Bitcoin rebounds over $61,000, Solana paces the climb of cryptocurrencies

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Following a recent dip in the value of bitcoin, cryptocurrencies experienced a broad rally. Bitcoin made a recovery of over 2% on Tuesday, reaching $61,345.22, as reported by Coin Metrics. Simultaneously, there was a resurgence in Nvidia and the Nasdaq Composite, rebounding from their worst performing days since April.

Noted economist and author of the “Crypto is Macro Now” newsletter, Noelle Acheson, mentioned, “When the stock market changes direction, it often triggers panic selling in the crypto market, driven more by emotions and a need for cash than any intrinsic factors. Yesterday’s slump in crypto prices was influenced by overall risk aversion in the markets.”

Solana emerged as the forerunner in the digital currency market, surging by 8%. The Solana Foundation revealed an update enabling users to share on-chain activities as easily shareable links across the web. Additionally, the Chainlink token, providing data streams for the Solana network, saw a 7% increase as well.

Ether experienced a 2% increase, while coins associated with alternative platforms to Ethereum also saw growth. Cardano’s ADA spiked by over 6%, Polkadot saw a 5% rise, and Binance Coin increased by 3%.

CEO of crypto research platform DYOR, Ben Kurland, expressed optimism saying, “Today’s announcement from Solana brings positive energy. The potential for over a billion people to access and utilize SOL easily is a significant boost for the altcoin and its ecosystem. Traders are betting on this momentum spilling over into the broader DeFi and Web3 environments. Nevertheless, the true impact of this news may not be immediate, and we could see a return to the market dynamics of earlier this week.”

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