Cryptocurrencies have run amuck over the last few days as Bitcoin has helped lead the sector out of the doldrums.
An unexpected surge
A huge pump to the upside has seen the total market cap of crypto push through the $1 trillion mark, a level not seen since early November of last year.
At only $830 million on the first day of January, things had not been looking particularly rosy for the crypto asset class, but bitcoin was about to have other ideas and a slow incremental crawl upwards suddenly saw the king of the cryptos catch fire and surge upwards.
Even though BTC dominance continued to climb over the last few days, various cryptocurrencies followed bitcoin’s example in a big way. Probably one of the biggest turn-arounds among the large cap cryptos has been Solana.
When the FTX collapse happened things turned very bad for the Solana price, given that Sam Bankman-Fried and Alameda Research had been big supporters and holders of Solana and the $SOL token.
At one point $SOL was under $8, and for some commentators, was heading for zero. However, such a supremely fast blockchain with such a large ecosystem was not going to keep on going down.
In fact, the price has trebled since that time and has currently settled at around $23. A pullback is possibly on the cards next, and $14 might well be a good place to start accumulating again.
Avalanche is another of the large caps to make some great gains over the last couple of weeks. Although not in the same league as $SOL, $AVAX managed to increase by 75% over this period. Most of this increase would have no doubt been due to the AWS partnership.
Obviously, when large cap alts are mentioned Ethereum will always spring to mind. A more than 35% increase over the last 2 weeks is not to be sneered at, and if Ethereum’s market cap is taken into account, the increase in value here is probably more than for any of the other large cap alts.
In fact, it could be said that Ethereum is the main cryptocurrency leading the rest of the pack higher. The ETH/BTC pair has been on an upwards trajectory since June of last year. For many, the ETH flippening of BTC is only a matter of time.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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