Once again, Solana’s native token SOL has taken center stage. As Bitcoin (BTC) briefly surpassed the $50,000 mark late on Monday, SOL was among the top beneficiaries of the growing bullish sentiment among investors.
Current State of Altcoins
Following the opening of the New York market on Monday, buying pressure on Bitcoin increased, and during this period, SOL’s price jumped by 8%. In the same timeframe, Ethereum (ETH) rose by 7%, while Avalanche’s AVAX, BNB Coin (BNB), and Cardano’s ADA saw a more modest increase of 3%.
Excluding stablecoins, the liquidity index calculation of the top twenty tokens by capitalization and volume also showed a 4% increase.
Some Ethereum ecosystem tokens, such as the famous staking platform Lido’s LDO, tokens from layer-2 projects like Arbitrum’s ARB and Mantle’s MNT, surged by 7% following the ETF application presented by financial giant Franklin Templeton last evening, securing their place on the list of risers.
This growth in high-volume and alternative tokens indicates that Bitcoin’s rise to the $50,000 level, a first since the end of 2021, is being followed. Looking at spot bitcoin ETFs, it was revealed that since trading began about a month ago, more than 192,000 tokens had been purchased as of Friday.
Is Individual User Interest Remaining Low?
Meanwhile, some market observers have noted that despite the price increase, Bitcoin’s Google search trends remain at their lowest level, suggesting that individual investor interest is still low.
Google Trends helps users compare different search terms.
However, this should not be interpreted as a decrease in current searches. The decline can only be interpreted as a decrease in popularity when compared to other terms. This decrease in volume could be interpreted as people being apprehensive about short and medium-term price pullbacks when considering investing in cryptocurrency.
Bitget Research Chief Analyst Ryan Lee made the following statement:
There is no imminent news other than the halving that could yield returns in the medium and long term and have a price correlation with Bitcoin. It’s important to consider the market’s psychological levels, such as BTC prices changing up to the previous ATH before $50,000, which could lead to larger price pullbacks.
