Investors are waiting for BTC to exceed USD 100k, but altcoins do not intend to remain silent. Solana’s new ATH shows that the market is clearly bullish, which translates into both the king of cryptocurrencies and other altcoins. The ATH of which coins can surprise us this month?
Solana’s new ATH, i.e. the return of the spectacular return of the altcoin
Before the current bull market began, Solnana was often mentioned as the dark horse of the cryptocurrency race when it comes to altcoins. There were even predictions that after the introduction of BTC ETFs, the SOL rate could reach USD 600. The year 2024 showed that Solana has the potential, but for systematic growth rather than a “quick shot” at ATH. It is worth adding that Solana’s new ATH exceeds the current record price from 2021, i.e. shortly after the coin’s launch. It is worth noting that SOL is consistently increasing in 2024, thanks to which the SOL rate has increased by over 168% over the last 12 months.
Bitcoin Climbing to $100,000 – Commentary by Gracy Chen from Bitget
It is only a matter of time before BTC breaks the psychological barrier of USD 100,000. Gracy Chen, Managing Director at Bitget, shared an interesting comment:
BTC continued to set new records this week, breaking through $99,000 today and being just shy of $100,000. Whether BTC can break $100,000 and whether there will be a pullback after the breakout is something we evaluate as follows:
- Institutional Domination – the main driver of BTC’s rapid growth is still institutional involvement. We have seen large net inflows into BTC ETFs this week. By Wednesday this week, BTC ETFs had net inflows of $1.8 billion. MicroStrategy purchased 51,000 BTC last week at a price of $88,617 each, and this week announced plans to raise $2.6 billion for further BTC purchases. Well-known mining companies plan to issue $850 million in convertible bonds to purchase BTC. The enormous purchasing power of traditional funds resulted in a rapid increase in the price of BTC.
- Data on Derivatives – open interest in BTC contracts increased to USD 63 billion, with a daily increase of USD 6 billion, attracting significant inflows to the market. BTC’s implied volatility (IV) increased to 60, indicating a higher likelihood of large market swings in the future. Short-term capital tends to lock in profits, which can lead to large price fluctuations around the level of PLN 100,000. dollars.
- Psychological Barriers – reaching the $100,000 level can act as a psychological barrier where investors may re-evaluate their positions, leading to a natural sell-off point, as can be seen in other asset classes when significant round numbers are breached.
Therefore, we believe that if BTC breaks 100,000 dollars, there is a high probability of a decline. However, the entry of long-term institutional funds suggests that the BTC price is far from this point, and a break above $100K and further upward movement is only a matter of time.
What after 100k BTC? Is Solana’s next ATH just around the corner?
The dynamics of the BTC rate after crossing the psychological threshold of USD 100,000 will depend on the market sentiment. It is possible that the scenario of breaking one of the first psychological bars, i.e. 10k in 2017, will repeat itself. As for Solana and other altcoins, the current market situation certainly favors the growth of all significant cryptocurrencies. This is evidenced by the fact that the cryptocurrency market capitalization recently exceeded USD 3 trillion. The bull market continues, and new ATHs of Solana and other cryptocurrencies are only a matter of time, given the current sentiment.
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