Cointelegraph Team
Cointelegraph
Solana (SOL $124) has become the latest altcoin to mint new yearly highs amid a wider crypto rally, with activity on the blockchain spurred by a scramble to buy up the dogwifhat (WIF) memecoin.
In the last 24 hours, Solana has posted a 13.3% gain, rising rapidly from $108 to reach a new yearly high of $124.17 at the time of publication, per CoinGecko data.
The price of Solana has grown 13.3% in the last 24 hours. Source: CoinGecko
Preceding the Solana rally was a frenzy of buying activity for the Solana-based memecoin dogwifhat (WIF), which has seen its price rise 55% from $0.52 on Feb. 27 to $0.82 at the time of publication.
Launched on Dec. 14 last year, WIF is a memecoin that features a picture of a Solana developer’s dog wearing a knitted hat. Since its inception, WIF has gained more than 50,000%.
Solana, however, still remains down 52% from its all-time high of $259.62, which it reached on Nov. 6 in 2021.
Solana wasn’t the only large-cap cryptocurrency to reach new highs for 2024, with both Binance’s BNB token (BNB $415) and Dogecoin (DOGE $0.13) token notching respective highs of $427 and $0.12 roughly 2 hours before Solana.
Bitcoin (BTC $62,808) has been leading the market’s gains as institutional inflows into the recently approved spot Bitcoin exchange-traded funds (ETFs) continue to strengthen following their approval on Jan. 11.
The ten ETFs generated a record-breaking $7.7 billion volume on Feb. 28.
On the same day, BlackRock’s iShares Bitcoin ETF attracted more than $612 million in inflows, the largest single-day inflow of any ETF to date.
Bitcoin ETF inflows have been growing steadily since inception fin January. Source: Farside
Bitcoin is currently changing hands for $62,413, up 21% in the last week and 44% in the last month.
Ethereum has also posted its highest price of 2024, reaching a local high of $3,492 on Feb. 28.
Several market pundits are looking to the upcoming Ethereum spot ETF as a catalyst for its growth in the coming months, with many predicting that ETH’s price action could chart a similar path to Bitcoin in the lead-up to its spot ETF products being approved.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.
Recommended Content
Editors’ Picks
Bitcoin, Ethereum and XRP defend key support on sixth day of Israel-Iran war, what to expect
Bitcoin (BTC), Ethereum (ETH), and XRP are holding steady above key support levels. The top three cryptocurrencies have weathered the geopolitical tension and macroeconomic events of the past week.
Top Meme Coins Price Prediction: Dogecoin, Shiba Inu, Pepe set to extend losses
Top meme coins extend recent losses on Wednesday, with the segment’s market capitalization standing at $54.41 billion, a decline of over 20% in the past month. Dogecoin (DOGE) and Shiba Inu (SHIB) are down 3% so far this week.
Crypto Today: Bitcoin, Ethereum, XRP weather geopolitical tensions, risk-off sentiment ahead of Fed rate decision
The cryptocurrency market is broadly consolidating amid ongoing geopolitical tensions in the Middle East. Bitcoin (BTC) mirrors the lethargic sentiment, trading at around $104,572 at the time of writing on Wednesday.
Stellar and ApeCoin Price Prediction: XLM and APE at risk of further losses as technical weakness grows
Stellar price closes below its critical support at $0.2537, hinting at a correction ahead. ApeCoin touches the lower boundary of an ascending triangle formation, a breakdown would signal a downtrend.
Bitcoin: BTC could slump to $100K amid Trump-Musk tussle
Bitcoin (BTC) tumbled to a low of $101,095 on Friday amid volatility in the market. The effect of the tussle between United States (US) President Donald Trump and Tesla Chief Elon Musk negatively influenced the NASDAQ and Tesla's stock price on Thursday, although both are recovering on Friday.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.