There is compelling evidence of a market shift from a bearish bleed to a bullish trend, as noted by Joe McCann from the crypto investment fund Asymmetric. While established cryptocurrencies like Bitcoin and Ethereum appear to be stabilizing in terms of price, other assets, including Solana, LINK, and even more obscure meme coins like BONK, have recently gained significant traction.
Many crypto enthusiasts who held onto Ethereum and stablecoins are now expressing frustration at missing out on substantial gains in coins that have appreciated by over 50% in just the past few weeks. This shift is further demonstrated by the outperformance of The Block's DeFi index compared to Ethereum and Bitcoin, with the former's 30-day return surpassing Ethereum's performance on November 5.
The bullish momentum behind Solana has been building for some time, with increasing inflows into fund products, growing on-chain transaction activity, and the popularity of staking through Jito. The total value transacted on Solana's blockchain is at its highest point this year, and NFT activity is also thriving.
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