The end of the week saw a strong rebound in Bitcoin, Ethereum, Solana, after a week marked by a downward trend or sideways movement.
Ethereum prices rose from $3,000 to $3,000. Bitcoin and Solana also climbed higher and closed in on $70,00 and $200 respectively.
Interest in Bitcoin, Ethereum And Solana Soars
Santiment dataThere were signs of a resurgence at the end of the week, even though the market was weak. The renewed interest in Solana was notable, with Bitcoin and Ethereum seeing a significant spike in volume.
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Trading volume increases often indicate that participants in the market are more curious about what is going on and are willing to participate, particularly if prices rise. These top coins, which were rejecting their losses and were particularly firm on Friday, July 26th, were a good sign that buyers wanted to take advantage.
Santiment analysts have noted that the performance of Bitcoin, Ethereum and Solana tends to influence the overall market. Ethereum, as an example, could benefit the wider layer-2 or 3 ecosystems if it rallies. The meme coin and decentralized finance activity (DeFi), will be pushed even higher.
This interest was fueled by a number of factors. Bitcoin could have been influenced by a shifting perspective of the regulatory environment on the currency, and the increasing support from politicians in particular the United States.
Trump’s impact, spot Ethereum ETFs & SOL Flipping BNB
Donald Trump, former President and presidential candidate for the November elections, gave a keynote speech at the Bitcoin Conference in Nashville, which just ended. Trump said he supported Bitcoin and that he wanted to make America home to crypto.
The United States Securities and Exchange Commission approved spot ETFs, and the attention was focused on Ethereum.SEC). Although the product has been traded at major bourses such as the NYSE, Cboe and NASDAQ, the inflows are still low.
When it comes to data, you can find out more about Farside by clicking here. showed By Friday, the spot Ethereum ETFs were experiencing outflows on three successive days. Grayscale ETHE was the main driver. BlackRock’s Ethereum ETF saw inflows of over $87M on July 26 despite the unexpected event.
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Solana was also being tracked by traders after it surpassed BNB to become the third-most valuable cryptocurrency excluding stablecoins. CoinMarketCap reports that according to CoinMarketCap, on July 29 SOL’s market cap was $88.5 Billion, and BNB at $86.5 Billion. data.
SOL’s price has increased over the last few weeks. SOL has risen 56% since its July lows. SOL will most likely reach new highs in Q3 of 2024 if it breaks $200.
The chart is from TradingView.
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Source: www.newsbtc.com