Bitcoin (BTC) experienced a slight increase over the last 24 hours, fueled by several positive news developments that sparked a recovery outlook. However, Ether (ETH) and Solana (SOL) are anticipated to potentially outshine Bitcoin’s performance moving forward.
Will Bitcoin Struggle Ahead?
Solana saw its largest surge in over a month following VanEck’s application to launch an ETF linked to it. Meanwhile, Ether has outperformed Bitcoin this year, largely driven by the anticipation of final approvals for ETH-linked ETFs.
In the past 60 days, Bitcoin’s price has declined by about 2%, while Ether and Solana have both increased by around 8%.
Bitcoin garnered significant attention when the first US spot ETFs for the largest digital asset were introduced, attracting major inflows from giants like BlackRock and Fidelity Investments. This helped Bitcoin reach a record high of $73,798 in March.
Since then, both Bitcoin’s demand and price have cooled. Over the last 30 days, Bitcoin’s price has dropped by 10%, currently trading at an average price of $61,523. Its 24-hour trading volume is marginally up at $21.7 billion, with a market cap of $1.21 trillion.
Upcoming Ether and Solana ETFs?
The US Securities and Exchange Commission (SEC) has approved stock exchange proposals to list spot Ether ETFs, with final approvals potentially coming as early as next week.
Ether has surged by 51% since the start of the year, surpassing Bitcoin’s 45% gain. Notably, Solana has seen an even more impressive 754% increase over the past 12 months.
Currently, Ether is trading at an average price of $3,438, down 29% from its all-time high of $4,891 recorded on Nov 16, 2021.
US Bitcoin ETFs have attracted $14.5 billion in net inflows since their listing in January. JPMorgan Chase strategists predict that Ether ETFs will attract a more modest $1 billion to $3 billion in net inflows for the rest of 2024.
Solana faces additional regulatory challenges, having been named as an unregistered security in various SEC lawsuits. This raises doubts about whether the regulator will approve Solana ETFs despite VanEck’s filing.
Solana is currently trading at an average price of $144.33. Its 24-hour trading volume has increased by 114% to $3.1 billion.
Not a financial advice.