Bitcoin, Ether rise with SOL leading winners in top 10 cryptos

Bitcoin and Ether rose during Thursday afternoon trading in Hong Kong, along with most other top 10 non-stablecoin cryptocurrencies by market capitalization. The SOL token saw the biggest gain in the top 10, following its new partnership with e-commerce giant Shopify.

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SOL leads winners as Bitcoin, Ether rise with most top 10 cryptos

Solana’s SOL token rose 4.33% in the 24 hours to 4:30 in Hong Kong to US$20.79, as the day’s biggest gainer in the top 10, after Solana announced partnering Shopify to offer crypto payments with no transaction fees on the e-commerce platform via Solana Pay, a peer-to-peer payments protocol built on the blockchain. Despite the good news, SOL remained near a six-week low.

Bitcoin was little changed during afternoon trading in Asia, changing hands at US$26,430 as of 4:30 p.m. in Hong Kong after it briefly rose to the US$26,769 mark earlier today.  

Despite today’s small rally, Lucas Kiely, the chief investment officer of digital asset platform Yield App, said that returning to US$25,000 remained a possibility. 

“US$25,000 is the level where BlackRock filed for a spot Bitcoin ETF. There is support at that level. Investors will be spooked if Bitcoin falls below that level. After that level, Bitcoin could fall to approximately US$19,870, which represents the level where Silicon Valley Bank failed,” wrote Kiely, in a statement shared with Forkast.

“When SVB failed, Bitcoin rocketed to US$31,000 before moving sideways. BlackRock and other firms then made their Bitcoin ETF announcements, and Bitcoin ripped again.”

Ether rose 0.59% during afternoon trading in Asia to US$1,671 bringing its weekly losses to 6.92%.

Tron’s (TRX) token rose 1.73% in the past 24 hours to US$0.077, bouncing back from a two-month low of US$0.073 on June 25.

Total crypto market capitalization over the past 24 hours rose 1.45% to US$1.07 trillion while market volume decreased 8.66% to US$32.44 billion, according to CoinMarketCap data.