Advertisement
Survey: SOL Poised for Record Growth as Handful Coins Lead Altcoin Trading Surge
- Ethereum, Solana, and Cardano posted impressive gains of 39% and 80% respectively, while Dogecoin surged 123% to a three-year high.
- Dogecoin’s spike to US$0.36 is fuelled by rumours of Elon Musk’s role in Trump’s administration, significantly boosting its trading volume.
- Overall, altcoin trading volume exceeded US$100 billion, with the top ten altcoins making up 70% of this volume.
- Despite varied performance across numerous altcoins, venture capitalists are particularly bullish on Solana, with some predicting it could reach US$600.
Despite some analysts calling it the Bitcoin season, altcoins are not lagging behind. Although Bitcoin has gained 30% in one week, there are a few altcoins that have managed to outshine the largest crypto.
Ethereum and Solana both gained 39% week-on-week, while Cardano’s ADA rallied 80% during the same time and OG crypto memecoin Dogecoin has seen a 123% increase in price.
Related: BTC Hits New All-Time High, Surpassing $81,000, Analysts Declare Bitcoin Season
In fact, DOGE has seen a three-year high, sky-rocketing to US$0.36 (AU$0.54). The surge for DOGE comes on the back of speculations around an involvement by Elon Musk in Donald Trump’s second administration, where Musk is rumoured to be in charge of government efficiency.
Kaiko: Altcoin Trading Volume Surges to US$100 Billion
The price surge in DOGE is evident in the trading volume, which, according to analysts at Kaiko, “hit a yearly high of $29 billion in trade volume during the week of the U.S. election”. That is US$5 billion (AU$7.6 billion) more than SOL’s trading volume of US$24 billion (AU$36.5 billion).
In total the altcoin trading volume surged past US$100 billion (AU$152.2 billion), with the top ten altcoins accounting for 70% of total volume.
However, given the sheer number of altcoins, it’s hard to see many of them surging and moving in sync with Bitcoin, except for the most well-known projects. A survey by MV Global shows that 70% of the respondents believe altcoin season will be only for a few select altcoins.
Venture Capitalists Expect SOL to Surge to US$600
MV Global told Cointelegraph that the current bull run is expected to last well into 2025, with a probable peak around the latter half of the year. According to their survey, most institutional investors agree with that sentiment, which is “therefore, very likely priced into markets”, said Tom Dunleavy, a managing partner at MV Global.
Related: Standard Chartered Predicts Solana to Outperform BTC, ETH, With New All-Time High Before 2025
Meanwhile, 30% of survey respondents expect SOL to reach US$600 (AU$913) this cycle, in what is one of the most bullish expectations.
Solana is a consensus long among almost every allocator we spoke to.
Tom Dunleavy, MV Global At the time of writing SOL is trading for US$218.89 (AU$333.55), an increase of 296% over the past year.
Author
Aaron Feuerstein
Aaron Feuerstein is a freelance writer based in Melbourne. His focus is on decentralised finance and the regulatory space surrounding blockchain. He holds a Master's in Accounting. When he is not studying the latest legal case, he enjoys his time as a modest but eager hobby cook.
