Bitcoin, Ethereum and Solana on traders' radar: What's going on?

After a dull week characterized by bitcoin, ethereum, and Solana prices falling or moving sideways, prices rebounded strongly towards the end of last week.

It is worth noting that losses on ethereum stopped as prices recovered, rising from around $3,000. At the same time, bitcoin and Solana rose, approaching $70,000 and $200, respectively.

Interest in bitcoin, ethereum and Solana is increasing

According to Santiment x.com/santimentfeed/status/1816987603138412947″ target=”_blank” rel=”nofollow”>dataDespite the weakness in the outlook, there were signs of strength at the end of last week. Of particular note was the renewed interest, with Solana, bitcoin and ethereum seeing a marked increase in trading volume.

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When trading volume increases, it usually indicates that market participants are curious and willing to participate, especially if prices are rising. Since these major coins held firm and rejected losses, especially starting on Friday, July 26, buyers were in the equation, looking to capitalize.

As noted by Santiment analysts, the performance of bitcoin, ethereum, and Solana tends to affect the overall market. If ethereum recovers, for example, it would benefit the broader layer 2 and layer 3 ecosystems. This will further boost meme coins and even decentralized finance (DeFi) activity.

There were multiple factors behind this interest. In the case of bitcoin, the changing regulatory outlook on the world’s most valuable currency and the growing support from politicians, especially in the United States, could explain why more people are willing to learn about the currency.

Trump's Impact, ethereum Spot ETFs, and SOL to BNB Reversal

Over the weekend, Donald Trump, former president and presidential candidate in the upcoming November elections, gave a keynote speech at the just-concluded bitcoin conference in Nashville. Trump expressed his support for bitcoin and said that it would make the United States the home of cryptocurrencies.

Meanwhile, attention has turned to ethereum following the approval of spot ETFs by the US Securities and Exchange Commission (SEC). Although the derivative product has started trading on major exchanges including the NYSE and Cboe, inflows remain low.

In any case, Farside's data presented By Friday, ethereum spot ETFs had seen outflows for three consecutive days. Grayscale’s ETHE outflows were the main driver of this. Even amid this unexpected development, BlackRock’s ethereum spot ETF product saw over $87 million in inflows on July 26.

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Traders also followed Solana after the coin surpassed BNB as the third most valuable cryptocurrency, excluding stablecoins. As of July 29, SOL had a market cap of $88.5 billion, while BNB stood at $86.5 billion, according to CoinMarketCap. data.

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Over the past few weeks, SOL has been on the rise. To put the numbers, SOL is up 56% from the July lows. It is likely to record new highs in Q3 2024 if buyers push above $200.

Featured image by DALLE, chart by TradingView