Yesterday, affected by the decline in US stocks, the cryptocurrency market also experienced a drop, with Bitcoin's lowest price falling to $92,730.
However, Ethereum's performance is stronger; it has hardly dropped and is currently fluctuating around $3,440.
LDO, SSV, and EN in the Ethereum ecosystem are also rising along with Ethereum.
From the current trend, funds are flowing from Bitcoin to Ethereum, and everyone is starting to expect Ethereum to take over the lead and lead altcoins to a rebound.
It is expected that Bitcoin's market share will gradually decline, and altcoins will perform better than Bitcoin.
Although MicroStrategy recently bought another 55,000 Bitcoins, MSTR's stock price fell yesterday.
Between November 18 and 24, MicroStrategy spent $5.4 billion to buy 55,000 Bitcoins, but Bitcoin's price only rose by $1,000.
Previously, they used $4.6 billion to push Bitcoin's price from $70,000 to $90,000.
This indicates that as we approach the $100,000 round number, the selling pressure above Bitcoin will be greater.
However, based on the current trends, data, and news, there haven't been any negative news.
Currently, Bitcoin's trend is mainly influenced by market sentiment; this drop may be due to the reduction of FOMO sentiment among American investors.
This morning, Federal Reserve's Kashkari also stated that there may be another interest rate cut in December.
So, from a medium to long-term perspective, the upward trend is still there. Bitcoin breaking $100,000 is just a matter of time, and corrections are just reversing to pick us up.
Yesterday I also updated the bottom-fishing points in the group, and you can place orders in advance to buy in batches.
Some friends asked how high SOL can rise in this bull market since it is also performing strongly.
I think SOL could rise to $800-$1000 during this bull market.
Solana's recent performance has been very strong, with its price breaking historical highs and market capitalization exceeding $120 billion, becoming the second public chain after Ethereum to surpass a market cap of $100 billion.
With the drive of SOL, projects in its ecosystem have also seen an explosion. Staking protocol JTO and DEX protocol RAY are both rising.
So what did Solana do right?
I think SOL's strong performance recently is mainly because it has seized this wave of MEME coin frenzy.
In this bull market, everyone says that not playing memes on Solana is like not participating in DeFi during the last cycle.
This wave of memes is happening on Solana, bringing a significant wealth effect and new MEME coin projects.
The market demand for MEME coins has also indirectly driven the demand for SOL, leading to its price increase.
The success of SOL is mainly because they not only know what the users' needs are but can also launch products that match those needs, such as PumpFun and Moonshot.
It has also created an ecosystem that satisfies market greed through memes.
Retail investors in this bull market don't care about infrastructure; they care about which projects can rise.
Solana allows retail investors to potentially become millionaires by spending just $100 to buy some meme tokens.
This story satisfies the FOMO needs of thousands of new users, and then this cycle will repeat. Solana has captured this cycle well.
Since September this year, SOL's priority trading fee has skyrocketed from 3000 to 55000, a 15-fold increase, indicating the market's enthusiasm for MEME coins on the SOL chain.
So what is Solana's position in the public chain?
Compared to other public chains, Solana successfully captured the retail market during this bull market cycle, while Ethereum, BNB Chain, and Tron lag behind SOL in this aspect.
Although the transaction costs of Tron and BNB Chain are also low, their focus is misplaced.
Binance focuses on their centralized exchange, attracting users to stake BNB through new coin listings. Although BNB has also risen considerably, it still does not perform as strongly as SOL.
Tron and Justin Sun also tried to attract retail investors through memes, but they were unsuccessful because they entered the market too late, and the TRX price did not rise much.
Ethereum has completely detached from market demand; Vitalik discussed a 5-year roadmap in the forum, while retail investors' attention lasts only 30 seconds, clearly missing the user demand.
From Solana's data, it has carved out its own path, with representative projects in AI, DeFi, staking, and other fields, and overall data performance is also quite good.
According to Solscan data, Solana's TPS remains around 3000, and the network performance is relatively stable.
The number of active addresses has also performed well; despite a sluggish market since mid-year, Solana's active wallet addresses have surged from 1 million to a peak of 8.8 million. Currently, it has added more than 20 million addresses.
Another reason for SOL's strength is the expectation that Solana's spot ETF will be approved.
After the approval of the Ethereum spot ETF, Solana's ETF has also attracted much attention.
Recently, there have been reports that negotiations between the SEC and some issuers hoping to launch SOL spot ETFs have made progress.
With Trump about to take office, regulation of the cryptocurrency industry will loosen.
SEC Chairman Gary Gensler announced he will resign in January, greatly increasing the chances of SOL's ETF approval.
Recently, the Chicago Board Options Exchange (Cboe) submitted applications for four Solana ETFs.
If the SEC formally accepts the application, the final approval is expected to be completed by early August 2025.
Alexander Blume, CEO of Two Prime Digital Assets, stated that if issuers are not very confident, they will not waste time and resources applying.
He also believes that if the Solana ETF is approved, the demand could be substantial.
Bloomberg analyst James Seyffart also expects demand for Solana ETFs to grow proportionally, with total demand potentially reaching around $3 billion.
Overall, I believe that during market corrections, it is a good time to buy some SOL. If you want to participate in first-tier market projects later, you will also need to exchange SOL.