Crypto Mania

Ethereum and Solana Lead Crypto Rally as Bitcoin Faces Correction

  • Bitcoin’s price surge paused on Thursday, dropping from nearly $45,000 to $43,000.
  • ETH climbed 6%, and SOL surged by more than 14.5% in the last 24 hours.

On Thursday, the Bitcoin (BTC) rally hit a snag, making way for other major cryptocurrencies like Ethereum (ETH) and Solana (SOL) to surge to a new 19-month high, spearheading the ongoing crypto market rally.

In the past 24 hours, Ethereum (ETH) has witnessed a 6% increase, currently trading at $2,356, while Solana (SOL) has surged over 14.5%, surpassing the $71 mark.

Bitcoin (BTC) Trapped?

After reaching a recent peak of nearly $45,000 earlier in the week, Bitcoin experienced a dip to $43,000 during the day. This downward movement suggested that traders were taking profits following Bitcoin’s significant breakout from the $38,000 mark just a week ago.

Further, crypto analytics firm Santiment noted that the flattening of BTC’s price coincided with an increasing number of traders expressing concerns about a potential “bull trap.” This term refers to a brief market gain that lures investors before a substantial decline. The growing uncertainty among traders could potentially contribute to Bitcoin’s upward momentum, pushing it beyond the $50,000 threshold.

Bitcoin has witnessed a significant surge of over 60% since mid-October, fueled by speculation that the Securities and Exchange Commission (SEC) was nearing approval of ETF applications from industry giant BlackRock.

However, BTC failed to breach $44,500 resulting in minor corrections. At the time of writing, Bitcoin is valued at $43,202 with a 24-hour trading volume of $25.1 billion. This reflects a 24-hour price decrease of 1% and a 7-day price increase of 11.86%. 

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