Solana achieves a morale boost, surpassing $100, while Bitcoin continues trading below the $44,000 level.
The price of Bitcoin approached the $44,000 level in the past few hours but faced resistance at this point and declined by about $500.
While most alternative cryptocurrencies are experiencing light trading with the start of the holiday season, Solana managed to achieve a strong surge, surpassing BNB to become the fourth-largest cryptocurrency by market capitalization.
SOL takes the fourth position:
It can be said that the native digital currency of Solana has been at the forefront of recent increases in alternative cryptocurrencies.
Solana witnessed a 55% increase in the past week alone.
Daily, the currency rose by over 16%, pushing its price to over $110, the highest level in almost two years.
Several other alternative digital currencies also recorded notable daily gains, including DOT at 8%, UNI at 5.5%, NEAR at 11%, OP at 10%, and INJ at 5%.
In contrast, ETH, XRP, ADA, DOGE, BNB, TRX, LINK, AVAX, MATIC, and TON either experienced slight gains or limited losses.
Weekly statistics also show significant increases in the prices of most of the mentioned winning digital currencies, with SOL, NEAR, OP, and INJ leading with increases approaching 50%.
The total market capitalization of cryptocurrencies increased by approximately $80 billion over 7 days, exceeding $1.65 trillion according to CoinMarketCap.
Bitcoin fails to surpass the $44,000 level:
After a very challenging start to the week, where the price of Bitcoin dropped to $40,500 for the first time in 5-6 days, the cryptocurrency began to recover on Tuesday and especially on Wednesday.
The price of the currency rose by more than three thousand dollars in two days, reaching over $44,000 mid-week.
Bitcoin has been trading sideways since then, with bulls struggling to maintain the $44,000 level, but successfully defending against further declines.
Over the past four days, Bitcoin has been trading in a narrow range between $43,000 and $44,000.
Earlier today, Bitcoin attempted to surpass this barrier again but stopped a few hundred dollars short.
This, along with the significant gains of some large-capitalization alternative cryptocurrencies, contributed to reducing Bitcoin's dominance in the market, which dropped to 51% according to CoinMarketCap.
At the same time, the market capitalization of Bitcoin remains above $850 billion.