The crypto market is ending the week, with a dominant green trading session fueling considerable optimism. Bitcoin (BTC) has maintained its gains, holding its position above the $67,000 mark. At the same time, Solana (SOL) has emerged as the standout performer due to the anticipation surrounding the potential approval of a Solana ETF.
Meanwhile, Ethereum (ETH) continues to struggle despite launching the spot ETH ETF, noting only slight gains. The global crypto market cap rose by 1.23% to $2.42 trillion, while the total crypto market volume saw a 28.28% decrease from yesterday to $58.14 billion.
Bitcoin & Solana Steels the Attention of the Market
The price of Bitcoin increased by 1.21% to $67,212.33 at the time of writing. This rise can be attributed to former President Donald Trump’s forthcoming speech at the Bitcoin Conference, which is his most recent demonstration of support for the sector. The favourable attitude has also been bolstered by Trump’s recent contacts with bitcoin mining companies and his support for more mining of the cryptocurrency by businesses.
Solana has seen an impressive upward trend, increasing by 4.53% to $186.79. The well-known investment management company VanEck recently tweeted that they are still getting a lot of questions surrounding Solana, suggesting that the Solana ETF approval might be happening soon. This has increased investor trust in the altcoin even more.
Cryptocurrencies Record Impressive Trading Volume
Santiment records indicate that trading volume has veered heavily toward Bitcoin, Ethereum, and Solana, ending the week on a high note. It’s common for market-wide growth to be powered by these layer 1 assets, with the gains likely to be redistributed to layer 2 assets and more over the weekend.
In summary, the crypto market is ending the week with significant gains for Bitcoin and Solana, driven by key events and investor sentiment, while Ethereum lags slightly behind. The overall market optimism is set to carry into the weekend, with potential further redistribution of gains across various assets.