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2024-05-04

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Read more: Which TradFi giant could jump into the bitcoin ETF race next? The price of Solana’s SOL (SOL) experienced a 20% gain between Sept. 28 and Oct. 6, but is the rally a tandem move with Bitcoin (BTC), or is it being driven by other factors? Prior to the price breakout — or perhaps, its recovery — SOL faced a turbulent period after a U.S. court approved the sale of $1.3 billion in SOL from the bankrupt exchange FTX. Solana daily price index, USD. Source: TradingViewThe bankruptcy court has taken measures to ensure that the liquidation of FTX assets won’t become a burden for the crypto market, demanding the sale to occur through an investment adviser in weekly batches in accordance with preestablished rules.Following the initial impact, which drove SOL’s price down to a two-month low of $17.34 on Sept. 11, some degree of confidence among bulls emerged as it reestablished the $20 support on Sept. 29. This movement coincided with a successful upgrade to version 1.16, boosting SOL by 16% over the next seven days.SOL’s rally was also supported by growth in the usage of decentralized applications (DApps) and increased nonfungible token (NFT) volumes on Solana. SOL’s price is now attempting to establish a $23 support and consolidate its position as the fifth-largest cryptocurrency (excluding stablecoins) by market capitalization, surpassing ADA’s (ADA) $9.22 billion.Solana’s DApp and NFT market activity surges When analyzing networks focused on DApp execution, the number of active users should be a top priority. Therefore, one should begin by quantifying the addresses involved with smart contracts, which serve as a proxy for the number of users. Solana DApp active addresses, 7-days. Source: DappRadarNotice that the increase in activity was consistent across all sectors, including NFT marketplaces, decentralized finance, collectibles, social and gaming. Furthermore, Solana’s active addresses engaging with DApps exceeded those of Ethereum in the same period, which were capped at 55,230.Solana has been gaining traction in the NFT market due to its cost-efficient and scalable solution, as data is compressed and stored off-chain. This allows for more viable production in larger quantities, as they require lower minting fees, enabling creators to reach wider audiences.NFT sales per blockchain, 7-days. Source: CryptoSlamOver the past seven days, the Solana network surpassed Polygon in NFT sales, accumulating $6.8 million in value, according to CryptoSlam. In September, the situation was reversed, with Solana totaling $23.9 million, while the Polygon network achieved $31 million in NFT sales.Network upgrade enhances privacy and eases the stress on validatorsA potential driver behind SOL’s recent 20% price gains was the network upgrade to version 1.16 on Sept. 28, which introduced a “gate system” to ensure the gradual activation of new features on the network. This process helps maintain network stability and prevents issues caused by sudden changes.Another notable change in this update is “confidential transfers,” which use zero-knowledge proofs to encrypt transaction details, enhancing user privacy. The release also includes improvements in RAM usage for validators, resizable data accounts and a mechanism to identify corrupted data.Overall, this update brings improved efficiency, privacy and security to the Solana blockchain, marking a significant milestone in its development. Stiff competition from Ethereum layer-2 solutionsDespite Solana’s competition with other blockchain networks, there is no doubt that Ethereum layer-2 solutions have gained more traction in terms of total value locked (TVL) and activity. For instance, Arbitrum holds $1.73 billion in TVL, and Optimism holds another $637 million, according to DefiLlama —both vastly superior to Solana’s $326 million.Even as Solana continues to make progress in terms of privacy, scaling and security, external factors are at play beyond the FTX bankruptcy drama, making the $23 resistance harder to breach than anticipated. Ultimately, investors remain largely focused on the Ethereum ecosystem, as it remains the leader in terms of developers and consolidated decentralized applications.This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph. Your Crypto Tax Guide-TurboTax Tax Tips & VideosNFTs or Non Fungible Tokens are a type of cryptographic asset that is created similarly to cryptocurrency. However, unlike other crypto assets, NFTs, are non-fungible, meaning they are one of a kind and cannot be replaced with something else. For example, it is possible to replace or trade a cryptocurrency like Bitcoin, but this is not the case with NFTs due to their unique characteristics. Speaking of which, another burn coming up in a few days! 🔥 https://t.co/6YM7O7dPMr

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Hong Kong’s police force has raised the alarm after 11 Hong Kong-based Binance customers were targeted in a wave of phishing scams sent through text messages. Crypto Donations to Ukraine. Source: Chainalysis What is spot trading in crypto and how does it work?Centralized markets provide new buyers with an amicable environment for trading stocks in cryptocurrencies. Unlike when using crypto wallets and peer-to-peer transfers, which can be complex, consumers of centralized exchanges can log in to their accounts, access their financial statements, and execute payments through several available applications and platforms. Some regulated entities are able to authorize promotions on behalf of other crypto companies. For instance, Archax is supporting crypto exchanges Coinbase and OKX on their communications to people based in the UK.

This is significant as Litecoin will be celebrating its 12th anniversary in the coming days. Since its inception about twelve years ago, Litecoin touts itself as a stable network with no downtime, having processed over 180 million transactions. 2 QNT crypto slipped below 20, 50, 100 and 200-days daily moving averages. 10 Best Crypto Trading/Exchange Apps in India (June 2023)But sentiment has faltered considerably since the last crypto bull run, when many more institutional clients were clamoring for access, Yusko says. “They’re saying it less now than they did two years ago because people buy what they wish they would have bought.” “The working experience is far from pleasant or acceptable. Okhandiar subjects the other Founding Group members and employees to verbal abuse and harassment,” according to the filing. “Despite the abuse, the Founding Group members continued to work on the Collective Venture’s NFT Projects.”

An influx of retail money channeled through financial scions will create the predictable yields that let innovation truly prosper. Everyone will take mainstream finance crypto projects seriously. Innovation will, newly minted, go into overdrive. A whole cabal of investors, entities that sit currently outside the angel and VC edge cases that are the current primers of any crypto run, will be looking for Web3 projects to make sustainable, long-term investments in. Do Kwon’s Fault? Top 10 Best Penny Cryptocurrency To Invest In 2023“Gamers no longer have to screen cap their accomplishments — they can prove them mathematically,” the post read. Ethereum Stumbling Blocks In 2023

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