After rallying for a fortnight, Bitcoin witnessed minimal gains this week. However, several top altcoins, including Solana, Cardano, and XRP, have seen massive rallies over the last seven days.
Bitcoin closes the weekend with a 0.9% growth. It’s priced at $35,045 as of this writing. The renewed interest in the coin is mainly fueled by anticipation that the US Securities and Exchange Commission will allow Bitcoin spot ETF to trade in the United States soon.
Well-known investment company Bernstein told its clients via a note earlier this week that the commission is likely to approve the most-awaited ETF before March next year. The firm claimed that Bitcoin would hit $150,000 in 2025 if the ETF started trading in 2024.
SOL Rally and Its Key Driver
Second-biggest cryptocurrency, Ethereum, has recorded more gains than Bitcoin this week. It’s up 5.29% to change hands for $1,893.2 at press time. Solana, on the other hand, is priced at $40.39 after growing by 23.51% over the last seven days. The SOL rally comes amid rising developer activity on Solana. Numerous Web3 developers have announced plans to build projects on the Solana blockchain as they see it as a true contender to Ethereum.
SOL fell 4.5% on Friday after on-chain observers noticed significant SOL transfers initiated by FTX-linked crypto wallets. The tokens were moved to cryptocurrency exchanges Kraken and Binance as many anticipate that FTX estate is looking to sell the digital assets as part of the liquidation plan approved by a US court a few months ago.
Besides Solana, XRP and Cardano are the other top 10 cryptocurrencies to have posted double-digit gains this week. XRP is up 16% to trade at $0.65532, while Cardano has grown by 16.7% to $0.34261. Meanwhile, Toncoin has seen its value rise by 9.3% to $2.24; Polkadot is priced at $12.7 after surging 1.9%; XLM trades for $0.1249 following a 9.5% growth; and ATOM is up 9.85% to $7.78.
Other News
At the start of the week, stablecoin issuer Circle announced the closure of legacy accounts. That means retail investors will no longer be able to mint USDC from the firm itself. Instead, they’ll be required to purchase the tokens from brokerages or exchanges.
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