Late on Monday, as Bitcoin (BTC) briefly crossed the $50,000 threshold, Solana’s SOL emerged as the top performer among major cryptocurrencies, sparking renewed bullish sentiment among traders.
Cryptocurrency Market Rally
SOL surged by 8%, while ether (ETH) also experienced a notable increase of 6.6% as Bitcoin witnessed heightened buying pressure following the opening of the New York market on Monday. Avalanche’s AVAX spiked by 6%, while BNB Coin (BNB) and Cardano’s ADA saw relatively modest rises of 3%.
The CoinDesk 20, a widely referenced index comprising the twenty largest tokens by capitalization and volumes, registered a solid 4% increase, excluding stablecoins.
Growing Interest in Ethereum Ecosystem Tokens
Specific tokens within the Ethereum ecosystem, such as staking protocol Lido’s LDO and layer-2 tokens like Arbitrum’s ARB and Mantle’s MNT, experienced significant jumps of up to 7%. This surge coincided with financial giant Franklin Templeton’s plans to launch a spot ether ETF, adding to a growing cohort of institutional interest in cryptocurrency.
According to Coindesk, the recent upswing in both major and alternative tokens closely tracks Bitcoin’s ascent, as it breached the $50,000 level for the first time since late 2021. Spot Bitcoin ETFs, introduced nearly a month ago, have garnered over 192,000 tokens as of Friday, increasing institutional market participation.
Market Caution Amidst Low Retail Interest
Despite the bullish sentiment, some market observers have highlighted that Google search interest for Bitcoin remains at an all-time low relative to its price, indicating subdued retail interest in the cryptocurrency.
According to Analytics Insights, while Google Trends allows users to compare the relative volume of searches, a declining trendline suggests decreasing popularity compared to other search terms.
With this in mind, traders remain cautious, warning of potential price retracements in the short-to-medium term despite the current market rally.