BTC and SOL- Key Market Movements This Week
BTC and SOL– Bitcoin experienced a notable resurgence, returning to $67,000 during the Asian morning session. This upswing followed the release of U.S. economic data that bolstered expectations for a potential quarter-point interest rate cut in November. The Federal Reserve’s latest Beige Book, which surveys economic conditions across the country, painted a subdued economic outlook. It reported that nine out of twelve regional banks have experienced stagnant or slightly weakening economic activity since early September.
In the European morning, Bitcoin fluctuated around the $67,000 mark, showing an increase of approximately 0.75% over the past 24 hours. The broader digital asset market, as indicated by the CoinDesk 20 Index (CD20), also saw a modest rise of about 0.4%. Furthermore, data from Glassnode and Bitwise revealed a significant uptick in large holders, or whales, with the number of entities owning at least 1,000 BTC climbing to 1,678—marking the highest level since January 2021.
This growing accumulation among major investors, coupled with robust interest in alternative investment vehicles like U.S.-listed spot ETFs, reflects increasing confidence in Bitcoin’s future price potential. However, retail investor accumulation has slowed, with only 1,000 BTC added to retail holdings over the last thirty days, a notably sluggish pace as reported by analysts at CryptoQuant.
Solana Surges as Memecoins Gain Popularity
In contrast, Solana (SOL) has emerged as a standout performer, leading gains in the cryptocurrency market. Over the past 24 hours, SOL jumped more than 4% to reach $173, marking a 14% increase over the week and achieving price levels last seen in early August. Notably, SOL set a record high against Ether, driven by heightened trading activity within the network.
The Solana ecosystem has become a vibrant hub for trading, characterized by an engaged community and an abundance of small-cap trading opportunities. Recently, network-based memecoins such as POPCAT, BONK, and GOAT surged by as much as 70%, fueled by increased network volumes and trading activity. According to SolanaFloor data, over 40,000 new tokens were created on the Solana network in just the past 24 hours, underscoring the platform’s thriving trading environment.
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