Welcome to Extreme Investor Network, where we bring you the latest updates and insights on the stock market, trading, and all things Wall Street. Today, we are diving into the exciting world of cryptocurrency with a focus on Solana’s recent revival and some interesting developments in the crypto space.
Solana, one of the hottest altcoins in the market, has surged by over 10% in less than three days. Breaking out of the $125-155 consolidation range, Solana has shown strong momentum, consolidating above the 50-day moving average. This breakout potentially paves the way for Solana to reach $200, showcasing how some altcoins are outperforming Bitcoin in the current market environment.
In other crypto news, hedge fund Millennium Management made waves by owning $1.94 billion worth of spot bitcoin-ETFs at the end of the first quarter of 2024, representing 3% of its assets under management. Additionally, a total of 937 companies invested $11 billion in bitcoin-ETFs in the first quarter, with net inflows into spot bitcoin-ETFs reaching $303 million on May 15. This positive trend has continued for three consecutive days, signaling growing interest and investment in the crypto market.
However, not all cryptocurrencies are seeing the same level of support. Bloomberg reports that the likelihood of the US Securities and Exchange Commission (SEC) approving spot Ethereum-ETFs is virtually zero, leading to a decline in Ethereum’s exchange rate against Bitcoin to a three-year low. This highlights the challenges and uncertainties facing certain cryptocurrencies in the ever-evolving crypto landscape.
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