Solana Skyrockets Above $200 as Bitcoin Lags Behind (Market Watch)

The cryptocurrency market is bouncing back from the slumps that it got itself into toward the end of last week, as the majority of it is now trading in the green.

Some altcoins are performing better than others, and there’s a clear shift in terms of ecosystem focus toward Solana compared to other layer-one networks right now.

Bitcoin Testing $68K

Bitcoin’s price is getting on the right foot once again after trending south toward the end of last week. It has remained down by some 4.4% during the past seven days, but over the last 24 hours, BTC has been doing well.

The cryptocurrency increased by some 2.8%, currently testing the important resistance level at $68K.

That said, the market remains in a state of extreme greed, according to the fear and greed index. However, the sentiment has somewhat changed as it’s declined from 88 points of extreme greed on March 14th to 77 points today.

Solana Leads the Altcoin Push

As mentioned above, some altcoins are undeniably performing a lot better than others and there’s a trend emerging. Solana’s ecosystem is pushing ahead.

As can be seen in the heatmap above, SOL’s price skyrocketed by over 11% in the past 24 hours, surpassing the pivotal $200 mark. In doing so, it also flipped Binance Coin (BNB) as the world’s fourth-largest cryptocurrency by means of total market capitalization.

SOL is the best performer among the top 10 cryptocurrencies, but Render (RNDR) increased the most from the top 100. It’s up about 15% in the past 24 hours. At the same time, Ribbon Finance (RBNB) failed to capitalize on this latest market resurgence and is down 6.4% during the same period—the worst among the top 100.