- Bitcoin has made a new all-time high at $81,858.29.
- SOL is just 19% off from its ATH of $260, trading at $208.
- Solana’s on-chain trading ecosystem is the 3rd most profitable category in crypto.
Bitcoin (BTC) broke above the $81,000 mark in the past 24 hours, making a new all-time high (ATH) of $81,858.29; a 4.53% increase. Even as the digital gold’s uptrend continues, altcoins including Solana (SOL) have also surged. SOL reclaimed the $200 price level a few days back and may soon reach its own ATH as well.
According to the data from CoinMarketCap, Bitcoin is trading at $81,455.89 at the time of writing and is up 17.81% in the past week and 30.05% in the past 30 days. Since November 2023, BTC has surged 119.62% and is now valued a mammoth 1.61 trillion.
On the other hand, the trading volume of Bitcoin also rose a monumental 136.65% to $84.38 billion, confirming increased institutional and retail interest in the digital asset. Spot BTC exchange-traded funds (ETFs) in the United States have also continuously recorded inflows.
Solana’s Price Performance
Meanwhile, Solana has outperformed its competitors in the current cycle and is up 282.18% since November 2023. Currently trading at $208.09, the cryptocurrency is just 19.8% off from its ATH of $260.06. SOL is up 2% in the past 24 hours, 27.62% in the last week, and 42.99% in the past month.
Read also: Solana’s Liquid Staking Surges to $5.67 Billion Market Cap, JitoSOL Leads the Way
In a Friday report , analysts at Coinbase, David Duong and David Han, highlighted that Solana’s on-chain trading ecosystem is the third-most-profitable category in crypto, after stablecoins and layer-1s. Also, the blockchain’s trading-linked activity regularly accounts for 75%-90% of its transaction fees, confirming its strong usage by investors.
Solana Price Analysis
SOL price has been on an uptrend in the short term and the altcoin has successfully broken above March levels, successfully claiming the fourth position in the digital asset space with a market cap of $8.66 billion.
The Relative Strength Index (RSI) reads a value of 72.68 which means that the bulls are overall in control and the demand for SOL is extremely high. However, overbought levels suggest that a correction is possible.
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