Solana Hits Annual High Amid Crypto Boom; Bitcoin and Ethereum Show Massive Gains
Summary:
Amid an amplified crypto upswing, Solana (SOL) notches a new yearly high, largely driven by a buying frenzy for the Solana-based memecoin dogwifhat (WIF). Other cryptocurrencies like Binance's BNB and Dogecoin (DOGE) have also reached new peaks. Institutional investments into recently approved Bitcoin ETFs continue to grow, with Bitcoin currently trading at a significant gain. Market observers anticipate the upcoming Ethereum spot ETF to potentially spur its growth in the forthcoming months.
Within the escalating crypto surge, Solana (SOL) has struck record annual peaks, largely propelled by a frenzy for the dogwifhat (WIF) memecoin featured on the blockchain. Over the past day, Solana has seen a significant 13.3% upswing, spiralling up swiftly from $108 to establish an annual paramount of $124.17, according to recent CoinGecko figures. Prior to Solana's soaring hike was a rampant surge in purchases for the Solana-hosted memecoin, dogwifhat (WIF). This pleasantly shot up by 55% from $0.52 (recorded on Feb. 27) to a $0.82 value at the time of reporting. Launched on Dec. 14 the previous year, WIF is a memecoin with a depiction of a Solana developer's dog adorned in a knitted cap. From its onset, WIF's worth has seen an astounding increase of over 50,000%. Despite this, Solana is still below its ultimate peak of $259.62 by 52%, a milestone achieved on Nov. 6, 2021. Furthermore, Solana is not the only prominent cryptocurrency to hit 2024 peaks, with both Binance's digital currency, BNB, and the Dogecoin (DOGE) marking their respective highs at $427 and $0.12, slightly ahead of Solana. Bitcoin (BTC), too, is fueling the cumulative gains, as the market observes consolidating institutional influx into the recently authorized spot Bitcoin exchange-traded funds (ETFs) post their Jan. 11 approval. Moreover, these ten ETFs spawned a record-shattering volume of $7.7 billion on Feb. 28 while, concurrently, BlackRock's iShares Bitcoin ETF witnessed the largest singular day inflow ever, exceeding the $612 million mark. At present, Bitcoin is trading at $62,413, a 21% weekly gain and a 44% monthly uptick. Similarly, Ethereum recorded its loftiest 2024 value on Feb. 28, hitting a provisional apex of $3,492. Market observers are keenly eyeing the soon-to-arrive Ethereum spot ETF as a potential springboard for its prospective climb in the coming months, anticipating Ethereum's price trend to emulate Bitcoin's prior to its spot ETF products getting the green light.
Published At
2/29/2024 8:25:15 AM
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