K33 Research’s report shows the crypto market exhibits a bullish trend as Bitcoin maintains a steady trading range and altcoins, like Solana, experience significant gains amid new technological developments and market speculation.
Stability marks Bitcoin’s current state, as its value oscillates between $34,000 and $36,000. This steadiness, however, has come with a slight reduction in its market dominance, which has dipped from 53.1% to 51.5%.
K33 Research Senior Analyst Vetle Lunde and Vice President Anders Helseth attribute this shift to the robust performance of non-ether altcoins, which have experienced greater gains compared to Bitcoin (BTC).
A standout in this altcoin surge is Solana (SOL), which saw an impressive 41% increase in value. This uptick coincides with two major events: The Breakpoint conference held in Amsterdam, and the rollout of the Firedancer upgrade.
Firedancer, designed to act as an independent validator client for Solana’s blockchain, recently went live on a testnet, contributing to the positive sentiment surrounding the altcoin.
However, the narrative surrounding Solana’s rise isn’t universally accepted. Some analysts argue that its market movement is a response to the previous loss in value it suffered following the FTX collapse last year, suggesting the current price increase is a rebound fueled largely by hype.