Solana’s SOL stood out among major cryptocurrencies as Bitcoin briefly surpassed the $50,000 mark late on Monday, igniting a fresh wave of bullish sentiment among traders.
$SOL surged by 8%, while Ethereum ( $ETH) saw a 6.6% increase, following Bitcoin’s upward momentum after the opening of the New York market. Avalanche’s $AVAX also spiked by 6%, whereas BNB Coin ( $BNB) and Cardano’s $ADA experienced more modest gains of 3%.
Certain tokens within the Ethereum ecosystem, such as Lido’s $LDO for staking and layer-2 tokens like Arbitrum’s $ARB and Mantle’s $MNT, surged by up to 7%. This surge coincided with the news of financial giant Franklin Templeton filing plans for a spot ether ETF, adding to the growing interest in the sector.
The growth in both major and alternative tokens appears to be closely following Bitcoin’s ascent, marking its return to the $50,000 level for the first time since late 2021. Spot Bitcoin ETFs have accumulated over 192,000 tokens since their launch nearly a month ago.
However, despite the positive price movements, some market observers noted that Google search interest for Bitcoin remains at an all-time low relative to its price, suggesting limited retail interest in the subject.
As such, some traders are cautious about potential price retracements in the short-to-medium term.
Ryan Lee, Chief Analyst at Bitget Research, highlighted the absence of upcoming news events that could drive price correlations with Bitcoin, aside from the halving, which may offer returns in the medium to long term. He emphasized the importance of psychological levels in the market, such as Bitcoin prices ranging from $50K to the previous all-time high, which could trigger significant price retracements.
