The cryptocurrency landscape experienced a notable uptick on Wednesday, with significant momentum attributed to remarks from the Federal Reserve. The cumulative market capitalization surged past the $1.30 trillion mark, marking an increase of 2.6% within 24 hours. By the dawn of Thursday, it had touched the $1.32 trillion figure. Bitcoin, maintaining its flagship status, soared past the $35K threshold, registering a growth of 2.2%. This bullish sentiment wasn't exclusive to Bitcoin; major altcoins, including XRP, which grew by 4%, and notably Solana, with a staggering 10% surge, also benefitted.
Emerging from a week of consolidation, Bitcoin punctured its upper limit, touching $36K in the early hours of Thursday. However, by the onset of the European market activities, it adjusted to a comfortable $35.1K. From a technical perspective, this surge reinforces the ongoing bullish narrative surrounding Bitcoin. The crypto giant is poised for an unhindered rally, potentially facing tangible resistance only at the $41K mark. Nonetheless, optimists are eyeing a zenith of $46K, reminiscent of its previous pivot point.
Solana's trajectory over the past three days has been nothing short of impressive, skyrocketing by up to 50%. Its current rally has outpaced the Fibonacci projection of 161.8% based on its earlier surge between October 12 and 26. Solana is now trading at its highest since last August, though it's pertinent to note that it's still trailing by 85% from its all-time high two years prior. The absence of any significant resistance between $48 and $75 underscores its bullish momentum, even if some market watchers believe it's getting slightly overheated in the short term.
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CoinDesk has shared insights suggesting that major global market makers are poised to bolster liquidity for BlackRock's prospective bitcoin ETF. This is contingent, of course, upon the green light from regulatory authorities. Financial heavyweights such as Jane Street, Virtu Financial, Jump Trading, and Hudson River Trading have reportedly engaged in dialogue with BlackRock. Notably, BlackRock has recently refreshed its SEC filing in anticipation of launching the ETF. SkyBridge Capital, under the stewardship of its founder, Anthony Scaramucci, had a standout October, riding largely on Bitcoin's robust monthly performance. Scaramucci highlighted the fund's substantial investment in Solana, which appreciated by an impressive 70% over the month.
In other noteworthy developments, Tether, the entity behind the USDT stablecoin, has released its reserve figures for Q3. The report unveils a surplus reserve to the tune of $3.2 billion. On the technological front, the TON blockchain has set an unparalleled benchmark during its public testing phase, clocking nearly 105,000 transactions per second (TPS). This monumental achievement eclipses established records by other blockchains and even outpaces centralized giants like Visa and Mastercard. Solana, with its commendable performance, was the predecessor in holding this esteemed title.
