Solana Surges Past BTC as Macro Factors Drive Crypto Rally
Solana (SOL) surged to a six-month high on Thursday, outperforming Bitcoin (BTC) and climbing over $103. The cryptocurrency rallied 7.5% in the last 24 hours, while BTC gained only 1.3%.
According to analysts, macro factors are driving the rally in cryptocurrencies rather than crypto market-specific catalysts. The U.S. Treasury's decision to at least double its buybacks of longer-maturity government bonds is seen as a major macro catalyst, weakening the dollar and promoting an accommodative fiscal stance.
The Federal Reserve's Jackson Hole symposium on Friday will be closely watched for signals from policymakers that validate expectations of looser monetary policy. Analysts believe that clear confirmation of reduced rate rise risk could provide the catalyst for a stable Bitcoin breakout above $80,000.