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Solana price rally: can bulls push SOL past $350 after crossing $241?

admin by admin
November 21, 2024
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Solana price rally: can bulls push SOL past $350 after crossing $241?
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Bitcoin’s historic ascent continues to dominate headlines as it soars to an all-time high of $98,024.

This milestone pushed its market capitalisation to $1.91 trillion, reflecting a 4.74% jump in mere hours.

Trading volume also surged 17.88%, reaching $88.38 billion in the last 24 hours.

In parallel, US-listed Bitcoin ETFs surpassed $100 billion in total assets under management just ten months after their January launch.

On a single day, $773 million flowed into these funds, cementing Bitcoin’s position as a powerhouse in financial markets.

Investors are now eyeing the $100,000 milestone as the rally gains momentum.

Trump administration’s pro-crypto stance boosts market sentiment

Bitcoin’s extraordinary run has been fuelled by optimism surrounding President-elect Donald Trump’s pro-crypto policies.

Speculation about a dedicated White House digital-asset policy position has sparked enthusiasm across the crypto sector.

Trump’s vocal support for blockchain innovation has solidified his reputation as a champion for the digital-asset space.

Market participants are responding enthusiastically.

Since Election Day, Bitcoin has surged 129% in 2024, far outpacing traditional assets like gold and equities.

Bitcoin ETFs have drawn over $4 billion in inflows since the election, a testament to rising confidence in regulatory clarity under the incoming administration.

BlackRock dominates Bitcoin ETF inflows with $626 million in a single day

BlackRock’s dominance in the Bitcoin ETF market remains unmatched.

On November 20, its IBIT ETF secured $626.52 million in inflows, pushing its cumulative total above $30 billion.

Fidelity’s FBTC ETF also saw significant activity, attracting $133.94 million.

Other players, including ARK’s ARKB and Bitwise’s BITB ETFs, posted inflows of $9.25 million and $3.77 million, respectively.

The combined trading volume for Bitcoin ETFs reached $5.71 billion, a sharp increase from $4.78 billion the previous day.

These developments highlight the growing role of institutional investors in propelling Bitcoin’s ascent.

Ethereum ETFs struggle as spot products face outflows

While Bitcoin thrives, Ethereum ETFs have struggled to maintain investor interest.

Spot Ethereum ETFs recorded their fifth consecutive day of outflows, with Fidelity’s FETH leading the pack, losing $30.75 million.

Grayscale’s ETHE also faced $16.29 million in redemptions.

Not all was gloomy for Ethereum-based funds. BlackRock’s ETHA ETF bucked the trend, securing $16.74 million in inflows, suggesting selective investor optimism.

Despite this, Ethereum remains far behind Bitcoin in terms of market traction during this bullish cycle.

Analysts predict Bitcoin’s path to $100K is imminent

As Bitcoin consolidates around $98,024, a 5.6% rise in the past 24 hours, analysts suggest the long-awaited $100,000 milestone is within reach.

The cryptocurrency’s momentum has solidified its role as a key player in global financial markets.

Ethereum, in contrast, has seen minimal movement, holding steady at $3,107.

The market’s focus remains on Bitcoin’s unparalleled growth, driven by a confluence of institutional interest, favourable policy outlooks, and surging ETF activity.

With several analysts predicting Bitcoin could double its value by year-end, the spotlight on its trajectory remains unrelenting.

The post Solana price rally: can bulls push SOL past $350 after crossing $241? appeared first on Invezz

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