Ether (ETH) and Solana">Solana (SOL) stole the spotlight this week as their prices jumped to 19-month highs, while Bitcoin’s (BTC) own rally stalled out above $43,000 after approaching $45,000. ETH rose 5% to over $2,300 for the first time since May 2022, buoying related altcoins like Ethereum Classic (ETC) up 6%. SOL similarly hit $69, its highest price since last May.
Meanwhile, BTC dipped 1.1% to around $43,300 as traders took profits from its recent breakout. This price flattening has raised fears of a “bull trap” – a short uptick baiting investors before a markdown. Analytics firm Santiment noted traders increasingly suggesting markets are in such a trap, but growing fear, uncertainty and doubt could conversely fuel BTC towards $50,000 by squeezing short sellers.
Earlier speculation from Arthur Hayes of crypto exchange BitMEX hinted at SOL possibly hitting $100 this weekend as altcoins stay strong. For now, the CoinDesk Market Index of nearly 200 cryptos remains up a slight 0.6% as assets like ETH and SOL carry market momentum while BTC consolidates. But concerns around the durability of the rally persist based on trader sentiment in crypto’s most watched barometer.
