Solana Soars 9% to $40 as Bitcoin Holds $22,000 (Market Watch)

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Bitcoin continued to post minor gains over the past 24 hours and hit a new multi-week high above $22,500.

Solana became the best performing of the largest cap altcoins, with a notable rise of 9% to $40.

Bitcoin saw another minor spike

Since last week’s price crash to $18,500, bitcoin has been on a roll. It started off rallying to $19,000, where it held for a few days, and even the ECB’s record interest rate hike didn’t push it down.

The end of the week brought even more positives for the bulls as bitcoin broke above the coveted $20,000 line. The weekend saw another price increase, as this time the asset broke above $21,500.

After settling there for a while, the cryptocurrency launched another offensive, surging above $22,000 and even jumping to $22,600 in the past 24 hours. This became its highest price level since August 19.

For now, it has retreated a few hundred dollars but is still north of $22,000. Its market capitalization is still over $425 billion and its dominance over altcoins has increased to 40%.

BTCUSD.  Source: Trading View
BTCUSD. Source: Trading View

SOL steals the show

Most of the larger-cap alts are slightly in the red today, including Ethereum, which has been on a roll lately, perhaps fueled by the hype surrounding the upcoming merger.

However, the second-largest cryptocurrency is down about 2% in the past 24 hours to just over $1,700, despite the meltdown drawing ever closer.

Binance Coin, Cardano, Polkadot, Shiba Inu, and Dogecoin are also slightly in the green against larger-cap alts. In contrast, Ripple, Avalanche, and MATIC grew by up to 5% daily.

Nonetheless, Solana stole the show from the larger caps with a massive 9% increase. As a result, SOL is poised to break above $40.

The cumulative market capitalization of all crypto assets remained north of $1.050 trillion, meaning the metric rose by around $150 billion in a matter of days.

Presentation of the cryptocurrency market.  Source: Quantify Cryptography
Presentation of the cryptocurrency market. Source: Quantify Cryptography
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Cryptocurrency charts by TradingView.

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