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On Thursday, November 7, the price of Bitcoin started its second day of price discovery in a row, hitting new highs above $76,800. This is the latest update on the cost of Bitcoin, which is rising worldwide.
With the sector's trade volume surpassing $3.5 billion in the last 24 hours, demand for Solana memecoins is increasing. Let's discuss the Bitcoin price in Solana demo coins.
XRP and Solana memecoins
- The price of Solana increased 5.45% to hit $195 for the first time since April 2, which was 220 days ago.
- Due to the majority of highly used short traders in the derivatives futures contracts for Ripple-back coin, the price of XRP is facing strong resistance near the $0.55 level.
- On November 7, the sector's 24-hour trade volumes reached $3.5 billion, indicating that Solana memecoins display significant demand signals.
Flashing signs of market maturity for Solana memecoins
Coingecko statistics show that on November 7, the total trading volume of the tokens listed in the Solana meme sub-sector was $3.5 billion. The overall market capital of the industry is approximately $13.4 billion, according to a deeper examination of the chart.
The trading volume-to-market capitalization (TV-MC) ratio is a metric used in crypto analytics to assess the degree of activity and liquidity of a particular asset or industry.
According to recent data, the market capitalization of the Solana network's meme token subsector is around $13.4 billion, with a TV-MC ratio of 0.26. On November 7, the total amount of meme token trade on the Solana network was $3.5 billion.
Without overspending, TV-MC ratings between 0.2 and 05 are often typical of a maturing market. Regarding their present market valuation, assets with prices in this range generally see constant demand and stable liquidity.
The increasing TV-MC ratio for the Solana memecoin industry highlights the community's consistent growth and growing confidence. Top-ranked coins like Dogewifhat (WIF), BONK, and Book of Meme (BOME) may be able to face price drops when the market pulls back, thanks to the liquidity increase.
Market Update
- As UK inflation dropped below the 2% target on Thursday, the Bank of England cut interest rates by 25 basis points.
- Changpeng Zhao (CZ), a co-founder of Binance, has stated in a Bloomberg story that he is no longer involved in managing the exchange. This puts an end to weeks of rumours that the convicted founder may return after being recently released from prison.
On-chain Update
- In the past seven days, Solana node validators invested about 5 million SOL.
- Despite the record-breaking withdrawals from Blackrock, US Bitcoin ETFs continue to exhibit good results.
- On November 6, Blackrock's IBIT broke the previous record for the worst single-day outflow since the Bitcoin ETF asset class's launch in January 2024, losing 996 BTC.
