Solana outperformed Bitcoin and led the rally in major altcoins on Thursday afternoon.
- Ethereum remained below the $2,500 level despite its daily gain.
- Solana, Ripple’s XRP and Dogecoin outperformed Bitcoin.
- The cryptocurrency market is now looking to Kevin Warsh’s keynote at Jackson Hole for signs on where the monetary policy may be headed next and what that could mean for the cryptocurrency market.
Michael Saylor-backed Strategy (MSTR) rallied Thursday afternoon to its highest level in more than two months, leading gains among large-cap crypto-linked stocks after Bitcoin (BTC) recovered above $80,000 ahead of the Federal Reserve’s Jackson Hole symposium.
Bitcoin’s price gained around 2% in the last 24 hours, trading at around $80,100, at the time of writing. Meanwhile, MSTR stock gained 12% on Thursday afternoon. Both were among the top trending tickers on Stocktwits at the time of writing.
Retail sentiment and chatter also moved in sync, with sentiment remaining in ‘extremely bullish’ territory over the past day, but chatter falling to ‘high’ from ‘extremely high’ levels.
Bitcoin Recovery Lifts Crypto-Linked Stocks
Bitmine Immersion Technologies (BMNR), Coinbase (COIN) and Circle Internet (CRCL) also rallied alongside the recovery in the cryptocurrency market. BMNR’s stock gained 4.5%, while CRCL stock gained 4% and COIN stock was up 3.7%, at the time of writing.
Among the three, Tom Lee-backed Bitmine was the only one to see retail sentiment on Stocktwits trending in ‘extremely bullish’ territory. Sentiment around Circle remained in the ‘bullish’ zone, while sentiment around Coinbase dropped to ‘bullish’ from ‘extremely bullish’ territory over the past day.
Solana Leads Major Altcoins Higher
Ethereum (ETH) underperformed the apex cryptocurrency, while other leading altcoins including Solana (SOL), Ripple’s XRP (XRP) and Dogecoin (DOGE) raced higher.
Ethereum’s price gained around 1% in the last 24 hours, unable to recapture the $2,500 mark. Retail sentiment around the token on Stocktwits trended in ‘bullish’ territory over the past day, alongside ‘high’ levels of chatter.
Meanwhile, Solana’s price jumped over 10% in the last 24 hours to over $107, hitting a six-month high. Retail sentiment around SOL trended in ‘extremely bullish’ territory over the past day, with chatter ‘high’ levels.
Ripple’s XRP and Dogecoin gained around 4% each. Both saw retail sentiment in the ‘extremely bullish’ zone. Chatter around XRP stayed at ‘extremely high’ levels, while chatter also Dogecoin was marginally subdued in comparison at ‘high’ levels.
Jackson Hole Becomes Next Bitcoin Catalyst
According to a Morningstar report, investors are looking to Kevin Warsh’s speech tomorrow at the Jackson Hole symposium for signs on where the monetary policy may be headed next and what that could mean for the cryptocurrency market.
The report cited CoinShares Head of Research James Butterfill, who expects Bitcoin to remain within its current range unless the Federal Reserve provides clearer confirmation that the risk of further rate rises has disappeared. According to him, such a move “could provide the catalyst for a stable bitcoin breakout above the $80,000 threshold.”
Read also: NVDA Stock Posts Biggest Jump In 14 Months On $12 Trillion Valuation Call From Raymond James – ‘Supply Is The Primary Constraint’
For updates and corrections, email newsroom[at]stocktwits[dot]com.<