The Latest Breaking News from CoinMarketCap

Dubai, UAE, February 20th, 2024, Chainwire

The altcoin landscape is currently grappling with a sea of red, as most charts are dominated by bearish sentiment.

Driven by the U.S. Securities and Exchange Commission's historic nod to the first Bitcoin ETF and the commencement of fund trading on U.S. exchanges, Bitcoin's value has catapulted to unprecedented heights.

Bitcoin showed signs of recovery this week by surpassing the $45,000 mark for the first time in 21 months. However, it later retreated and stabilized between the $43,000 and $44,000 price range.

Solana's value returned to its pre-Christmas price last week with holders concerned that the price rally of the altcoin in the past few weeks might not continue.

One of the possible explanations behind the sudden surge in the value of Bitcoin may be linked to the swelling hype surrounding the imminent approval of some spot Bitcoin ETF proposals of several Wall Street giants, which is anticipated to be announced by the SEC this week.

With its recent price action, Solana ranks fifth in the list of the world's largest crypto assets by market capitalization, which is led by Bitcoin, the world's oldest asset.

Solana has flipped Binance Coin (BNB) and Ripple's XRP since Monday and continued to retain its spot as the fourth-largest crypto asset by market capitalization.

When FTX declared bankruptcy in November 2022, many expected that Solana would not bounce back and would trade at a meager $10. However, it rose from the ashes and was trading above the $100 threshold.

Despite the net outflow, HTX occupies the 15th spot in CoinMarketCap's top cryptocurrency exchanges.

Binance had previously made an announcement on this matter in August, stating that it would "gradually" phase out support for the stablecoin after the stablecoin issuer, Paxos, was ordered to stop minting the coin earlier this year.