Thursday, November 30, 2023

Solana led the rise of the crypto market along with global economic expectations

The cryptocurrency market witnessed a week of dynamic movements, which highlighted the continuous rise of Bitcoin and the spectacular rally of Ether, which surpassed the $2,000 mark, according to the analysis provided by Simon Peters, a cryptoasset expert on the platform eToro Investment.

The price of bitcoin experienced an increase of 5.6% last week, continuing a positive trend. With a value fluctuating around $34,600 a week ago, it reached $36,600, consolidating an annual increase of 126%. Despite some changes, the leading cryptocurrency maintains a strong position.

On the other hand, Ether showed a more impressive performance, with an increase of around 7.8% last week. Starting its trade at around $1,880, it rose above $2,100 on Thursday, marking a milestone not seen since May 2022.

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Although it fell slightly, its value continued above $ 2,000, showing a growth of more than 67% in the last 12 months.

The Solana cryptocurrency also stood out, registering a 42% increase last week. This significant increase is due to strong demand in the futures market and continued growth in DeFi demand.

However, the market’s attention shifted to key developments this week, particularly the release of the latest US inflation data on Tuesday.

Speculation continues to surround the approval of the Bitcoin ETF, which has taken money into the cryptocurrency market in anticipation of this event.

Investors, looking at the US and the global economy, are looking for signs of a slowdown, but the lower-than-expected inflation data confirms this view. Meanwhile, the steady rise in prices reminded investors of the central banks’ message about expansionary monetary policy.

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Similarly, UK inflation numbers are expected on Wednesday, although their impact on the market will be limited as they follow US data.

Overall, while Bitcoin and Ether maintain their strong trajectory, attention shifts to key economic data and speculation surrounding the approval of the Bitcoin ETF, which continues to be a key factor in market dynamics. in cryptocurrency.

Nation World News Desk
Nation World News Desk
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