Ethereum and Solana Post Big Gains, Following Bitcoin Bullishness

A wave of optimism swept the crypto market, fueled by huge price increases for industry heavyweights ATM (ETH) and Solana (SOL).

Solana has defied expectations with a strong price rally, taking fourth place in the cryptocurrency rankings by market capitalization and overtaking Binance's BNB token. While a major network outage on February 6 may have spooked some paper suppliers, market sentiment was sufficient to counter the threat.

The price of Solana increased by 4% today, from $112.54 to the current $117.14. For swing traders, things look good as well, with the cryptocurrency posting an impressive 15.9% gain over the past 7 days.

The widely followed Crypto Fear and Greed Index hit 74 out of 100, indicating growing risk appetite in the markets.

Bitcoin is often seen as a volatile alternative to stocks, but altcoins are more volatile than BTC, and are in high demand during bullish times for their potential to generate large profits in short periods of time.

Beyond general market sentiment, the total value locked (TVL) in Solana's DeFi protocols has experienced a meteoric increase of over 944% since 2023, according to Defillama, reflecting investor confidence and engagement in Solana's ecosystem. The strong growth comes despite the downside blow that came with the FTX crash.

Sam Bankman Fried, the former CEO of the exchange, was a big fan and investor in the token.

Pre-orders for the new Solana Mobile Saga smartphone have exceeded expectations, achieving over 100,00 pre-sales and giving the Solana Foundation enough room to increase the price and cash in on the product marketing that brought a crypto-phone. During the token bull run.

Maintaining the momentum of Ethereum.

Following broad market movements, Ethereum continues to rise. ETH has made impressive gains today, showing remarkable strength in the market's uptrend.

After a small red candle yesterday, Ethereum price rose 5.6%. ETH started the day at $2,642 and rose to its current price of $2,781.

Ethereum price has not seen such levels since April 2022.

Bitcoin price movements are heavily focused on altcoins, including Ethereum. But, at a more fundamental level, the highly anticipated upgrade of Denkun to the Ethereum network, planned for March, promises significant efficiency improvements and has generated positive sentiment among investors and the crypto community.

Edited by Ryan Ozawa.