Bitcoin may be grabbing headlines, but it’s Solana that’s stealing the show in the world of cryptocurrencies this week.
With a remarkable 16% surge over the past 24 hours, Solana has skyrocketed to a 22-month high, reaching a price above $131.
This spike, which briefly touched $134 earlier on Thursday, represents a 26% leap over the past seven days, marking Solana’s highest price since April 2022.
Meanwhile, Bitcoin remains relatively steady, experiencing a minor decrease of less than 1% over the last day, with a current price just under $62,400. However, Bitcoin has still managed an impressive 21% climb over the past week. Ethereum, on the other hand, has seen no change in price today, hovering around $3,450, but has surged by 16% in the last week.
Solana’s recent surge underscores a broader trend of significant gains across the cryptocurrency market. Dogecoin, for instance, has emerged as the biggest gainer among the top 10 cryptocurrencies, soaring by 53% over the past week to nearly $0.13.
The surge in meme coins on Solana, such as Bonk (BONK) and WIF (Dogwifhat), further amplifies the momentum of the broader market rally.
Bonk, for instance, has more than doubled in price over the past week, experiencing a 104% increase to reach $0.000024 at present. Similarly, WIF has surged by a staggering 156% this week, hitting $0.82 and setting an all-time high above $0.88 early Thursday.
The resurgence of Bitcoin, driven in part by the approval and adoption of spot Bitcoin exchange-traded funds (ETFs) in the United States, has injected renewed optimism into the cryptocurrency market. Billions of dollars flowing into these funds have fueled substantial Bitcoin purchases, contributing to its recent price surge. Additionally, anticipation surrounding the next Bitcoin halving event, expected in mid-April, may be further driving gains.
While Bitcoin’s resurgence may be a key factor in Solana’s recent performance, the Solana ecosystem itself has witnessed remarkable growth and renewed enthusiasm in recent months.
Despite facing challenges following the collapse of FTX in December 2022, Solana has rebounded impressively, boasting a staggering 468% increase in the last year alone.
