Solana gains another 9%, Ethereum Classic jumps 6% (Market Watch)


After yesterday’s price surge, bitcoin continued to rise and near $17,000 but was halted before that, at least for now.

Most altcoins have also calmed down after yesterday’s craziness, but Solana and Ethereum Classic have again posted notable gains.

SOL and ETC lead

crypto potato Significant volatility was reported yesterday, resulting in many altcoins marking double-digit price increases. Somewhat expected, the scenario is much calmer today.

Ethereum moved from $1,100 to around $1,200. Another 3% daily gain in the past 24 hours has now pushed the second largest cryptocurrency above that line.

Binance Coin, Ripple, Cardano, Dogecoin, Polkadot and Shiba Inu now have small profits. While LTC is also in the green a bit now, it was one of the best performers yesterday, and here are some possible reasons for that rally.

The biggest winners of large-cap alts are Solana and Ethereum Classic. SOL is up more than 9% and is trading north of $14. It’s worth noting that Solana’s native coin is one of the worst performers since the FTX-Almeida saga began earlier this month. ETC, on the other hand, is up 6% and recovered to USD 20.

With most of the low- and mid-cap alts trading sideways today, the overall crypto market cap remains relatively stable at $835 billion on Coinmarketcap.

Cryptocurrency market overview. Source: Quantify Crypto

Bitcoin Sees $17K

The primary cryptocurrency fell hard earlier this week, hitting a two-year low on Tuesday. This came after a relatively stable weekend in which the asset traded around $16,500.

However, as mentioned above, yesterday was very different. BTC recovered nearly 5% to hit its weekend high of $16,500. It tried to move further north for the past 24 hours, but was stopped by the bears before it had a chance to challenge $17,000.

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So far, it’s trading in familiar territory, but there are warnings that the bottom may not be there yet, by at least one major measure.

BTCUSD. Source: TradingView

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