Ethereum, Arbitrum and BNB Chain protocols are top picks for the Chinese crypto community, data from a report shows, a possible bullish catalyst for tokens related to these protocols as Hong Kong opens the door of crypto to retail investors.
The China crypto narrative has gathered steam with Hong Kong opening doors to retail crypto trade on Thursday, June 1. Hong Kong’s stance on crypto has put several cryptocurrencies and their blockchains at the center of the narrative, fueling price rallies.
Bitcoin (BTC) price shows a clear sign of the bulls’ victory. After failing to trigger a steep correction, bears look now out of context, at least in the short term, allowing buyers to restart a minor uptrend.
Bitcoin price has recovered above the $28,086 support level and has triggered a resurgence of buyers. As a result, BTC bulls seem to be back in play, which could catalyze a minor upswing to the next critical hurdle at $28,051.
Solana (SOL) price has been trading with a bullish bias after an explosive breakout on December 30. However, because of volatility and the gloom in the broader crypto market, SOL has been unable to break above a key hurdle at $26.30, causing the price to trade sideways.
Solana price is bearing the brunt of an overly volatile market and a broader lack of momentum. This comes as Bitcoin (BTC) has failed to inspire a wave of bullishness across altcoins. Nevertheless, SOL shows some optimism indicated by its multiple attempts to break above the hurdle at $26.30.
