Solana Continues Climb While Bitcoin And Ether Inch Ever Higher After Forming Bottom

0

Last Updated on 6 November 2023 by CryptoTips.eu

Bitcoin, Ethereum and others have started the year on a positive note with the biggest crypto coin trading at it’s highest level in six weeks. Meanwhile Solana continued its comeback and has now gained almost 100% since reaching a bottom of $8 at the end of last year. Over in the US the Silvergate bank, which was heavily connected to the defunct FTX crypto platform, is hoping they can avoid default by cutting half its workforce.

Advertentie.

Positive beginnings

Although crypto prices are a long way off the levels they were trading at in January 2022, there seems to be a glimmer of hope as the new year started. Awaiting CPI (consumer price index) numbers from the US to come out and eagerly seeing what Jay Powell, the Federal Reserve Chairman, will say about this, was enough for Bitcoin, Ethereum and other major coins to see positive trading days for most of the year.

For Bitcoin that meant trading at $17k again while Ethereum took the $1,300 price point.

Speaking to Yahoo Finance, FundStrat’s Sean Farrell explained that investors currently have an “appetite to buy Bitcoin at the very specific level of $16,000-$17,200”.

This paints an incredible picture of a strong buy wall at current market prices and suggests a strong bottom is forming.

Other analysts seemed to agree.

Bitcoin rose above the $17,000 level, which has been the resistance over the recent weeks. A move above the $17,400 zone can lead to a midterm rise reversing the pattern in a bear market.

Said Edul Patel, CEO and Co-Founder of Mudrex to CNBC.

Solana surging

Ethereum Classic, which tends to rise twice as fast whenever the crypto market does well, gained 25% in the past week.

Biggest winners of the past few days were Solana, which continues it’s comeback after falling to a year-low of $8 on 29 December. By now, it has doubled in price since then and social media is abuzz about the Solana climb.

Charles Hoskinson’s Cardano also gained steam with a 24% gain in the past week.

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]
View all posts