the cryptocurrency market. Source: Quantify Crypto

After Bitcoin Halt Before $17K, Solana Taps 10-Day High (Market Watch) Debuts On CryptoPotato.

Leave a Reply

Your email address will not be published. Required fields are marked *