Ethereum, Cardano, Solana climb as bitcoin holds on to gains

Oct. 21, 2021 8:53 AM ETBitcoin USD (BTC-USD), ETH-USD, SOL-USD, ADA-USDBy: Max Gottlich, SA News Editor20 Comments

American one hundred dollar bill heap under paper cutout, Bitcoin icon

TARIK KIZILKAYA/iStock via Getty Images

  • Cryptocurrencies including Ethereum (ETH-USD), Cardano (ADA-USD), Solana (SOL-USD), VeChain (VET-USD) and Ethereum Classic (ETC-USD) outpace Bitcoin (BTC-USD) on Thursday, just a day after the largest digital token marked new all-time highs at $67.7K.
  • Since bitcoin (BTC-USD) reached that peak on Wednesday, it has pulled back somewhat to as low as $64.2K on Thursday, now standing at $64.8K.
  • Looking at the chart below, Solana (SOL-USD), the sixth largest crypto by market cap, outperforms its peers, including bitcoin (BTC-USD), by as much as 13 percentage points in the past five days; also leads on a Y/Y basis, generating a 9,510% return.
  • On Ethereum (ETH-USD), Fundstrat's Head of Digital Asset Strategy, Sean Farrell, expects ETH to reach $10K as the second largest token attempts to break out of its all-time high of $4.4K from mid-May, he told Yahoo Finance Live.
  • "What we've seen in prior bull market cycles for bitcoin is that bitcoin generally leads the rally, capital rotates, investors take their gains and rotate into alt coins, with the most predominant heavily-traded altcoin being ethereum," Farrell said.
  • Some other cryptos that are trading deep in the green include: Litecoin (LTC-USD +7.0%), Uniswap (UNI-USD +2.5%), Terra (LUNA-USD +4.8%), Wrapped Bitcoin (WBTC-USD +0.8%), Bitcoin Cash (BCH-USD +3.0%) and Aave (AAVE-USD +7.2%).
  • Previously, (Oct. 20) ProShares Bitcoin Strategy ETF rallies for second day on surging volume.

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