After a failed attempt to breach the psychological barrier of $70,000 earlier this week, Bitcoin price (BTC) was at it again late Thursday when it went past $68,000. Solana (SOL) followed suit, flirting with key levels of $180, but Ethereum continued moving at a snail’s pace despite the overall bullish mood in the crypto market.
Talking about the overall bullish mood in the market, a number of altcoins moved north, taking inspiration from Bitcoin’s massive price surge. Bitcoin Cash and Uniswap gained more than 5% each as a majority of crypto projects stayed in the green zone.
Bitcoin Stays on Course to Retest $70k
Bitcoin price stormed past $68,000 on Thursday but a selling pressure soon took the sting out of the rally as investors opted for bargains at higher levels near the $70,000 barrier. As a result, Bitcoin fell below $68000 towards the end of the day and was seen trading at $67620.50 at 2:00 am EST on Friday. Bitcoin price has gained more than 81% in the last 24 hours and increased 5.96% in a month but lost 0.69% in the last week.
Bitcoin (BTC) breached the psychological milestone of $69000 on Monday, but the euphoria proved short-lived due to a profit-taking spree at relatively higher levels. It hit $69112.21 on October 21, 2024, with a 24-hour volume of $21.03 billion. Since then, BTC price has been moving in a narrow range from $67000 to $68500. Analysts believe Bitcoin price is consolidating around $67000 which will give it enough strength to breach $70,000 levels within the next few weeks.
The last time Bitcoin price jumped above $70000 was on June 6, 2024, when it was seen trading at $71082.84. It hit an all-time high of $73079.37 on March 14, 2024 in anticipation of a massive bullish rally in the backdrop of Bitcoin halving event 2024. However, it’s been tough going for the crypto leader since then as it has mostly stayed bearish, falling close to $50000 levels. However, the rekindled hopes of a massive bullish rally, linking to a traditional October rally in Bitcoin halving years, has elevated Bitcoin price close to $70000. Analysts and traders are excited about the possible outcomes in the wake of the upcoming US Elections 2024 which might have a positive impact on Bitcoin price if Donald Trump manages to reclaim the White House.
Solana Leads Cryptos’ Resurgence with Bitcoin After a 3-Day Bearish Trail
After three days of bearish movements, cryptocurrencies returned to bullish ways on Thursday. Solana (SOL) was instrumental along with Bitcoin price. After moving in a range around $150 for a while, Solana price finally breached $175 barrier on Thursday and came agonisingly close to reclaim $180. Its market capitalisation dominance is again close to all-time highs at 3.70% at 3.64% at the time of publishing this piece.
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The overall crypto market capitalisation difference between Bitcoin and Ethereum clinched a new all-time high with Bitcoin at $1.33 trillion and Ethereum at $303.6 billion. The difference between the top two cryptocurrencies in the world has surpassed $1 trillion for the first time ever.
Ethereum ETFs Lose Backers Big Time
Ethereum ETFs are losing it all over again. They recorded the biggest outflows since July 2024, as Ethereum continued to underperform Bitcoin, as mentioned above. Ethereum (ETH) gained moderately on Thursday but failed to hold on to its gains as it slumped by 2.78% on Friday morning to $2479.95 at 11:20 am EST. Ethereum price has declined by 5.69% in the last week and 5.42% in the last month.
Ethereum has been underperforming against both Bitcoin and Solana for a while and traders are turning their back on the biggest altcoin, which is visible by the massive outflows in Ethereum ETFs. According to a report by CoinDesk, Ethereum has slumped by 5.42% in the last month while on the other hand Bitcoin jumped by 5.96% and Solana skyrocketed by over 15% in the same duration.
Andre Dragosch, European Head of Research at crypto investment firm Bitwise said in an interaction with CoinDesk, “I think from a pure on-chain perspective, there has generally been an outperformance of network activity in both Bitcoin and Solana vis-à-vis Ethereum. Transaction count on Bitcoin has outpaced that of Ethereum, which tends to be highly correlated with the relative performance.
He added that nothing had been “stronger on-chain capital inflows into bitcoin [than] ether. In this context, it’s not so much a weakness of ether but rather a strength of bitcoin.”
The Final Thoughts
As the crypto market is all set to kick off the much-awaited October rally, it would be interesting to see how top crypto projects like Bitcoin, Ethereum, Solana, and others perform in the next few weeks.
In the wake of the upcoming US Elections in 2024, the crypto community is closing a close eye on how presidential candidates fare in their respective campaigns. They are also keenly monitoring their stance on cryptocurrencies as crypto enthusiasts have already spent close to $200 million in the US presidential election in 2024.
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The price predictions and financial analysis presented on this website are for informational purposes only and do not constitute financial, investment, or trading advice. While we strive to provide accurate and up-to-date information, the volatile nature of cryptocurrency markets means that prices can fluctuate significantly and unpredictably.
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