Bitcoin And Ether Soar, Solana And Chainlink Fly

A number of crypto assets with large market caps have increased significantly. (Photo; Doc. Arbah7)

JAKARTA - The crypto market has begun to show recovery after experiencing uncertainty in recent months. A number of cryptocurrencies with large market caps experienced significant price increases.

Bitcoin (BTC) and Ether (ETH) are the leaders of this increase, driven by hopes of an Exchange-Trad Fund (ETF) backed by Bitcoin next year. ETF is an investment product that tracks the prices of certain assets, such as stocks, bonds, or cryptocurrencies.

"The chances of an ETF Bitcoin approval in the US are getting bigger after the SEC failed to sue Grayscale in court," said James Butterfill, Head of Research at CoinShares.

In the last seven days, the price of Bitcoin rose 19% to around $3,100 this morning. Bitcoin trading volume reached 44 billion US dollars (Rp700 trillion), with a market capitalization of 661 billion US dollars (Rp10.5 quadrillion).

Ether also followed a positive trend, up 14% a week to around 1,785 US dollars (Rp28 million). Ether's trading volume reached US$27.5 billion (Rp437 trillion), with a market capitalization of 215 billion US dollars (Rp3.4 quadrillion).

This increase marks the end of a prolonged "crypto winter". Cryptocurrencies are increasingly in demand by institutional investors, which opens up opportunities for a brighter future.

Apart from Bitcoin and Ether, other cryptocurrencies that are included in the top 20 market capitalization are also enjoying an increase. Solana (SOL) and Chainlink (LINK) are stars with price spikes of 33% and 49% each in a week. Both are largely capitalized cryptocurrencies with the best performance.

XRP and Cardano (ADA) also experienced an increase. XRP rose 14% to 0.56 US dollars (Rp8,900), while Cardano rose 13% to 0.27 US dollars (Rp4,300) a week.

However, not all cryptocurrencies experienced the same increase. Binance Coin (BNB), the original tokens of the Binance platform, and Shiba Inu (SHIB), a meme coin that went viral, only rose slightly. BNB rose 6.4% to 225 US dollars (Rp 3.6 million), while SHIB rose 7% in a week.

Although the crypto market is still filled with uncertainty, current trends and sentiment show bright prospects for Bitcoin and other cryptocurrencies.