SOL The Solana blockchain has the highest payout ratio among major cryptocurrencies while Bitcoin holds up
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Investors are looking to allocate capital to altcoins and other major cryptocurrencies as risk appetite returns, one analyst said. Shaurya Malwa Solana's SOL token led gains among major cryptocurrencies as the broader crypto market remained stable on Thursday after strong momentum earlier this week.
Ether (ETH) remained steady at $3,400 along with Binance Coin (BNB) and XRP. Avalanche's AVAX token rose 7% as the first developer and community conference came to a close this week. Cryptocurrency markets added 0.7% over the past 24 hours with strong gains in cryptocurrencies with a market cap between $1 billion and $5 billion.
Zilliqa's ZIL tokens rose 20%. The token is up 289% since last week.
Meanwhile, the IOST index rose by as much as 40%. Some analysts said the capital trading into altcoins came as risk appetite returned among investors. “There is a search for new ideas away from institutional capital and the eyes of politicians,” FxPro market analyst Alex Kuptsikevich said in an email to CoinDesk.
“There is an influx of stablecoins to centralized exchanges, which may indicate investor interest in upcoming purchases of cryptocurrencies.” SOL jumped 14% to $127 in the past 24 hours. This is the highest level in two months and close to the resistance at $130. The growth came as OpenSea — the largest non-fungible token (NFT) marketplace by volume — said it would start supporting Solana-based NFTs on its platform in April.
SOL is hovering below the resistance level at $130. (TradingView) Bitcoin (BTC) held above the $47,000 level as blockchain entity Luna Foundation Group (LFG) continued to bid on the asset. LFG seeks to purchase more than $10 billion worth of Bitcoin as a reserve for the UST stablecoin from Terra.
It is building a reserve of bitcoin as an additional layer of security for UST, the fourth-largest stablecoin in circulation, it was reported. Price charts show that Bitcoin continues to hold above its 200-day moving average at $47,200, consolidating its strength before a potential move to more than $53,000, according to some traders. Traders said that the decline in US stocks on Wednesday after four days of gains also did not contribute to the positive dynamics.
Analysts say Bitcoin may rise in the coming months. (TradingView) US indices indicated mixed sentiment ahead of Thursday's open. The Dow Jones Industrial Average fell 0.04%, while the tech-heavy Nasdaq rose 0.28%.
Elsewhere, gold lost 0.23%, and crude oil fell as much as 6%.
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