Solana Leads the Rise of Major Crypto Assets – Is Consumer Interest in Bitcoin Declining?
Since Franklin Templeton applied for the Ethereum spot ETF, the Ethereum ecosystem and layer 2 tokens such as LDO, ARB, and MNT have surged 7%.
Meanwhile, some market observers have noted that Google search interest in Bitcoin remains at an all-time low relative to its price. This suggests low retail interest in the topic.
Solana (SOL) led the rise in major cryptocurrencies as Bitcoin (BTC) surpassed $50,000 on February 12, reigniting bullish sentiment among traders.
There was buying pressure on Bitcoin after the New York market opened, with SOL up 8% and Ethereum (ETH) up 6.6%. Avalanche (AVAX) is up 6%, while Binance Coin (BNB) and Cardano (ADA) are up 3%.
The CoinDesk 20 index, a liquidity index of the top 20 tokens by market capitalization and trading volume, excluding stablecoins, rose 4%.
As financial conglomerate Franklin Templeton submitted an application for an Ethereum exchange-traded fund (ETF), Lido’s LDO, a staking protocol, as well as Arbitrum (layer 2 tokens such as ARB) and Mantle (MNT) rallied, surging by 7%. joined.
The growth of native and alternative tokens appears to be tracking Bitcoin’s rise above $50,000 for the first time since late 2021. The Spot Bitcoin ETF had amassed more than 192,000 tokens as of Friday since launching nearly a month ago.
lack of retail interest
Meanwhile, some market observers say Google search interest in Bitcoin remains at an all-time low relative to its price, suggesting a lack of retail interest in the topic. It was pointed out.
Bitcoin has surpassed $50,000.
Meanwhile, Google search volume relative to price is at an all-time low.
This is a new era. pic.twitter.com/8DnsadIclt
— Yassine Elmandjra (@yassineARK) February 12, 2024
Google Trends allows you to compare relative search volumes. However, this does not mean that the overall search volume for that term is decreasing, but rather that its popularity is decreasing compared to other search terms. A downward trend line means that the search term’s popularity is decreasing relative to other popular terms.
Therefore, some traders are warning that a short- and medium-term retracement is still possible.
“Other than the Bitcoin halving, there is no news coming out that appears to be correlated with the price of Bitcoin,” Ryan Lee, senior analyst at Bitget Research, said in a note to CoinDesk. . “It is also important to consider market sentiment between $50,000 and all-time highs. This could also trigger a large price retracement.”
｜Translator: CoinDesk JAPAN ｜Editor: Toshihiko Inoue ｜Image: Shutterstock ｜Original article: Solana leads gains in cryptocurrency major, Bitcoin indicators point to low retail growth
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