Analysts name 2 tokens from the top list that have updated 2022 highs

On the night of December 8, the altcoins Ethereum (ETH) and Solana (SOL), which are among the top ten cryptocurrencies by market capitalization, updated their price highs since May 2022. This became known from the data of the Coinmarketcap service. ETH $3,288.62 Bridged Ether (StarkGate) -2.07% Market capitalization $0.28 billion VOL. 24 hours $2.05 billion rose in price by 11.9%, reaching a record high of $ 2,400. The altcoin’s capitalization is $ 282 billion. At the same time, Ethereum lags far behind BTC $99,119.20 Bitcoin 0.86% Market capitalization $1.96 trillion VOL. 24 hours $4.73 billion in terms of growth dynamics, which is especially noticeable over long periods of time: since the beginning of the year, ETH has grown by 97%, while the flagship cryptocurrency has shown an increase of 161%.

However, some experts believe that this gap may soon be reduced. According to the Velo Data analytical service, over the past 5 days, open interest in Ethereum futures on the Chicago Mercantile Exchange (CME) has increased by 30% to $ 711 million, outperforming bitcoin (19%).

As for the Ukrainian developer’s cryptocurrency, the price of SOL $254.47 Solana -0.39% Market capitalization $120.79 billion VOL. 24 hours $1.38 billion reached $ 73.64, which is the highest since May 2022. At the same time, the growth of the altcoin price is significantly ahead of bitcoin: since the beginning of the year, SOL has grown by almost 620% and is now in sixth place in terms of capitalization ($ 31.3 billion).

According to analysts, one of the possible reasons for the rise in SOL’s price could be a significant increase in the volume of liquid staking in the Solana ecosystem, including through programs such as Jito, Marinade, or MarginFi. Another factor could be an increase in the volume of open interest and funding rates, as well as the general interest of retail investors.

The excitement around the token and the entire Solana ecosystem may also be partially caused by a surge in the activity of users applying for airdrops. The sharp increase in trading volume on the Solana network’s decentralized exchange (DEX) coincided with the announcements of token distribution from the Pyth and Jupiter projects.