Bitcoin Breaks Out Above $68K as Solana’s 7% Gain Leads Crypto Rally
The crypto market has finally seen a turnaround in its recent downward trend, with Bitcoin breaking out above $68,000 for the first time in over five weeks. This surge in price action was led by Solana’s SOL, which gained an impressive 7% over the past 24 hours, outperforming both Bitcoin’s 2.6% advance and the CoinDesk 20’s 2.8% rise.
Bitcoin breaks out above $68,000
The recent price action can be attributed to the softer-than-forecast April inflation data and quarterly institutional filings, which showed interesting participation from the Wisconsin state pension board and several heavy-hitting hedge funds. This led to a renewal of big inflows into the spot bitcoin ETFs, which had previously witnessed net outflows over four of the previous seven weeks.
“The turnaround in the recent downward price action came last week after the government reported softer-than-forecast April inflation data and quarterly institutional filings showed interesting participation in the spot bitcoin ETFs from the Wisconsin state pension board and a number of heavy-hitting hedge funds.”
The spot funds added 14,389 bitcoin last week, according to HODL Capital, the strongest performance since March. This influx of institutional investment has given the crypto market a much-needed boost, and it will be interesting to see how the market reacts in the coming weeks.
Institutional investment in crypto on the rise
As the crypto market continues to rally, all eyes will be on Bitcoin and Solana to see if they can maintain their momentum. With the current trend looking bullish, it’s an exciting time for crypto enthusiasts.
The crypto market rally continues
