Bitcoin approaches year-to-date high; Solana (SOL) rises to fourth place in market capitalization

Macroeconomics and financial markets

In the US New York stock market on the 21st, the Dow Jones Industrial Average closed 322 points (0.87%) higher than the previous day, and the Nasdaq Index closed 185.9 points (1.2%) higher.

On the 20th, there was a sharp decline due to profit-taking ahead of the end of the year, but the market is still supported by expectations for an early interest rate cut by the Federal Reserve (Federal Reserve System). The backdrop is lower interest rates and a dovish shift by the US Federal Reserve (FRB), which is also providing a tailwind for crypto assets (virtual currencies) such as the Bitcoin (BTC) market.

Among crypto assets (virtual currency) related stocks, Coinbase, the largest US crypto asset (virtual currency) exchange, rose 3.6%, mining giant Marathon Digital rose 10.8% from the previous day, and Hut 8 rose 7.11%. The price soared.

connection:Nasdaq rebounds as AI-related stocks rise, virtual currency-related stocks rise across the board | 22nd Financial Tankan

connection:10 major virtual currency stocks in the Japanese and US stock markets

Virtual currency market conditions

In the crypto asset (virtual currency) market, the Bitcoin price rose 1.72% from the previous day to 1 BTC = $44,131.

There are signs of speedy adjustments due to expectations for approval of a Bitcoin spot ETF (exchange traded fund), which is expected as early as early January next year.

connection:Learn about Bitcoin ETFs from the beginning: Explaining the advantages and disadvantages of investing and how to buy US stocks

Ali pointed out that Ethereum (ETH) has confirmed a return move from breaking out of the ascending triangle. He expressed the view that $2,150 to $1,900 could be an ideal buying zone if the target is 1ETH = $3,500.

https://twitter.com/ali_charts/status/1737360951744033057?ref_src=twsrc%5Etfw” rel=”nofollow noopener” target=”_blank

Ethereum (ETH) is about to undergo a major upgrade called “Dencun” after the Shapella hard fork. For Dencun’s first testnet, the core developer has set a date of January 17, 2024, and mainnet implementation is expected around late February.

https://twitter.com/TimBeiko/status/1737898651580858597?ref_src=twsrc%5Etfw” rel=”nofollow noopener” target=”_blank

connection:Ethereum’s next upgrade “Dencun” will be implemented around the end of February 2024

altcoin market

Solana (SOL) soared 17.3% from the previous day to $98.8, setting a new year-to-date high. As a result, it has surpassed BNB and moved to fourth place in terms of market capitalization, following XRP. If stablecoin Tether (USDT) is excluded, it ranks third after Ethereum (ETH).

Solana (SOL)’s main backers, major cryptocurrency exchanges FTX and Alameda Research, went bankrupt in November of last year, and at one point even the survival of the blockchain was in doubt. In August of this year, the U.S. Bankruptcy Court granted FTX permission to liquidate its holdings (virtual currency), raising concerns about selling pressure, but the result showed the resilience of the Solana ecosystem, with demand and supply increasing. It looks better than that.

In addition to the movement surrounding a series of high-value airdrops in the Solana area, there is also speculation surrounding the next-generation validator client Solana 2.0 Firedancer, and “Total Value Locked (TVL)”, which indicates the total amount deposited into DeFi protocols, has also increased in the past three weeks. It has increased significantly, doubling.

Although it is far from the peak TVL, some say there is room for growth.

https://twitter.com/coin_post/status/1737757912397947292?ref_src=twsrc%5Etfw” rel=”nofollow noopener” target=”_blank

Bitcoin ETF special feature

https://twitter.com/coin_post/status/1728047439607660632?ref_src=twsrc%5Etfw” rel=”nofollow noopener” target=”_blank

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