Ethereum and Solana Post Big Gains: The crypto market is feeling very positive because the prices of big cryptocurrencies like Ethereum (ETH) and Solana (SOL) have gone up a lot.
Solana’s price went up a lot, making it the fourth biggest cryptocurrency and passing Binance’s BNB coin. Even though there was a big problem on February 6 that might have scared some investors, people were still feeling positive enough to not let it bother them.
Today, Solana’s price increased by 4%, going from $112.54 to $117.14. This is also positive for swing traders, as the cryptocurrency’s value rose by 15.9% over the past week.
People are becoming more willing to take risks in the markets, as shown by the Crypto Fear and Greed Index reaching 74 out of 100. This is its highest point since Bitcoin’s biggest peak in November 2021.
Bitcoin is often viewed as an unpredictable choice compared to stocks, but other cryptocurrencies are even more unpredictable than Bitcoin and are highly desired when the market is doing well because they can quickly lead to big profits.
The amount of money in Solana’s DeFi (decentralized finance) projects has shot up by more than 944% since 2023, says DefiLlama. This shows that more investors are interested and trusting in Solana, even after the big problem caused by the FTX crash.
Sam Bankman Fried, who used to run the now-closed exchange, really liked and put money into the token.
By the way, the new Solana Mobile Saga smartphone has done better than expected with over 100,000 preorders. This success has allowed the Solana Foundation to raise its price and make more money from the popularity of a crypto-phone during a time when crypto tokens were increasing in value.
Ethereum maintaining momentum
Ethereum is going up along with the overall market. Today, ETH has increased a lot, showing strong performance during the market rise.
The price of Ethereum went up by 5.6% after a small drop yesterday. It began the day at $2,642 and increased to its present price of $2,781.
Ethereum’s price is the lowest it has been since April 2022.
The price of Bitcoin greatly affects other cryptocurrencies like Ethereum. But, the big update called Dencun coming to Ethereum in March is expected to make it work better and has made investors and people interested in cryptocurrencies feel good about it.
Disclaimer: The information on this website isn’t meant to be taken as advice for investing money. Investing involves uncertainty, and there’s a chance you could lose your money when you invest.
