Bitcoin, Ethereum, Dogecoin rise as market applauds Solana Spot ETF File: Analyst predicts King Crypto jump to $66,000 if condition holds – Emeren Group (NYSE:SOL)

Major cryptocurrencies surged on Thursday as the market celebrated the entry of Solana SOL/USD in the now hot US digital asset exchange-traded fund

What happened: Market indicator Bitcoin rose dramatically to $62,300 after the asset manager Van Eck completed an S-1 registration form with the SEC for a Solana ETF in the offing. However, the rally was short-lived as King Crypto fell to $61,300 by the end of the trading session.

Ethereum has surged past $3,400 and stabilized at those levels, while Solana, the cryptocurrency at the center of it all, is up nearly 8% in the last 24 hours.

In the past 24 hours, 33,157 traders were liquidated, with the total liquidations reaching $71.11 million. Short liquidations accounted for 60% of the total.

All three major coins experienced an increase in Open Interest, with Solana seeing a 9% increase in money locked in unsettled derivatives contracts. Bitcoin’s OI increased by 0.48%.

Interestingly, the number of traders who placed long bullish bets on Bitcoin dropped dramatically compared to those who placed short bets on the asset.

The Cryptocurrency Fear and Greed Index reads “Neutral” at the time of writing, indicating a balance between bullish and bearish forces.

Biggest Earner (24 hours)

The global cryptocurrency market cap increased by 1.31% to $2.28 trillion in the past 24 hours.

Stocks advanced for the third day in a row on Thursday. O Dow Jones Industrial Average gained 36.26 points, or 0.09%, to close at 39,164.06. O S&P 500 Index added 0.09% to close at 5,482.87, while the technology-heavy index Nasdaq Composite rose 0.30% to mark 17,858.68 at the close.

Traders are bracing for the release of May personal consumption spending data on Friday, considered the Federal Reserve’s preferred inflation gauge, to gauge the likelihood of rate cuts later this year.

According to the CME FedWatch tool, there was a 90% probability that rates would remain unchanged during the next FOMC meeting in July.

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Analyst Notes: Popular cryptocurrency trader Ali Martinez highlighted the formation of an Adam and Eve bottoming pattern for Bitcoin, potentially indicating a 6% jump to $66,000.

However, for this prediction to come true, Martinez indicated that King Crypto must close above $62,200.

Widely followed analyst Michael van de Poppe noted strong upside potential for Ethereum, saying, “I think we’ll continue to go up from here.”

The trader said that if Ethereum rises to 0.06 BTC, it could signal a major breakout for the broader altcoin market.

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