The cryptocurrency market experienced significant gains over the past 24 hours, with the CoinDesk 20 index, representing the top twenty cryptocurrencies, surging by 4%. While major tokens like Bitcoin (BTC) and Ethereum (ETH) saw positive movement, Solana’s SOL emerged as the standout performer, leading the pack among crypto majors.
Amidst renewed bullish sentiment triggered by Bitcoin briefly crossing the $50,000 mark late Monday, SOL witnessed an impressive 8% jump in value. Ethereum also experienced a notable increase of 6.6%, while Avalanche’s AVAX, BNB Coin (BNB), and Cardano’s ADA recorded comparatively lesser gains of 6%, 3%, and 3% respectively.
Interestingly, despite the price surge in major cryptocurrencies, some market observers noted a disparity in retail interest. Google search interest for Bitcoin remained at an all-time low compared to its price, suggesting subdued retail engagement with the cryptocurrency.
In the Ethereum ecosystem, tokens like Lido’s LDO and layer-2 tokens including Arbitrum’s ARB and Mantle’s MNT surged by as much as 7%. This rally coincided with the news of financial giant Franklin Templeton filing plans for a spot Ether ETF, indicating growing institutional interest in the Ethereum ecosystem.
The rise in the broader cryptocurrency market has coincided with the recent milestone achieved by Bitcoin, touching the $50,000 level for the first time since late 2021. Spot Bitcoin ETFs have also gained traction, accumulating over 192,000 tokens since their launch nearly a month ago, reflecting increasing institutional participation in the market.
As the cryptocurrency market continues to exhibit volatility and undergoes fluctuations in retail interest, the performance of major tokens like Solana, Ethereum, and Bitcoin remains closely monitored by traders and investors alike.
