The cryptocurrency industry experienced an unexpected drop, and the leading cryptocurrency Bitcoin (BTC) dropped by approximately $10,000.
The BTC price fell from the $52,000 level to $42,000, albeit temporarily, and in this one-second drop, the buyers even profited from the drop. BTC subsequently stabilized at $ 46,000.
SOL Rebounds As BTC Drops
The fact that Bitcoin's market dominance has risen to 41% after this decline shows that altcoins are the ones that suffer the most from this.
BTC lost 10% in 24 hours, while ETH fell 13%, ADA 17%, BNB 16%, XRP 21% and DOGE 19%.
On the other hand, Solana, on the other hand, paused her rally, which she had been continuing for days, with a sharp decline towards $ 135, but subsequently achieved a 20% rise in 1 hour, surprising everyone and allowing leveraged traders to earn an incredible income even from the fall.
We haven't witnessed such harsh wicks for a long time. Bitcoin has made its presence felt again in the entire market.
With the decline in Bitcoin, 50% decreases were observed in altcoins. At this point, we observe that Solana continues to challenge Bitcoin and the market. SOL, the strongest among altcoins, continues to be traded at $160.
Looking at the course of the SOL price, this bottom, the subsequent rise and the subsequent fall can be clearly seen.
Although SOL has lost 6% in the last 1 hour, it still stands out as the only cryptocurrency that remains green among the top 100 on the 24-hour chart.
It is seen that NEAR is the only crypto currency that remains green in the Top 100, apart from SOL.
So what exactly is the reason for Solana's resistance? The biggest advantage of SOL is the NFT market and the expectation that the activity in the SOL network will increase in the coming days.
SOL, which is linked to the FTX cryptocurrency exchange, seems to continue to grow as the stock market grows, which makes those who trust FTX actually trust SOL.
