ETH and SOL Simultaneously Reach 19-Month Highs

While Bitcoin (BTC) shows signs of consolidation, layer-1 networks Ethereum (ETH) and Solana (SOL) are leading the upward momentum, both reaching new highs not seen since May 2022.

ETH and SOL Simultaneously Reach 19-Month Highs

Ethereum's Growth Boosts Layer-2 Optimism and Arbitrum
In the past 24 hours, Ethereum (ETH) has surged nearly 6%, reaching $2,392 at the time of writing. This marks the highest level for the coin in 19 months.

ETH/USDT 1D chart snapshot at 11:15 AM on 08/12/2023 on Binance

Benefiting from its mainnet, layer-2 solutions like Optimism and Arbitrum have also seen impressive gains. Optimism (OP) rose by 26%, and Arbitrum (ARB) by 10% over the past day.

OP/USDT 1D chart snapshot at 11:15 AM on 08/12/2023 on Binance

ARB/USDT 1D chart snapshot at 11:15 AM on 08/12/2023 on Binance

Additionally, Ethereum staking protocol Lido Finance (LDO) has increased by 8.5% on the daily timeframe.

LDO/USDT 1D chart snapshot at 11:15 AM on 08/12/2023 on Binance

SOL Surges 13% on Solana Project Developments
Another layer-1 network making significant gains is Solana. SOL has surged over 13% in the past 24 hours, currently priced at $71.29, marking its highest level since May 2022. SOL has risen by 65% over the past 30 days, with community expectations aiming for it to soon reach $100.

SOL/USDT 1D chart snapshot at 11:15 AM on 08/12/2023 on Binance

This growth surge for SOL stems from a recent airdrop by DEX Aggregator Jupiter on the Solana network, alongside the launch of the Jito staking protocol featuring a novel MEV reward mechanism. Both initiatives are attracting a large influx of users to the chain.

Meanwhile, Bitcoin continues to consolidate around $43,000 after reaching a yearly peak of $44,400 on December 5th. However, the king coin is projected to continue its growth into 2024 due to events like Bitcoin Halving and various macroeconomic factors.

BTC/USDT 1D chart snapshot at 11:15 AM on 08/12/2023 on Binance