BTC - Another Weekend Crypto Surge Takes Bitcoin Ethereum and Solana Higher
The crypto rally we've seen to start 2023 appears to have significant momentum. As it happens, weekend rallies have propelled much of the move in top cryptocurrencies to start the year, with Bitcoin (CRYPTO: BTC) , Ethereum (CRYPTO: ETH) and Solana (CRYPTO: SOL) seeing 2021-esque moves to start the year. As of 4 p.m. ET, these three top tokens have surged 3.2%, 4.5%, and 9.3%, respectively, in 24 hours.
Macro conditions remain broadly bullish for risk assets, leading to strong interest from investors in higher-risk assets such as cryptos. Core and overall PCE prices rose at the slowest pace since 2021 and the the Bank of Canada hiked rates by only 25 basis points (0.25%), signaling a pause on the horizon. These catalysts have provided indications that a pause-and-pivot scenario could be in play for the Federal Reserve this year. For higher-risk assets like crypto, this is a big deal.
On a token-specific level, these three mega-cap cryptos have their own catalysts investors are watching closely right now. Bitcoin's strong momentum this month has translated into strong moves across various altcoins, with the token set for its best January in a decade, moving approximately 50% off of last year's bottom. Ethereum's upcoming Shanghai upgrade has led to a record amount of ETH being staked on the network, driving demand for its tokens as investors seek passive income potential from the world's second-largest crypto. And plenty of discussion around Solana is brewing, with the leading "Ethereum killer" seeing increased interest due to much-improved network performance and a lack of downtime seen in recent weeks.
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Another Weekend Crypto Surge Takes Bitcoin, Ethereum and Solana Higher