Solana leads the rise in major crypto assets - Is general consumer interest in Bitcoin declining? | CoinDesk JAPAN

Ethereum ecosystem and layer 2 tokens such as LDO, ARB, and MNT surged by 7% after Franklin Templeton filed an application for an Ethereum Spot ETF.
Meanwhile, some market observers noted that Google search interest for Bitcoin remained at an all-time low compared to price, suggesting low retail interest in the topic.

Solana (SOL) led the rise in major crypto assets (cryptocurrencies) as Bitcoin (BTC) surpassed the $50,000 mark on February 12, reigniting bullish sentiment among traders.

After the New York market opened, there was buying pressure on Bitcoin, with SOL rising 8% and Ethereum (ETH) rising 6.6%. Avalanche (AVAX) soared 6%, while Binance Coin (BNB) and Cardano (ADA) rose 3%.

The CoinDesk 20 Index, a liquidity index of the top 20 tokens by market capitalization and trading volume excluding stablecoins, rose 4%.

Financial giant Franklin Templeton has filed an application for an Ethereum exchange-traded fund (ETF), leading to an increase in the number of Ethereum ecosystem tokens such as staking protocol Lido's LDO, as well as Arbitrum ( Layer 2 tokens such as ARB) and Mantle (MNT) soared as much as 7%, joining the rally.

The growth of primary and alternative tokens appears to be tracking Bitcoin's rise above the $50,000 mark for the first time since late 2021. The Spot Bitcoin ETF has amassed more than 192,000 tokens as of Friday since going live nearly a month ago.

Lack of retail interest

Meanwhile, some market observers say Google search interest in Bitcoin remains at an all-time low compared to its price, suggesting a lack of retail interest in the topic. It pointed out.

Bitcoin hit $50k.

Meanwhile, Google search volumes relative to price are at all time lows.

This is a new era. pic.twitter.com/8DnsadIclt

— Yassine Elmandjra (@yassineARK) February 12, 2024

Google Trends allows you to compare the relative volume of searches. However, this does not mean that the total number of searches for the term is decreasing, but rather that it is becoming less popular compared to other searches. A downward trend line means that the relative popularity of the search term relative to other popular terms is decreasing.

As such, some traders are warning that short-to-medium-term retracements are still possible.

Ryan Lee, chief analyst at Bitget Research, said in a note to CoinDesk that “other than the halving of Bitcoin, there is no upcoming news that appears to have a price correlation to Bitcoin.” . “It's also important to consider market sentiment between $50,000 and all-time highs. This could also trigger a major price retrace.”

｜Translation: CoinDesk JAPAN
｜Edited by: Toshihiko Inoue
｜Image: Shutterstock
｜Original text: Solana Leads Gains in Crypto Majors, Bitcoin Metric Suggests Low Retail Growth