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Home»Bitcoin»How Bitcoin and Solana relieved market pressure on its price predictions
Bitcoin

How Bitcoin and Solana relieved market pressure on its price predictions

2023-12-07No Comments3 Mins Read
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  • DEX volume on Solana increased, bringing total spot volume to $96 billion.
  • BTC outperformed other assets as a spot ETF was able to be approved.

The month of November proved crucial for the crypto market given the sideways move it experienced the month before. According to Messari insightsclosed monthly trading volume at $1 trillion.

The value represents an increase of 17% month-on-month (MoM), thanks to, among other things Bitcoin [BTC] And Solana [SOL].

A few weeks ago, AMBCrypto reported how these cryptocurrencies have outperformed traditional assets. This was also confirmed by the blockchain intelligence agency.

Bitcoin's performance versus Solana, Ethereu, S&P 500

Source: Messari

Low-cap tokens activate DEX volume

During the period, spot volume on decentralized exchanges (DEXs) increased from $61 billion to $96 billion. Messari opined in his report that:

“This increase means that DEXs now account for 10% of total exchange volumes, which is the highest share of market share since June. The increase can be attributed to the growing demand for meme coins and low-cap projects.”

One of the reasons why DEX volume increased was because of the Solana ecosystem. In November, there were many low-cap tokens that performed well on Solana. This therefore attracted market participants to continuously provide liquidity for the network.

As a result, Solana was able to capture a significant share of the DEX market Ethereum [ETH] almost always dominates.

There are some too air droplets including Jito and Jupiter coming on Solana. If more projects announce more rewards for users, Solana’s DEX volume could continue to rise.

Solana DEX volume

Source: Messari

This information may not be surprising to AMBCrypto readers. At several points we discussed the impact of Bitcoin and Solana on the market. On some occasions we discussed how Bitcoin was leading the way inflow per investment product.

See also  Bitcoin: As large transactions blow up, are whales buying the dip?

Solana was also at one point the top altcoin apart from ETH with millions of dollars allocated to its investment products.

The market ignores the persecution

Furthermore, optimism surrounding a possible approval of Bitcoin ETF increased. This increased buying pressure as the coin traded above $40,000. This led Messari to conclude that:

“The next decision deadline for Blackrock’s spot Bitcoin ETF is January 10. Also leading ETF analysts are project a high chance of approval, with the chance estimated at 90%.”

However, Bitcoin and Solana weren’t the only ones in the spotlight. Ethereum had a share in the good side. This was due to BlackRock filing with an Ethereum spot ETF. While there was glad tidings, there was also a downside.

But this time it was Binance, the largest Centralized Exchange (CEX) in the world.

The US government has fined Binance $4.3 billion in addition to other sanctions. However, the fear, uncertainty and doubt (FUD) after the settlement was only short-lived despite Binance’s market share declining.

Binance spot volume after the SEC case

Source: Messari

Moreover, market players saw no reason to stop the positive momentum due to the incident. Other exchanges such as Upbit, Bybit and Coinbase therefore experienced an increase in volume.


Realistic or not, here it is The market cap of SOL in BTC terms


Given the current state of affairs, the crypto market cap has the potential to rise well above $1.58 trillion.

The sector could also become more mainstream. This is due to the growing number of traditional institutions joining Bitcoin.

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Bitcoin market predictions pressure Price relieved Solana
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