CryptoBitcoinMilestone missed by Solana and Bitcoin

Milestone missed by Solana and Bitcoin

The cryptocurrency market experienced a surge in market capitalization to $1.67 trillion, reaching a new high since May 2022. However, profit-taking quickly ensued, a trend observed over the past fortnight.

Bitcoin (BTC):

Bitcoin approached the $44.4K level but faced resistance, subsequently retracting to $43.7K.

Despite pullbacks, the shallower dips indicate the continuation of the longer-term bullish trend.

Altcoins:

Solana (SOL) encountered a 6% correction after attempting to breach the $100 mark, settling at $94.

Ethereum (ETH) demonstrated positive dynamics, accelerating growth to $2300.

Market Catalysts and News:

CryptoQuant suggests various catalysts could propel Bitcoin to $160K in a 2024 bull market, including demand from spot ETFs, upcoming halving, and US interest rate cuts.

Bitcoin miners attained record total commissions amid heightened trading activity, impacting mining revenue.

Trezor, a hardware wallet maker, added support for Solana (SOL) and SPL tokens.

Messari reported a 400% increase in the average daily active addresses on the Solana network in Q4 2023, outpacing Ethereum’s growth.

A US appeals court formalized the seizure of 69,370 BTC linked to Silk Road, a darknet marketplace.

PwC’s report highlighted that 42 countries globally implemented initiatives to regulate digital assets in 2023.

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Andrew
Andrew
Self-taught investor with over 5 years of financial trading experience Author of numerous articles for hedge funds with over $5 billion in cumulative AUM and Worked with several global financial institutions. After finding success using his financial acumen to build an investment portfolio, Andrew began writing and editing articles about the cryptocurrency space for sites such as chaincryptocoins.com, ensuring readers were kept up to date on hot topics such as Bitcoin and The latest news on digital currencies and Ethereum.

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