Could Ethereum, Solana Fuel Bitcoin to Reach $50K?

Bitcoin (BTC) attempted to stay above $43,000 on Dec. 8 as Ether (ETH) gained attention due to a surge in altcoin activity.

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ETH, SOL step up as Bitcoin takes liquidity

Data from Cointelegraph Markets Pro and TradingView revealed ongoing BTC price consolidation as ETH/USD gained up to 7.6% in around 24 hours.

Bitcoin, having touched new 19-month highs of $44,490 earlier in the week, now confounded market participants as both ETH and Solana (SOL) gained attention.

Examining Bitcoin’s share of the overall crypto market cap, popular analyst Matthew Hyland described recent progress as a potential “false breakout.”

Dominance hit 55.26% on Dec. 6, in line with the BTC price highs — the highest reading since April 2021.

“It would need to close above support to avoid; currently below,” Hyland wrote as part of his commentary on X (formerly Twitter), referring to the key 54.35% mark.

At the time of writing, dominance stood below this at around 53.9%.

Some major altcoins availed themselves of the situation, with ETH/USD hitting $2,392 before seeing a slight correction of its own on the day.

SOL/USD hit $72.88 on Bitstamp, its highest since May 2022, as investors increased bullish bets on three figures entering the future.

Commenting on the current status quo, research firm Santiment argued that fear, uncertainty and doubt, or FUD, surrounding a web 3.0 altcoin breakout could ultimately help Bitcoin.

“Traders are fearful that #crypto markets may be in a bull trap at the moment,” it reasoned on Dec. 7.

An accompanying chart showed data that covered social media activity for the phrases “bull trap” and “bear trap,” referring to current crypto price action.

Keeping the faith on more upside

In the crypto market, traders have seen some positive developments in the current BTC price trend.

The well-known trader Credible Crypto, who is usually very optimistic about Bitcoin, believes that accumulation is still happening before the market rises to the next level.

But some experts think that a deeper correction is needed, which could bring the price back to $30,000 or even lower, before the new all-time highs are achieved.

As the concept of web 3.0 becomes more popular, there is a growing interest in its features, such as data ownership, and how it could shape the future of social media and data.