Solana (SOL) continued its imperious rally in December, rallying over $120 on Christmas day. The price increase mirrors the improved sentiments around the entire cryptocurrency market.
Bitcoin (BTC) recorded the highest amount as the market received over $103 million in investment inflows. Meanwhile, Pushd has sparked excitement with the first decentralized marketplace built on a blockchain. Read on to find out more about these exciting trends.
Solana (SOL) Tops $120 on Christmas Day
2023 has been a resurgence year for Solana (SOL) and the rest of the crypto market. However, while the market cooled off on Christmas day, SOL extended its gains. Jumping by more than 18%, the Solana coin cleared the $100 and $120 resistance levels.
The price of Solana reached a high of $124 before retracing back to $113 on boxing day. On the monthly chart, the Solana price has now increased by 100% and more than 1,035% since the start of 2023.
The altcoin has now displaced XRP as the fourth largest crypto, with a market cap of $44.5 billion. The recovery in SOL price over the weekend was driven by Ethereum’s spike in gas fees and several airdrops on the network, such as Bonk.
Bitcoin (BTC) Leads Investment Inflows
Despite the emergence of numerous altcoins and competing blockchain projects, Bitcoin has maintained its position as the leader in investment inflows. In the week ending December 30th, crypto fund offerings recorded over $103 million.
Bitcoin received $87.6 million, representing 85% of the total. The rising inflows have been linked to the potential approval of a spot Bitcoin ETF in the coming weeks. However, the inflow failed to affect the price of Bitcoin over the weekend.
On the weekly chart, BTC has ranged between $42,200 and $44,200. With fund managers given until December 29th to amend their ETF applications, there are hopes that a spot ETF could be approved soon. If this happens, then the Bitcoin price could break above $45,000 and potentially rally to $50,000.
Pushd Raises Excitement With the First Decentralized Marketplace
Amidst the excitement about a spot ETF, a new project, Pushd, has caught the crypto community’s attention. Why is there so much excitement around Pushd? This new project will revolutionize the online marketplaces. Pushd is the first blockchain-based online marketplace offering secure and transparent transactions for users.
Sellers can either post their products for direct sale on this new web3 marketplace or opt for the auction option. With its decentralized structure, those who sell on the Pushd platform can list their products at lower fees. Likewise, buyers will benefit from lower prices as sellers no longer have to raise their prices to cover listing fees.
The Pushd ecosystem also incorporates a swap service, through which users exchange different types of crypto at 0% commission charges. Users also can exchange any crypto instantly with instant withdrawals through this service.
The project has also adopted decentralized governance on the platform. PUSHD token holders can propose improvements and vote on upcoming platform-improvements. The PUSHD tokens are available in the early stages for only $0.01 per token.
Closing Thoughts
Overall, the cryptocurrency market is in a bull phase. More increases are expected across the market as an ETF is set to be approved soon. When this happens, BTC, SOL, and PUSHD could increase significantly. But, as the first of its kind, PUSHD could emerge as one of the biggest gainers in 2024.
For more information about the ongoing Pushd (PUSHD) Presale, please visit their website.