Bitcoin (BTC) and Solana (SOL) Surge to New Highs, Here's Why

Bitcoin (BTC) broke above the $81,000 mark in the past 24 hours, making a new all-time high (ATH) of $81,858.29; a 4.53% increase.

Bitcoin (BTC) price finally crossed the $81,000 mark and reached its highest figure of $81,858.29 with an increase of 4.53%. Meanwhile, the upward trend of digital gold continues and altcoins such as Solana (SOL) have also experienced price increases. The price of SOL reached $200 a few days ago and may soon reach its highest figure.

According to CoinMarketCap data, Bitcoin is trading at $81,455.89 at the time of writing, and has increased by 17.81% in the past week and 30.05% in the past 30 days. BTC has increased by 11.962% since November 2023 and is now worth $1.61 trillion.

On the other hand, the volume of Bitcoin transactions also increased dramatically by 136.65% and reached 84.38 billion dollars, which indicates the increase of institutional and retail interest in this digital asset. Bitcoin spot exchange-traded funds (ETFs) in the US have also seen steady inflows.

Solana price performance

Meanwhile, Solana has outperformed its competitors in the current cycle and is up 282.18% since November 2023. Currently trading at $208.09, SOL cryptocurrency is only 19.8% away from its all-time high of $260.06. SOL price has increased by 2% in the last 24 hours, 27.62% in the last week and 42.99% in the last month.

Also read: Solana's liquid sticking reached the market of 5.67 billion dollars; JitoSOL is in the lead

In a report published on Friday, Coinbase analysts David Dong and David Hahn asserted that Solana's on-chain trading ecosystem is the third most profitable category in cryptocurrencies after stablecoins and layer 1s. Also, blockchain trading activity regularly accounts for 75-90% of its transaction fees, which confirms its widespread use by investors.

Solana price analysis

The price of SOL has been in an upward trend in the short term and this altcoin has managed to break above the levels of March and with a market value of 8.66 billion dollars, it has managed to win the fourth place in the space of digital assets.

The Relative Strength Index (RSI) shows a value of 72.68, which means that the bulls are generally in control of the market and the demand for SOL is very high. However, overbought levels indicate that a correction may occur.

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