Bitcoin (BTC) price rally stops at $43,000 while Ether (ETH) and Solana (SOL) hit new highs

Bitcoin's (BTC) rally halted on Thursday, leaving the stage to major cryptocurrencies Ether (ETH) and Solana (SOL), which led the crypto rally after hitting a new 19-month high.

BTC fell to $43,000 during the day after surging to nearly $45,000 earlier this week, suggesting traders were taking some profits following the largest cryptocurrency's breakout from $38,000 a week ago . Recently, Bitcoin changed hands at around $43,300, down 1.1% in the last 24 hours.

ETH, on the other hand, rose 5% over the same period to reach $2,372, its highest level since May 2022.

Its rally pushed up the prices of other ETH-adjacent cryptocurrencies, making them the best performers of the day. Ether Classic (ETC) gained 6%, while liquid staking protocol Lido’s governance token (LDO) gained over 11%.

Ethereum scaling networks' native tokens Optimism and Arbitrum also gained 22% and 9%, respectively, during the day.

Solana (SOL) jumped over 8% to $69, its highest level since May 2022, after a three-week slowdown since its local peak in mid-November. Arthur Hayes, crypto investor and founder of the BitMex exchange, hinted at a $100 price target in a post on social media platform X (formerly Twitter) on Tuesday, speculating about a bullish weekend for altcoins.

The CoinDesk Market Index (CMI), which tracks a market capitalization-weighted basket of nearly 200 digital assets, rose slightly by 0.6%.

Crypto analytics firm Santiment noted that the flattening in BTC price coincided with increasing calls from traders about a possible “bull trap,” a short-lived rally that lures investors back into the market ahead of a major downtrend.

“Traders fear crypto markets may be in a bull trap right now,” Santiment wrote on X (formerly Twitter) on Thursday, citing social media metrics.

The growing disbelief could actually help push BTC further toward $50,000, Santiment said, putting pressure on shorts betting on lower prices.

“FUD fear, uncertainty and doubt could drive BTC to $50,000 if it rises,” the company added.

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