Table of Contents
As the larger cryptocurrency market returns from its early April volatility, Bitcoin and Solana have both maintained their increases. In the same time frame, Solana grew 14.5% to $145, while Bitcoin rose 7% to $91,100.
Bitcoin maintains a 60% share of the global cryptocurrency market, which has risen by 6% to $295 trillion. Following U.S. President Donald Trump's statement of broad inverse tariffs, which initially led to market jitters, the rally developed in spite of political tensions and economic uncertainty.
Solana Meme Coins Gain Momentum
The price increase of Solana has been specifically noteworthy in light of recent events including the bankrupt exchange FTX. In the largest reveal since January 2021, almost 11 million SOL tokens, worth nearly $1.6 billion, were unlocked from the FTX estate. Such token payments should normally cause prices to decrease, but this hasn't occurred.
According to analysts, the effect has already been processed by the market, and there is still a variety of interest in the token. According to Matthew Nay, a research analyst at Messari, the token has been oversold, who also saw that future network updates, including the Firedancer validator client, are driving interest back.
On the Solana network, meme coins have also gained popularity. The AI agent Fartcoin, developed by Truth Terminal, grew 21% over the past day to attain a $1.08 billion market valuation. It is now becoming close to Official Trump (TRUMP), the current leader among Solana-based meme coins, despite topping Bonk to obtain the second-largest meme coin on Solana.
Bitcoin Gains Institutional Investor Support
Bitcoin has become more specific as a store of value and a secure haven. The introduction of spot ETFs and rising institutional investor adoption are associated with its ongoing growth. According to David Duong, head of research at Coinbase Institutional, Bitcoin has been more incorporated into conventional investment portfolios, which has assisted in protecting it from the steep price decreases observed in past cycles.
Bitcoin hit $93,461 on Tuesday, its greatest price since early March, and has since climbed by 18% in the last two weeks. Gains were also observed in other essential cryptocurrencies. Dogecoin elevated 9% to $0.172, Ethereum grew almost 8% to $1,703, and XRP boosted 3% to $2.15.
The market has provided indications of recovery, though some of these tokens are still beneath their most recent peaks. The last 24 hours saw $347 million in transactions related to cryptocurrencies, of which $255 million was generated by short positions.
Of that, $142 million was derived from Bitcoin and $90 million from Ethereum. As projections for decreased trade tensions between the United States and China rise, the overall mood in financial markets has become a bit better.
Read Next: Summers warns that US tariff Strategy may be creating a full-blown financial crisis.
