Ethereum and Solana are experiencing significant gains in the crypto market, following the bullishness of Bitcoin. This wave of optimism has propelled both cryptocurrencies to higher prices and increased market capitalization.
Solana, in particular, has seen a strong price rally and has even surpassed Binance’s BNB token in cryptocurrency rankings. Despite a major network outage in early February, market sentiment remained bullish, allowing Solana to continue its upward trajectory. The cryptocurrency has experienced a 4% increase in price today, reaching $117.14, and a notable 15.9% spike in the last 7 days.
Overall market sentiment is showing a growing appetite for risk, as indicated by the Crypto Fear and Greed Index reaching its highest level since Bitcoin’s record peak in November 2021. Altcoins, like Solana, are known for their even greater volatility compared to Bitcoin and are highly sought after during bullish times for their potential to yield high gains in short periods.
Additionally, Solana’s DeFi protocols have seen a surge in total value locked (TVL), reflecting increased investor confidence and engagement with the Solana ecosystem. Despite the collapse of FTX, gaining over 944% since 2023 has demonstrated the solid growth of Solana’s DeFi sector.
On another note, preorders for the new version of the Solana Mobile Saga smartphone have exceeded expectations, with over 100,000 pre-sales. This has provided the Solana Foundation an opportunity to increase its price and benefit from the brand marketing that comes with a crypto-phone during a bullish run.
Meanwhile, Ethereum continues to maintain momentum and exhibit impressive gains in line with broader market movements. The price of Ethereum has increased by 5.6%, reaching $2,781 from its starting point of $2,642. These levels haven’t been seen since April 2022.
While Bitcoin’s price movements strongly influence altcoins like Ethereum, the highly anticipated Dencun upgrade to the Ethereum network, scheduled for March, has created a positive mood among investors and the crypto community. This upgrade promises significant efficiency improvements, further contributing to Ethereum’s bullishness.