Bitcoin approaches year-to-date high; Solana (SOL) rises to fourth place in market capitalization

Macroeconomics and financial markets

In the US New York stock market on the 21st, the Dow Jones Industrial Average closed 322 points (0.87%) higher than the previous day, and the Nasdaq Index closed 185.9 points (1.2%) higher.

On the 20th, there was a sharp decline due to profit-taking ahead of the end of the year, but the market is still supported by expectations for an early interest rate cut by the Federal Reserve (Federal Reserve System). The backdrop is lower interest rates and a dovish shift by the US Federal Reserve (FRB), which is also providing a tailwind for crypto assets (virtual currencies) such as the Bitcoin (BTC) market.

Among crypto assets (virtual currency) related stocks, Coinbase, the largest US crypto asset (virtual currency) exchange, rose 3.6%, mining giant Marathon Digital rose 10.8% from the previous day, and Hut 8 rose 7.11%. The price soared.

CoinPost app (heatmap)

connection:Nasdaq rebounds as AI-related stocks rise, virtual currency-related stocks rise across the board | 22nd Financial Tankan

connection:10 major virtual currency stocks in the Japanese and US stock markets

Virtual currency market conditions

In the crypto asset (virtual currency) market, the Bitcoin price rose 1.72% from the previous day to 1 BTC = $44,131.

BTC/USD daily

There are signs of speedy adjustments due to expectations for approval of a Bitcoin spot ETF (exchange traded fund), which is expected as early as early January next year.

connection:Learn about Bitcoin ETFs from the beginning: Explaining the advantages and disadvantages of investing and how to buy US stocks

Ali pointed out that Ethereum (ETH) has confirmed a return move from breaking out of the ascending triangle. He expressed the view that $2,150 to $1,900 could be an ideal buying zone if the target is 1ETH = $3,500.

#Ethereum is currently retesting its breakout zone from an ascending triangle, hinting at preparation for a further climb.

The price range between $2,150 and $1,900 could be the ideal zone for accumulation before #ETH sets its sights on a higher target of $3,500. pic.twitter.com/6lGZT0ZKgv

— Ali (@ali_charts) December 20, 2023

Ethereum (ETH) is about to undergo a major upgrade called “Dencun” after the Shapella hard fork. For Dencun’s first testnet, the core developer has set a date of January 17, 2024, and mainnet implementation is expected around late February.

I had tentatively proposed some Goerli times throughout January prior to the call and after a bit of back and forth, we agreed to the Jan 17th date. Goerli is forking at epoch 231680, at 6:32 UTC !

Expect client releases and an announcement around Jan 8-10th pic.twitter.com/qfvVnEoDKS

— timbeiko.eth (@TimBeiko) December 21, 2023

connection:Ethereum’s next upgrade “Dencun” will be implemented around the end of February 2024

altcoin market

Solana (SOL) soared 17.3% from the previous day to $98.8, setting a new year-to-date high. As a result, it has surpassed BNB and moved to fourth place in terms of market capitalization, following XRP. If stablecoin Tether (USDT) is excluded, it ranks third after Ethereum (ETH).

coinmarketcap.com

Solana (SOL)’s main backers, major cryptocurrency exchanges FTX and Alameda Research, went bankrupt in November of last year, and at one point even the survival of the blockchain was in doubt. In August of this year, the U.S. Bankruptcy Court granted FTX permission to liquidate its holdings (virtual currency), raising concerns about selling pressure, but the result showed the resilience of the Solana ecosystem, with demand and supply increasing. It looks better than that.

In addition to the movement surrounding a series of high-value airdrops in the Solana area, there is also speculation surrounding the next-generation validator client Solana 2.0 Firedancer, and “Total Value Locked (TVL)”, which indicates the total amount deposited into DeFi protocols, has also increased in the past three weeks. It has increased significantly, doubling.

Although it is far from the peak TVL, some say there is room for growth.

We have introduced the “Heat Map” function to the CoinPost app for investors!
In addition to important news about virtual currencies, you can also see at a glance exchange information such as the dollar yen and price movements of crypto asset-related stocks in the stock market such as Coinbase.

■Click here to download the iOS and Android versions
https://t.co/9g8XugH5JJ pic.twitter.com/bpSk57VDrU

— CoinPost (virtual currency media) (@coin_post) December 21, 2023

Bitcoin ETF special feature

[Recruitment]
CoinPost, Japan’s largest crypto asset media, is currently recruiting human resources due to business expansion (possible full-time positions)

Editorial Department: Student interns interested in web3 and writers familiar with crypto assets
Sales department: Those who are good at English conversation and those with sales experience are welcome.
webX management: People who have strong research skills and are good at English conversation https://t.co/UsJp3v7P39

— CoinPost (virtual currency media) (@coin_post) November 24, 2023

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