As Bitcoin and altcoins surge, investors are wondering whether this rise will continue.
At this point, crypto market maker Wintermute said in his current report that memecoins are leading the crypto rally and Bitcoin is stabilizing ahead of the US elections.
Stating that Bitcoin remained stable around $62,500 despite higher-than-expected inflation data, Wintermute analysts said that this situation points to BTC's strong fundamentals.
Analysts said that institutional investors' interest in Bitcoin has increased and that this situation is reflected as an inflow to spot Bitcoin ETFs.
Solana (SOL) Left Ethereum Behind!
Analysts who analyzed altcoins other than Bitcoin first addressed Solana (SOL). According to the report, Solana's trading volume increased by 50% to $51 billion, surpassing Ethereum's (ETH) trading volume of $46 billion.
The report stated that Solana-based memecoins contributed significantly to SOL’s growth, with 40% of SOL’s trading volume coming from memecoins.
Analysts cited Pump.fun alone accounting for 35% of SOL’s total DEX volume as an example.
Stating that memecoins have consistently led the market in almost every rise this year, analysts said that institutional interest in memecoins has increased and investors' perception has changed.
“Finally, despite these developments, the calm in Bitcoin and crypto markets could be a sign of a storm as the US elections approach.
As Bitcoin’s institutionalization progresses, Solana’s memecoin craze is injecting capital and participation into the ecosystem.
This increase in speculative interest could potentially fuel broader growth and upside for Bitcoin and the entire cryptocurrency sector.”
— Wintermute (@wintermute_t) October 15, 2024
*This is not investment advice.
