Thursday, April 18, 2024

Major Cryptos See Gains, Led by Solana, While Bitcoin Data Suggests Stagnant Retail Adoption.

Solana (SOL) dominated other major cryptocurrencies on Monday, coinciding with Bitcoin (BTC) briefly reaching $50,000, which fueled investor optimism.

With the opening of the New York market on Monday, purchasing pressure was seen in bitcoin, causing SOL to rise 8% and ETH to rise 6.6%. Avax from Avalanche surged by 6%, although ADA from Cardano and BNB Coin (BNB) increased by comparatively less than 3%.

Stablecoins excluded, CoinDesk 20, a liquid index of the top twenty tokens by capitalization and volume, increased by 4%.

ARB and MNT from Arbitrum, two Ethereum ecosystem currencies that are part of the staking protocol Lido, and other layer-2 tokens like Franklin Templeton’s ARB and MNT from Mantle rose as much as 7% after the financial behemoth submitted plans for a spot-ether ETF, joining an increasing group of tokens.

Major and alternative token growth appears to have followed bitcoin’s ascent, which saw the cryptocurrency cross $50,000 for the first time since late 2021. Since becoming online over a month ago, spot bitcoin ETFs have collected more than 192,000 tokens as of this Friday.

Low level of interest among retailers

A few market watchers also noted that, in contrast to the price, the number of Google searches for bitcoin remained at an all-time low, suggesting that there was little interest from the general public in the subject.

Users can compare the relative volume of queries using Google Trends. This only indicates that the term’s popularity is declining relative to other searches, not that fewer people are searching for it overall. A downward-trending line indicates a decline in the popularity of a search phrase in comparison to other popular terms.

Because of this, some traders advise that short- to medium-term price retracements might still be in store.

Ryan Lee, Chief Analyst at Bitget Research, wrote to CoinDesk, “There’s no upcoming news that may have a price correlation with bitcoin except the halving, which may provide returns in the medium to long term.” “Price retracements may be more severe when considering the psychological levels of the market, such as Bitcoin prices ranging from $50,000 to the previous all-time high.”

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
RELATED ARTICLES

Most Popular