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Bitcoin Rally Helps Other cryptos reach highs

 Bitcoin's impressive rally, which is now aiming to reach $50,000 per coin, has helped other cryptocurrencies like Ethereum and Solana reach new highs. Ethereum (ETH) jumped more than 5 percent to $2,382 on Friday, its highest level since May 2022. Solana (SOL) jumped more than 8 percent to $69, its highest since May 2022, CoinDesk reports.

Bitcoin Rally Helps Other cryptoS reach highs

After climbing near $44,800 earlier this week, Bitcoin was hovering around $43,370 on Friday. Ether Classic (ETC) rose by 5.9 percent, while the governance token of liquid staking protocol Lido (LDO) rose by more than 11 percent. According to crypto analytics firm Sentiment, traders fear that the crypto market may be trapped in a bullish trap at this time. The surge in Bitcoin prices has pushed the crypto market capitalization above $1.5 trillion for the first time since May 2022,When the collapse of Terra crypto token started the crypto winter. The macroeconomic environment is also supporting the rise in the price of Bitcoin.

"Talks from some Fed officials, a weak dollar and relatively strong domestic data helped propel markets over the weekend," Alex Thorn, head of research at digital asset investment firm Galaxy, was quoted as saying. Bitcoin is up 1.5 times so far. , and is one of the world's best performing assets on a risk-adjusted basis. "Despite the move, Bitcoin remains very constructive," the analysts said.