Crypto Review

Solana races towards the sun, bitcoin reaches new heights

Market picture

The cryptocurrency market rose on Wednesday, gaining fresh buying impulse after the Fed’s comments. Total market cap exceeded $1.30 trillion (+2.6% in 24 hours) and reached $1.32 trillion at the start of the day. Bitcoin surpassed $35K (+2.2%), and demand spread to leading altcoins such as XRP (+4%) or Solana (+10%).

Bitcoin broke the upper boundary of the week-long consolidation, climbing to $36K early on Thursday before retreating to $35.1K by the European session. Technically, the recent jump is a confirmation of the bullish bias. Bitcoin may not face significant resistance until $41K, but the maximum target for this momentum is $46K, where there was the last reversal.

Solana has gained up to 50% over the last three days. It has already surpassed its Fibonacci upside target of 161.8% of the original jump from 12 to 26 October. This coin’s price is at its highest since August last year, although it is still 85% below its peak of precisely two years ago. There is no technical resistance between $48 and $75, but it already looks locally overheated.

News background

According to CoinDesk, several of the world’s largest market makers could provide liquidity for BlackRock’s bitcoin ETF if regulators approve the product. Jane Street, Virtu Financial, Jump Trading and Hudson River Trading have already talked with BlackRock, which recently updated its filing with the SEC to launch the ETF.

October was probably SkyBridge Capital’s best month ever, said hedge fund founder Anthony Scaramucci. Bitcoin had an impressive month, he said. The fund also holds a lot of Solana, up 70% for the month.

Tether, the issuer of the USDT stablecoin, reported reserves for the third quarter of the year. According to the report, the financial giant’s excess reserves totalled $3.2 billion.

The TON blockchain set a new world record during public testing, completing nearly 105,000 transactions per second (TPS). This figure exceeds all confirmed results of other blockchains and the maximum speed of the centralised payment systems Visa and Mastercard. The previous holder of the fastest blockchain title was Solana.

The FxPro Analyst Team

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