Bitcoin Climbs 3% to $26.6K; SOL, NEAR, ADA Lead Crypto Market Gains

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Despite today’s market-wide advance, the outlook for risk assets is pointing to softer prices for the next few weeks, one observer noted.

Bitcoin (BTC) climbed more than 3% to above $26,600 Wednesday afternoon, its highest price this week as crypto markets pared some of the losses booked in last Thursday’s tumble.

Ether (ETH) advanced 3.5%, inching closer to the $1,700 level.

The gains for both were roughly in line with the CoinDesk Market Index’s (CMI) 3% rise. Layer 1 blockchain Solana’s SOL jumped nearly 7% during the day as webshop platform Shopify integrated Solana Pay, allowing USDC stablecoin payments for customers.

NEAR, native token of the Near Protocol, added more than 6% after crypto lender Nexo integrated the network into its platform.

Among larger alternative cryptocurrencies – so-called altcoins – Cardano’s ADA, Polkadot’s DOT, and Binance’s BNB each gained 3%-5% during the day.

The gains in crypto mirrored a big move higher in traditional markets, with both the Nasdaq Composite and S&P 500 surging more than 1% alongside a 13.5 basis point decline in the U.S. 10-year Treasury yield to 4.19%.

Following the market close, chipmaker giant Nvidia reported sizable earnings and guidance beats, sending its shares higher by 7% and boosting AI-related tokens like Fetch.AI’s FET which rose 9.5%, while AGIX and Render’s RNDR each gained about 5%.