BTC - Why Solana NEAR Protocol and Avalanche Jumped This Week
2024-03-15 17:47:00 ET
The crypto market continues to push higher on the back of Bitcoin 's (CRYPTO: BTC) rise and the success of Bitcoin exchange-traded funds (ETFs). There's no question the industry is pushing for more ETFs as investors demand these products in ever larger numbers.
But the big moves this week took place in smaller, more utility-based tokens. According to data provided by S&P Global Market Intelligence , Solana (CRYPTO: SOL) is up 28.4%, NEAR Protocol (CRYPTO: NEAR) is up 29.6%, and Avalanche (CRYPTO: AVAX) has gained 35.1%. They're up because the industry overall is on the rise, but there are token-specific drivers as well.
Bitcoin ETFs hit an incredible $1 billion in inflows in a single day this week as the ETFs continue to gather assets and push crypto awareness and adoption higher. The next phase could be more ETFs being approved by the Securities and Exchange Commission (SEC), which could again lead to more adoption.
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Why Solana, NEAR Protocol, and Avalanche Jumped This Week