Why Bitcoin, Ethereum, and Solana Jumped Over 10% in the Last 24 Hours
The cryptocurrency market suddenly came to life on Friday night for the first time since FTX collapsed in early November. Nearly every asset was up big, and some with ties to FTX are significantly higher.
Bitcoin (CRYPTO: BTC) jumped 10.9% and is trading at $20,909 at 8 a.m. ET, surpassing the $20,000 level for the first time since FTX became insolvent in early November. Ethereum (CRYPTO: ETH) is up 10.1% in the last day to $1,540 and Solana (CRYPTO: SOL) is the big mover, popping 36.1% to $22.53. Over the past week, the cryptocurrencies are up 23.2%, 21.5%, and 69.9%, respectively.
Momentum can be a powerful force in cryptocurrencies, especially on the weekend. Trading on weekends often leads to some of the biggest moves, as traders take time off and there's less liquidity (buyers and sellers) in the market.
Source Fool.com
