Crypto prices have been bullish in the past 24 hours, with Solana (SOL) and Cardano (ADA) faring as the strongest among the top 10 coins.
Solana and Cardano are up 9.95% and 9.01%, respectively.
Meanwhile, a new project, Bitcoin ETF Token (BTCETF), has raised over $850,000 in the ongoing presale.
Alternative layer-1 narrative heats up, bolsters Solana and Cardano
Interest in Solana and Cardano has been increasing due to the rising gas fees on Ethereum. It is a source of since on-chain activity is still far from where it will be at the peak of the last bull run.
This indicates that even higher fees might be coming, making the network unaffordable for most users. As a result, many are looking for alternative layer-1 or layer-2 platforms.
Bobby Apelrod recently posted about Solana’s benefits, highlighting its relatively low fees versus Ethereum.
Meanwhile, Alex Becker backs Solana, Cardano, and Avalanche as better alternatives to Ethereum since they can execute transactions for “less than a cent.”
However, analyst Dan Gambardello recently pointed out that Cardano may outperform Solana because its total value locked (TVL) is rising. Additionally, it could be set to undergo its “first decentralized finance (defi) bull run.”
Looking at the price charts, TradingView analyst K_M_N predicts Solana to pullback in the near term due to a 1-hour chart RSI divergence, loss of momentum at a resistance level, and being “far away” from the 200-day moving average and VWAP. From his analysis, SOL may retrace to $58.
However, analysts are more bullish on Cardano, likely due to Solana’s recent surge. Subsequently, market participants expect liquidity to cycle into other coins.
Arongroups recently noted a descending triangle breakout for Cardano, which is considerably bullish and acts as a trend-reversal indicator. In his assessment, Cardano could climb to $0.7 in the coming months.
The analyst picked out immediate support at $0.3, which Cardano may retest before rallying.
Regardless of these coins’ short- and mid-term price movements, Bitcoin ETF Token (BTCETF) could likely surge, leveraging the positive sentiment in the crypto market.
Bitcoin ETF Token is deflationary, raises $850K in presale
BTCETF is an ERC-20 token that aims to benefit from the expected spot Bitcoin ETF approval in the U.S.
The token is deflationary and has a 5% transaction burn to reduce its circulating supply.
Furthermore, the team plans to burn an additional 5% of the total BTCETF supply each time a significant ETF milestone is achieved, such as the Securities and Exchange Commission (SEC) officially approving any of these derivatives.
BTCETF also features a staking protocol where investors can lock up their tokens and earn rewards.
In the ongoing presale, BTCETF is available for $0.0054. Over $850,000 has been raised.
Due to its deflationary structure and early success in the presale phase, several crypto influencers have taken notice, with Austin Hilton recently endorsing BTCETF in a YouTube video.
With the presale, momentum could surge as the potential launch of a spot Bitcoin ETF continues to be the market’s main topic of discussion.
Visit the Bitcoin ETF Token presale
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Source: https://crypto.news/cardano-solana-and-new-altcoin-surge-as-market-turns-bullish/