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Solana (SOL) Jumps by 7% Daily, Bitcoin (BTC) Eyes $85K Again (Market Watch)

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Bitcoin’s price went on a highly volatile ride yesterday when US Fed Chair Jerome Powell hinted that there might not be any upcoming rate cuts.

The altcoins have recovered some ground following yesterday’s correction, with SOL trading past $130 and ETH tapping $1,600 again.

BTC Recovers From Post-Fed Volatility

Ever since the drop below $80,000 on several occasions last week, the last of which was on Thursday, the primary cryptocurrency has not traded beneath that level. The asset reclaimed that level by Friday and hasn’t looked back.

It continued to climb during the weekend and on Monday, peaking at $86,000. It faced immediate rejection there and dropped to $83,000 on Tuesday. The bulls went on the offensive later that day and helped BTC regain over $3,000 of value. As a result, the cryptocurrency jumped to a two-week peak of $86,500 before it was pushed south once again to $83,000.

It recovered to $85,500 on Wednesday, but the hawkish comments by US Fed Chair Jerome Powell about the tariff impact, as well as the central bank’s overall policy, drove bitcoin south hard, and the asset dropped by over two grand within minutes.

As of now, it trades above $84,000 after it was stopped at $85,000. Its market cap has stalled at $1.675 trillion on CG, while its dominance over the alts is just shy of 61%.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

SOL, HYPE Run Wild

Solana’s native token has emerged as today’s top performer from the largest 20 alts. It has gained nearly 7% and now trades well past $130. HYPE has risen the most from the mid-cap alts, having gained almost 10%. Its price tag is close to $16.5.

RNDR, BCH, and TON are also in the green, followed by ETH, XRP, BNB, DOGE, AVAX, and LINK. In contrast, TRX has dropped the most from the larger-cap alts, having lost almost 4% of value.

The total crypto market cap has recovered over $30 billion since yesterday and is above $2.750 trillion on CG now.

Cryptocurrency Market Overview. Source: QuantifyCrypto
Cryptocurrency Market Overview. Source: QuantifyCrypto

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