Bitcoin Surges Back to $68K as Solana Shines and Ether Struggles
Following a minor dip, Bitcoin has rebounded to above $68,000 with notable performance from Solana, while Ether faces ongoing challenges.
Cryptocurrencies experienced a rebound after a period of decline, with the CoinDesk 20 index increasing by 2.7% in the last 24 hours.
- Solana's market capitalization dominance approaches historical highs at 3.70%.
- Crypto stocks also performed well, notably MicroStrategy which surged nearly 10%, marking its highest point in 25 years.
Market Overview
Bitcoin's recent performance saw it trading at $68,100, up 2.9% over the previous 24 hours. Conversely, Ether continues to lag, gaining only 1.1% and marking a new low in its relative performance compared to Bitcoin. In contrast, Solana outperformed, rising 3.0%.
Ether's Ongoing Challenges
Ether has underperformed both Bitcoin and Solana in recent weeks, posting a monthly decline of 2.1% while Bitcoin has increased by 7.4%.
"From an on-chain perspective, Bitcoin and Solana have outperformed Ethereum." - Andre Dragosch, European Head of Research at Bitwise.
The market capitalization difference between Bitcoin (at $1.33 trillion) and Ether (at $303.6 billion) has now exceeded $1 trillion for the first time.
Crypto Stocks
MicroStrategy's performance was notable, achieving a 10% rise as it reaches its highest level since the dot-com bubble. Other companies also recorded gains, with Coinbase and Riot Platforms seeing increases of 5% and 4.3%, respectively.
