Bitcoin Soars to Yearly High, Solana Surges 10%: Weekend Crypto Update

Over the last 24 hours, Bitcoin saw a surge and reached an unprecedented high of $106,000 in 2021. However, its upward momentum was briefly halted and it dipped slightly by approximately $3,000 thereafter.

After their recent growth, most altcoins are now experiencing a pullback, with the exception of Solana (SOL), which is currently leading as the day’s biggest winner.

BTC Stopped at $105K

The turbulent trading week commenced with a significant price plunge for the leading cryptocurrency, causing it to fall from approximately $96,000 to a multi-month minimum of $89,200 (on Bitstamp). After experiencing such substantial losses within a single day, the bulls managed to halt the asset’s descent at this juncture and steer its course in an upward direction.

24 hours later, Bitcoin had surpassed $7,000 and was approximately at $97,000. The unexpectedly positive US Consumer Price Index data revealed on Wednesday led to additional gains, and Bitcoin quickly reached $98,500 before continuing its ascent towards $100,000.

Following a small setback, the cryptocurrency soared beyond the desired mark recently. The peak was reached yesterday as the value surged to its highest point since the record high of around $106,000 in mid-December.

Despite attempting to reach above $108,000, Bitcoin’s value began to decrease instead. Currently, it stands at around $103,000, causing its market capitalization to nearly reach $2.050 trillion on CoinGecko. Additionally, Bitcoin’s dominance over alternative cryptocurrencies is increasing, currently standing at approximately 55%.

SOL Defies the Odds

Over the last several days, numerous alternative coins experienced significant increases, but they’ve since entered a period of reversal today. Among them, XRP is leading the way, nearing a fresh record high of $3.4 by 1%, but failing to break through and now faces challenges at around $3.1.

Cryptocurrencies are experiencing a dip: Ethereum is now below $3,300, Binance Coin (BNB) stands at around $700, Dogecoin (DOGE) has fallen under $0.4, and Cardano (ADA) has dropped the $1.1 mark. Additionally, losses are being seen in Avalanche (AVAX), Stellar Lumens (XLM), Shiba Inu (SHIB), Hedera Hashgraph (HBAR), Polkadot (DOT), and other coins as well.

Instead, it’s worth noting that SOL has experienced a surge of around 10% and reached its peak, which is nearly $240, since the beginning of December.

As an analyst, I’ve noticed a slight dip in the overall cryptocurrency market capitalization compared to its peak yesterday; however, it currently stands at over $3.7 trillion according to CoinGecko.

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2025-01-18 12:56