Why Bitcoin, Ethereum, and Solana Popped on Saturday
Weekends have been good for the cryptocurrency market recently, and today is no different. After a pop in values last Saturday, the move has been repeated this weekend, with green across the market.
As of 9:00 a.m. ET, Bitcoin (CRYPTO: BTC) has jumped as much as 8.6% in the last 24 hours, Ethereum (CRYPTO: ETH) gained 5.9%, and Solana (CRYPTO: SOL) was up 19%. Those moves have trailed off slightly, and the tokens are now up 5.5%, 2%, and 6.9%, respectively, in the last day.
The macro driver of the crypto move is clearly the economic and monetary backdrop. Recent data has shown inflation pressures easing, and there is speculation the Federal Reserve will slow interest rate increases in the next few months. Earnings season has begun also, and results have been strong for the banking industry. That's causing investors to flood back into higher-risk assets, like crypto.
Source Fool.com
