Bitcoin and Solana leave good feelings this week in the market.

joeljaimes1982 (70)Authorized Userin Steem Alliance • 8 months ago

Bitcoin is about to make history by closing 7 consecutive months in green for the first time and we are only 19 days away from the halving and bitcoin continues to fluctuate around $69,800 and $70,000, setting record after record in Wall Street records.

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However, the uncertainty caused by this new cycle in which we have very different factors from the previous ones has begun to generate many doubts in investors, causing in some cases emotions to take control of their decisions when buying, selling for fat or fomo.

Despite this, bitcoin shines again after a few hectic weeks marked mainly by the GrayScale liquidations, bitcoin is once again regaining strength, remaining less than 5% of its historical maximum and this month of March has been a real mountain russian for bitcoin.

It is that bitcoin has surpassed 60,000 or 70,000 and marked new historical highs and then fell sharply to 61,000 and then quickly recovered 70,000 again, leaving good feelings again, a movement that has also been reflected in the main altcoins that do not finish take off, suffering very strong declines and returning to levels that we have not seen since 2023.

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As is the case of solana, the biggest protagonist of recent months, with the Euphoria of memes on its network, the madness of solana saga and the updates has been one of the ones that has grown the most by far, approaching $200 again after having risen almost 50% in March and more than 850% in the last year.

Without a doubt, a brutal rise that places it close to its last historical maximum and with very good expectations for the next bullish cycle, improving all the problems it had in 2021 and having emerged very strengthened from the tense moment it went through with the crisis and bankruptcy of FTX In fact, if we compare it with Ethereum this week, it has come very close to breaking its all-time high on the sunny chart.

A very important fact that positions solana as one of the most reference blockchains and with very great potential in sectors such as nfts memes, etc., etc. thanks to its speed and low fees. In addition, I would also like to highlight that in all this time the rise of solana has been has been reflected in its market capitalization.

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This means that it has been climbing the CoinMarketCap ranking and is currently in position number five only behind Bitcoin, Ethereum, Usdt and BNB, that is, only three projects and we remove the stablecoins and very close to surpassing BNB, which It would place it only behind its direct competitor Ethereum.

On the other hand, Wall Street continues to buy bitcoin, GrayScale liquidations continue to arrive and continue with a wave of massive sales that seems to have no end and in just two and a half months the liquidations are already close to 15,000 million dollars, which measured in bitcoin it corresponds to more than 283,000 bitcoins.

That is, approximately 1.35% of the total supply of bitcoin in just 10 weeks, a brutal figure that further reinforces the fundamentals of bitcoin and how, despite this impressive volume of sales, the price has not only held up but has risen more than one 43% since ETFs began trading.

If there is a protagonist in all this, it is Wall Street, which, as the CEO of BlackRock indicated a few days ago, the interest and explosion that the bitcoin ETF has had has surprised them greatly since they could expect great growth, but what What is happening has broken all expectations with the bitcoin ETF, becoming the best launch in history.

In conclusion

This week bitcoin and solana have regained their green color and the injection of capital has been quite important, accumulating almost 750 million and once again leaving good feelings in the market without counting on the new requests for ethereum etfs, new countries joining this movement and above all all with BlackRock continuing at an unstoppable pace, accumulating more bitcoin, which promises a very promising bull market.