Bitcoin Drops 8-Day High, Solana Jumps 40% Weekly: Market Watch

Bitcoin’s 14th birthday brought some positive price volatility for the asset as it pumped to nearly $17,000 for the first time this year.

Some altcoins continue to chart notable gains, led by Solana and Lido.

SOL, LDO on a roll

It was about a week ago when Solana fell hard, after several successive negative developments surrounding the network and native token adoption. The peak came when SOL fell to a multi-week low just below $8.

However, the landscape is starting to change amidst Solana’s new NFT project launched and, somewhat surprisingly, positive comments from Ethereum’s co-founder – Vitalik Buterin.

SOL has gone on a roll and has risen to over $13.5 so far. This means that the asset is up 40% on a weekly basis and more than 60% since the $8 low.

LDO is the other notable gainer over the past seven days, up 45%. This came when the leading project in terms of TVL became locked into a single DeFi project.

NEAR protocol and Ethereum Classic both jumped by double digits on a daily scale to $1.5 and $18, respectively.

Major corporations also saw some notable gains. Ethereum price is up 3% and is trading at $1,250, while BNB has reclaimed $250 after a daily gain of 4%. Cardano added 5% in value, reaching $0.265.

The cryptocurrency market cap is increasing by $15 billion every day. The measure is now close to $820 billion.

Overview of the cryptocurrency market. Source: Quantify Crypto

Bitcoin is seeing an 8-day high

The primary cryptocurrency took a hit on the last day of a somewhat violent 2022 when it fell to a low below $16,400, recovered somewhat in the following hours and was fairly quiet around $16,500 on January 1st.

It started gaining some value over the next couple of days and jumped to $16,700. Yesterday, which was the cryptocurrency’s 14th birthday, the price climbed to just under $17,000.

This was the highest price for the asset since December 27. Despite failing to clear this level and regain near $100, bitcoin is still in the green on a daily basis.

However, its market dominance took a hit in the wake of the rise of altcoins and fell to 39.6%. The scale was north of 40% a few days ago.

BTCUSD.  Source: TradingView
BTCUSD. Source: TradingView

After Bitcoin Spikes in 8 Days, Solana Jumps 40% Weekly: Market Watch debuted on CryptoPotato.

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