Markets Going Up Again, PancakeSwap and Solana Weekly Winners

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Last Updated on 26 April 2021 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / jeroen@cryptotips.eu
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The best known cryptocurrency spent the weekend near the $50k mark and is now trading almost $3,000 higher.

In the past week, Bitcoin saw whiplash trading after it became clear a capital gains tax for wealthy Americans might be on the table for the Biden administration.

Although most altcoins fell along with Bitcoin, it wasn’t all doom and gloom. Among the weekly winners we see Solana and PancakeSwap.

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Capital gains uncertainty

A tax on the capital gains for all Americans who make more than a million dollars per year (which would target a lot of investors and long term Bitcoin Holders and whales) is allegedly on the table next for the current White House administration.

Seeing a growing disconnect between rich and poor, it would not be surprising for Joe Biden to steer this successfully through Congress and the Senate.

The simple mention of this plan’s existence was enough to send Bitcoin scrambling for the exit last week Thursday and Friday.

As worldwide media screamed that crypto was crashing, Bitcoin (and most altcoins) steadied around Friday afternoon and have mostly seen a relaxed weekend.

Analysts agree that Bitcoin is now clearly awaiting market direction from Wall Street and other stock markets around the world to see how this will play out.

PancakSwap and Solana

Also last week, Bitcoin dominance fell below 50% for the first time in three years (we’re sure you all remember 2018 for some reason) while several altcoins rallied. Although doom and gloom populated headlines in the cryptosphere, some altcoins had a fabulous week.

Solana, the coin backed by FTX CEO Sam Bankman-Fried that is supposed to offer an alternative to Ethereum, had a fabulous week and is up 14% today.

It is a combination of people being fed up with gas fees and comparisons on decentralization with other major non-Ethereum blockchains.

Sam stated.

Meanwhile PancakeSwap, is having a fantastic run as well. The token that was launched in September 2020 only, is a decentralized exchange for swapping BEP20 tokens on Binance Smart Chain. As of this morning, it is trading upwards 21%.