Ethereum
What’s going on? — TradingView News
After a dismal week characterized by Bitcoin, Ethereum, and Solana prices either declining or moving sideways, prices rebounded strongly at the end of last week.
It is worth noting that losses on Ethereum were stopped as prices recovered from around $3,000 to $3,000. At the same time, Bitcoin and Solana advanced, approaching $70,000 and $200, respectively.
Interest in Bitcoin, Ethereum and Solana is growing
According to Santiment data, despite the general weakness, signs of strength were observed at the end of last week. It is worth noting the renewed interest, where Solana, Bitcoin and Ethereum saw a sharp increase in trading volume.
When trading volume increases, it often suggests that market participants are curious and willing to engage, especially if prices are rising. Given that these major coins were firm, rejecting losses, especially starting on Friday, July 26, buyers were in the equation, looking to capitalize.
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As Santiment analysts noted, the performance of Bitcoin, Ethereum, and Solana tends to impact the broader market. If Ethereum recovers, for example, it would benefit the broader layer 2 and 3 ecosystems. This would push meme coins and even decentralized finance (DeFi) activity even higher.
There are several factors behind this interest. In the case of Bitcoin, the changing regulatory outlook on the world’s most valuable cryptocurrency and the growing support from politicians, especially in the United States, could explain why more and more people are willing to learn more about this cryptocurrency.
The Impact of Trump, Ethereum Spot ETFs and SOL Flipping BNB
Over the weekend, Donald Trump, former president and presidential candidate for next November, spoke at the Bitcoin conference recently held in Nashville. Trump expressed his support for Bitcoin, saying it would make America the home of cryptocurrency.
Meanwhile, eyes were on Ethereum after the U.S. Securities and Exchange Commission (SEC) approved spot ETFs. Although the derivative product has started trading on major exchanges, including the NYSE and Cboe, inflows remain low.
Data from Farside showed that spot Ethereum ETFs saw outflows for three consecutive days on Friday. Outflows from Grayscale’s ETHE were primarily responsible. Even amid this unexpected development, BlackRock’s spot Ethereum ETF product saw over $87 million in inflows on July 26.
Traders also followed Solana after the coin surpassed BNB as the third most valuable cryptocurrency, excluding stablecoins. According to data from CoinMarketCap, SOL had a market capitalization of $88.5 billion as of July 29, while BNB stood at $86.5 billion. www.tradingview.com/x/Maa2GaT5
Over the past few weeks, SOL has seen a slight uptick. To summarize, SOL is up 56% from the July lows. It will likely register new highs in Q3 2024 if buyers break above $200.