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Market update: Solana reclaims the $200 threshold

Bitcoin price dipped overnight July 21-22 to $116,500, but quickly rebounded above $118,000.

By Mike Hesp
• 2 min read
Market update: Solana reclaims the $200 threshold

Bitcoin price dipped overnight July 21-22 to $116,500, but quickly recovered to above $118,000. That puts BTC roughly five percent below its current all-time high of $123,000.

The catalyst for the modest pullback appears to be speculation around SpaceX's Bitcoin reserves. According to Arkham Intelligence data, Elon Musk's space company moved about $152 million worth of BTC. SpaceX reportedly still holds about 7,000 BTC.

The pullback also hit many altcoins. Ethereum fell about 2.5%, XRP lost roughly 2%. Solana, however, was an exception: the token rose 5% and is back above the $200 threshold. There's about 31% to go to the all-time high.

Looking at Bitcoin's performance versus altcoins, many coins have recently fared significantly better. According to CoinMarketCap's Altcoin Season Index, 53 altcoins outperformed BTC in the last 90 days. When 75 or more altcoins outperform BTC, it's officially called an Altcoin Season.

Early signs of that are also visible in Bitcoin dominance, which has fallen for 20 days and is hovering around 60%, a notable drop from 64.4% in May.

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