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08/12/2023   Bitcoin (BTC) Price Rally Halts at $43K While Ether (ETH), Solana (SOL) Rallies to Fresh Highs

Ether, Solana Hit 19-Month Highs as Bitcoin Rally Halts with Traders Fearing 'Bull Trap'.

BitMex founder Arthur Hayes speculated about SOL hitting near $100 in a bullish weekend for altcoins.

Solana price (CoinDesk)

Solana price (CoinDesk)

  • Ether, solana rallied to new 2023 highs as bitcoin dipped to $43,000.

  • Bitcoin traders fear "bull trap," growing fear could propel BTC towards $50,000, Santiment said.

Bitcoin's(BTC)rally halted Thursday, ceding the stage to cryptocurrency majors ether(ETH)and solana(SOL)which led the crypto rally after surging to fresh 19-month high.

BTC dipped to $43,000 during the day following its breakneck climb to near $45,000 earlier this week, suggesting that traders took some profits after the largest crypto's breakout from $38,000 a week ago. Recently, bitcoin was changing hands at around $43,300, down 1.1% over the past 24 hours.

ETH, meanwhile, popped 5% over the same period and hit $2,372, its highest level since May 2022.

Its rally drove up the prices of other ETH-adjacent cryptocurrencies, making them the best performers of the day. Ether classic(ETC)appreciated 6%, while liquid staking protocol Lido's governance token(LDO)increased by over 11%.

Native tokens of Ethereum scaling networks Optimism and Arbitrum also gained 22% and 9%, respectively, during the day.

Solana(SOL)jumped over 8% to $69, the highest since May 2022, following a three-week cool-off since its mid-November local top. Arthur Hayes, crypto investor and BitMex exchange founder hinted at a $100 price target, speculating about a bullish weekend for altcoins in social media platform X (formerly Twitter)poston Tuesday.

Who is ready for a weekend alt szn green doji piss up? Can we send$SOLover $100? Let’s do it fam

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