Bitcoin is back in the spotlight as its market dominance has climbed above 57%, a level not seen since April 2021. This increase shows Bitcoin’s growing share of the overall cryptocurrency market, often indicating that investors prefer its stability over the more volatile altcoins. However, some traders are warning about a possible market correction ahead.
Despite this rising dominance, Bitcoin’s price has remained mostly unchanged, inching up less than 1% in the past 24 hours to around $67,000. Analysts like Alex Kuptsikevich from FxPro caution that if Bitcoin dips below the important support level of $66.8K, it could drop further to about $65.5K. With Bitcoin demand rising and its dominance increasing, there’s a good chance its price could continue to climb this month.
While Bitcoin stays steady, Solana (SOL) is leading the market with impressive gains. In the last 24 hours, SOL has risen by 5%, reaching $173, and it has enjoyed a significant 14% increase over the past week. The Solana ecosystem is buzzing, driven by meme coins like POPCAT, BONK, and GOAT, which have surged by as much as 70%.
The network’s growing popularity is resulting in record-high token issuances and revenues. Solana futures have seen open interest jump by nearly 3 million SOL, equivalent to $506 million, over the last four days.
Solana’s platform has become a hub for meme coin trading, with artificial intelligence projects leading current trends. In just 24 hours, over 40,000 new tokens were created on the network, significantly contributing to SOL’s price surge. Active addresses on Solana have reached 85,000, with 37,000 new wallets added recently.
As Bitcoin’s dominance increases, some caution remains regarding potential short-term downturns. In contrast, Solana’s strong price performance and vibrant community activity are setting it apart from other cryptocurrencies. Notably, Solana has reached its highest price against Bitcoin in over two months.
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