Ether, altcoins higher as solana soars 14%, Coinbase gains pre-market after Tuesday’s drop

Crypto prices rose, with solana experiencing the most significant gains. Coinbase rose in pre-market trading after slumping 5% yesterday. 

Bitcoin was trading at $16,803 at 8 a.m. EST, up 0.6% from Tuesday, according to data via TradingView. Ether experienced a more significant jump, tacking on 3% in the same period to trade at $1,250. 

BTCUSD chart by TradingView

Altcoins also traded higher. Binance’s BNB and Cardano’s ADA rose more than 4%, and Polygon’s MATIC gained 2.7%. Solana led the way, jumping 14% to $13.49 from $11.82. 

Last month NFT trading volumes on Solana showed signs of strength. The week of Dec. 25 saw the most activity for Solana NFTs since September. Amid the rout in NFTs, Solana never lost its second spot to Ethereum throughout 2022, according to The Block’s Data. 

The U.S. Federal Reserves meeting minutes from its December meeting will be released at 2 p.m. EST. 

Crypto stocks and structured products

U.S. stock indices futures were trading higher, with the S&P 500 up 0.4%, and the Nasdaq 100 gaining 0.6% by 8:20 a.m. EST. 

Coinbase gained 1.2% to trade around $34 in pre-market, according to Nasdaq data. The company’s shares fell 5% on Tuesday, closing at $33.60. 

Block shares were trading up in the early session, adding 1.1%.

Crypto bank Silvergate and software firm MicroStrategy were both unchanged.

Grayscale’s bitcoin fund saw its discount to net asset value (NAV) widen yesterday. Shares in the GBTC fund now trade at a discount of 46% to the value of the bitcoin in the fund. The discount to NAV had narrowed to around 45% from 48% ahead of the new year. 

The asset manager’s ether trust (ETHE) is trading at a record-high discount of around -60%. The Block’s VP of Research, Larry Cermak, attributed the decline in ETHE to a lack of faith in the fund being redeemable anytime soon, a spot ETF being approved anytime soon, alongside the general crypto-market outlook.

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