Cryptocurrencies experienced a surge in value after a few days of minor downward movement, with the CoinDesk 20 index showing a 2.7% increase in the last 24 hours. Solana’s dominance in the market cap is nearing an all-time high at 3.70%. Additionally, stocks related to crypto saw gains, with MicroStrategy witnessing a significant 10% jump to reach a new 25-year high.
At the time of reporting, Bitcoin was being traded at $68,100, marking a 2.9% increase over the past day. On the other hand, Ether (ETH) continued to lag behind both Bitcoin and the overall market, with only a 1.1% gain and reaching a new 3.5-year low compared to BTC. Solana (SOL) continued its strong performance, rising by 3.0% and achieving a new record high when compared to Ether.
Ether’s struggle to keep up with Bitcoin and Solana has been evident in its performance over the past month, where it has seen a 2.1% decline while Bitcoin gained 7.4% and Solana surged by 18%. According to Andre Dragosch, the European Head of Research at Bitwise, Bitcoin and Solana have shown higher network activity compared to Ethereum, leading to a stronger performance in terms of transactions.
The market capitalization gap between Bitcoin and Ether has hit a new high, with Bitcoin at $1.33 trillion and Ether at $303.6 billion. The difference now exceeds $1 trillion for the first time. Solana’s market capitalization dominance is also on the rise, currently standing at 3.64% of the crypto market, inching closer to its previous record of 3.70%.
In the world of crypto stocks, MicroStrategy saw a significant 10% increase, reaching levels not seen since the dot com bubble 25 years ago. The company’s strategic move to convert its balance sheet entirely into Bitcoin has positioned it uniquely in the corporate finance landscape. Other crypto-related stocks like Coinbase and Riot Platforms also saw gains, with Coinbase adding 5% and Riot Platforms rising by 4.3%.
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James, the senior analyst at CoinDesk, specializes in Bitcoin and the macro environment, bringing expertise in on-chain analytics and market monitoring. This comprehensive coverage provides valuable insights into the crypto market landscape, helping investors and enthusiasts stay informed and make educated decisions.
