Bitcoin jumps to 2023 high again while new investors prefer Solana over Ethereum

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Last Updated on 16 November 2023 by CryptoTips.eu

The largest digital currency traded around $35,000 for one day, giving Whales and Wall Street companies the opportunity to buy in again. Last night interest started to rise again, and Bitcoin is now trading at $37,000 once more.

Because American inflation suddenly turned out to be much lower than expected, European and American stock markets received a boost, causing interest in Bitcoin to decrease for a while. The largest digital coin is still trading around $36,000. New investors, meanwhile, seem to prefer Solana over Ethereum, and the reason for that is quite remarkable.

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Bitcoin supply

The crypto market is still growing in 2023 thanks to a surge of institutional enthusiasm. Some of the largest Wall Street firms move closer to offering financial products based on Bitcoin and Ethereum. George Tung, analyst from the well-known financial website The Street, explained the current mood:

“There’s only about 2 million bitcoin left on the exchanges, and even that is going down in a major way. Going forward, the next 10 years, 20 years, we will see the supply go down to such low levels, it really becomes near impossible for anyone at that point in time to accumulate even a single bitcoin.”

“Right now, you guys have the gift to be able to buy bitcoin around $37,000, which I know is a lot of money, but it’s a gift because six years from now, people will have to pay possibly $370,000 or $500,000 for a single bitcoin,” Tung predicted. “We’re talking about within 10 years, that may be happening.”

Solana of Ethereum

Although the price of Ethereum and Bitcoin seems stable in recent days, there is still a major altcoin that is climbing. Solana’s price rose another 19% at one point yesterday.

In the last month alone, the price of the so-called ‘Ethereum killer’ rose by a whopping 185%.

According to CoinShares’ weekly overview, Wall Street firms bought about $12 million worth of Solana.

Diversification of their crypto portfolios is a possible explanation, but do not forget about the possible price increase as from this point until the next Bitcoin ATH.

Solana traded for over $260 per coin at its peak in 2021 (when Bitcoin was trading around $60,000), while Ether was priced at $4,800. That means Ether can still rise another 180% from this point, while Solana can show much more growth if those values are reached again.

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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