Venture Capital Investment Into Crypto Rises to $2,400,000,000 After Years of Decline: Report
Venture capital (VC) investment in crypto firms is reportedly on the rise following a slump of seven consecutive quarters.
Citing data from private equity and venture capital deals information provider PitchBook, Reuters reports that VC investment in crypto companies rose by 41% quarter-on-quarter to reach a figure of $2.4 billion in the first three months of 2024.
The figure is still a fraction of the $11.1 billion that VCs pumped into crypto companies in the first quarter of 2022, per the report. Since then, crypto VC investments witnessed consecutive quarterly declines until the first quarter of this year.
At the time of the peak in VC investment in the crypto sector, Bitcoin (BTC) was trading below the then-all-time-high of a little over $69,000 reached in November of 2021. It happened months before the implosion of Terra (LUNA) and about a year prior to the collapse of the now-defunct FTX crypto exchange. Bitcoin hit a low of around $15,500 in November of 2022 and has since recorded a new all-time high of around $73,800.
Bitcoin is trading at $70,871 at time of writing.
On what to expect over the coming months, the report quotes PitchBook’s senior analyst Robert Le saying,
“The crypto industry is still in its early stages, and there is a lot of room for growth and innovation. Barring any major market downturns, we expect the volume and pace of investments to continue increasing throughout the year.”
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Solana Champions All Fronts, Reclaims $180: What’s Next for SOL?
Solana has lately been ruling over the cryptocurrency market due to its dynamic price metrics. SOL is now up 3% in the last 24 hours, capitalizing on Bitcoin’s stellar price hike of $68K. The token is performing its best and is currently basking in bull season glory, projecting momentum that indicates its future price may exceed the $200 threshold.
Also Read: Maneki Creates A Rounding Bottom: How High It Will Go This May?
Solana’s Pioneering Stance
Solana is now trading at a record $180 level, which the token had claimed earlier for a brief period before plummeting to $140. Following Bitcoin’s footsteps, Solana is now breaking records, starting with Ethereum.
The token has surpassed all chains, including Ethereum, in the NFT dominance sector. The SOL ecosystem currently thrives in the weekly NFT user adoption metrics, projecting the token’s rising potential.
— SolanaFloor | Powered by Step Finance (@SolanaFloor) May 20, 2024
REPORT: @solana surpasses all other chains combined, including Bitcoin and Ethereum, in weekly NFT blockchain user adoption.
– Dominance: 55%
– Weekly Users: 130K pic.twitter.com/4PWV9aJLUY
At the same time, Solana has flipped Ethereum in the global search index on Google, marking a new change in the narrative.
ICYMI: SOLANA FLIPPED ETHEREUM IN WORLDWIDE @Google SEARCH INTEREST pic.twitter.com/jMR7u9nnpK
— DEGEN NEWS(@DegenerateNews) May 20, 2024
The token is currently rife with new activity, primarily due to the budding presale projects already queued on the blockchain. The SOL ecosystem has fostered and given birth to many new meme tokens ruling the crypto space this season. Such diverse projects on SOL have played a pivotal role in driving the token’s value up a notch this season.
Solana Price Forecast: What’s Next?
Per CoinCodex, Solana is now inching towards marking a new price high. The token may claim a new ATH by June 19, as predicted by the analytics platform.
According to CC, if all goes well, Solana may spike by 12% to reach a new price threshold of $206 by June 20.
Also Read: Cryptocurrency: 3 Trending Coins to Stack Before They Hit Big in June
“Solana is predicted to rise by 12.27% and reach $206.86 by June 20, 2024. Per our technical indicators, the current sentiment is bullish, while the Fear & Greed Index is showing 76 (extreme greed). Solana recorded 14/30 (47%) green days with 7.86% price volatility over the last 30 days.”
Coinpedia, another notable crypto analytics platform, echoes the same price sentiment for SOL. Per the platform, SOL can trade at a whopping $250 by the end of May 2024.
“If Solana manages to sail across the challenges of the cryptoverse while fixing the consensus issues, Continuing on the progressive road, SOL coin prices can end in 2024 at a high of $500. On the flip side, if the sentiments fail to improve, the altcoin could settle at $90.”
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Solana Price Eyes Breakout Toward $143 As Inverse Head/Shoulders Pattern Takes Shape
