Bitcoin Aims for 50K Dollars on Altcoin FUD Wave: Ethereum, Solana Gains Impress

Crypto News- In the dynamic crypto landscape, ETH and Solana (SOL) stole the spotlight, showcasing resilience as Bitcoin encountered liquidity challenges. Market data from Cointelegraph Markets Pro and TradingView revealed Bitcoin’s ongoing consolidation, while ETH/USD demonstrated a remarkable 7.6% gain within a 24-hour period.

Despite Bitcoin reaching new 19-month highs at $44,490 earlier in the week, attention shifted to ETH and Solana, marked by the ticker symbol SOL, both making waves in the market by surging to $73.

Bitcoin Aims for 50K Dollars on Altcoin FUD Wave: Ethereum, Solana Gains Impress

Trouble loomed for Bitcoin enthusiasts, prompting analyst Matthew Hyland to dub recent progress a potential “false breakout.” Bitcoin dominance peaked at 55.26% on December 6, aligning with BTC’s price highs—a level not seen since April 2021.

Expressing concern, Hyland emphasized the need for Bitcoin’s dominance to close above the crucial 54.35% mark to avoid further complications. As of the latest update, dominance hovered around 53.9%, underscoring the uncertainty in the market.

Seizing the opportunity, major altcoins capitalized on the situation, with ETH/USD reaching $2,392 before a modest correction. Santiment, a research firm, attributed the fear, uncertainty, and doubt (FUD) surrounding potential altcoin breakouts as a factor that could ultimately benefit Bitcoin.

Highlighting the sentiment on social media, Santiment noted fears of a crypto market “bull trap” but suggested that FUD might propel Bitcoin to the $50K mark if it intensifies.

Despite the apparent setback in Bitcoin’s momentum, some market participants, like the optimistic trader Credible Crypto, viewed the current price correction as a phase of accumulation before the anticipated “next leg up” for the leading cryptocurrency.

While there is optimism, others caution that a more significant correction could be looming. Skeptics argue that the market might revisit $30,000 or even approach $20,000 before witnessing new all-time highs.