Price analysis 9/1: BTC, ETH, ADA, BNB, XRP, DOGE, SOL, DOT, UNI, LUNA

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Cointelegraph 01 September, 2021 - 01:06pm 21 views

What is Solana Crypto?

Solana is a programmable blockchain, similar to Ethereum, that can run multiple decentralized finance operations. ... As a programmable system, the decentralized blockchain platform permits users not just to exchange SOL coin, but also non-fungible tokens and other digital assets. Yahoo FinanceEthereum Competitor Solana Achieves $38 Billion in Market Valuation — What Does This Mean for Bitcoin?

Investors Start Showing Interest In Other Cryptocurrencies After Bitcoin And Ethereum's Volatility

Yahoo Finance 31 August, 2021 - 02:43pm

What Happened: According to a recent Fortune report, many minor tokens rode the waves made by Bitcoin and Ethereum well enough to rake in higher gains than those behemoths.

Cardano (CRYPTO: ADA) doubled this month, Binance Coin (CRYPTO: BNB) also rallied significantly, while Avalanche (CRYPTO: AVAX) tripled in August.

Fortune also cited the nonfungible tokens (NFT) market's rise, which had the value of many tokens quadruple in just days.

Some analysts suggest that minor assets such as the aforementioned ones skyrocketing is a consequence of speculators "moving from the mainstays to newer, more exciting offshoots, as they often do after big runs."

Other analysts also highlight that lots of cash in circulation and ultra-low rates push investors to "ever-wonkier assets."

What Else: Despite that, the report admits some assets such as Cardano (CRYPTO: ADA) and Solana (CRYPTO: SOL) are backed by actually strong fundamentals and technological advances.

Founder and CEO of online exchange eToro Yoni Assia highlighted that "there’s a lot of excitement in crypto," and the firm has "seen a lot of exuberance in the market.”

Assia views rock-bottom interest rates worldwide, a massive fiscal stimulus, and inflation as the driving forces behind this rise.

Chief Market Strategist at JonesTrading Michael O’Rourke echoed that sentiment, noting that "with all of this money floating around, we should not be surprised that there are people paying exorbitant amounts of money for digital pet rocks."

Cryptocurrencies have experienced waves of volatility over the past year, but they're steadily gaining traction among investors. Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH), and Cardano (CRYPTO: ADA) are three of the biggest names in the crypto space, and they've all experienced explosive growth. The price of Bitcoin is up by more than 300% over the past 12 months, Ethereum has soared by roughly 700%, and Cardano has increased by a whopping 2,350% in that time period.

What Happened: Market-leading altcoins amassed significant gains from institutional funds over the past seven days as Bitcoin (CRYPTO: BTC) continued to record outflows for an eighth consecutive week. According to the latest CoinShares report examining weekly digital asset flows, Cardano (CRYPTO: ADA) reported $10.1 million in inflows this week – its largest on record. ADA, now the third-largest cryptocurrency by market cap, has consistently seen massive inflows over the past few weeks. The toke

With a monstrous rally of 131% in the past month alone, Cardano's (CRYPTO: ADA) ADA tokens have now become the third-largest cryptocurrency in the world. Early investors have gotten rich quick off Cardano. The Cardano network was created to rival that of Ethereum (CRYPTO: ETH).

Dogecoin (CRYPTO: DOGE) is headed for much higher highs, according to cryptocurrency market analyst Gianni Di Poce. What Happened: Speaking at the Benzinga Crypto Trading Festival, Di Poce — financial analyst and president at market research firm The Mercator — said that he "wouldn't be surprised to see DOGE at over a buck a coin." The market analyst explained that the coin is now forming something that resembles a bull flag or a bull pennant and that we should expect new highs if it were to bre

Offchain Labs, the company behind layer two scaling solution Arbitrum One, has raised $120 million in Series B funding led by Lightspeed Venture Partners. What Happened: In a press release on Tuesday, the company said its latest funding round valued the company at $1.2 billion. High-profile investors like Mark Cuban, Polychain Capital, Ribbit Capital, Redpoint Ventures, Pantera Capital, and Alameda Research also participated in the round. The new round of funding will go towards building enhance

Ripple lawyers have filed a motion to compel the SEC to produce documents showing whether its employees were permitted to trade XRP and other digital assets.

Cardano (ADA) completed IMHO its “more significant 3rd wave and embark[ed] on a correction to ideally around $2.25-2.55, depending on where the 3rd wave will top.” as anticipated last week.

In the main handicraft market of El Salvador's capital, traders complain that with a week to go before bitcoin becomes legal tender, no officials have come to explain how it will work or what benefits it may bring. The sense of unease extends beyond San Salvador's "Excuartel" market well into the Central American country of 6.4 million people that on Tuesday will become the first nation in the world to adopt bitcoin as legal tender. At "Excuartel," a popular tourist draw, President Nayib Bukele's government has installed one of the 200 ATMs of its Chivo digital wallet that will allow the cryptocurrency to be converted into dollars and withdrawn without commission.

Ethereum is hitting its highest level since May and has almost doubled from the July low. Here's how to trade the potential breakout now.

Raleigh Smith Duttweiler was folding laundry in her Ohio home, her three children playing the video game Minecraft upstairs, when she heard an NPR story about new rules in China that forbid teenagers and children under age 18 from playing video games for more than three hours a week. "Oh, that's an idea," Duttweiler, who works in public relations at a nonprofit, recalls thinking. For Duttweiler and many families outside of China, Monday's news of the country's strict social intervention - which regulators said was needed to stop a growing addiction to what it once described as "spiritual opium" - underscores a challenge to rein in video game use in their own homes, particularly during the pandemic.

Dogecoin is testing the resistance level at $0.2770.

SEC Chair Gary Gensler's comments indicate a tougher stance on digital assets and platforms is coming, but crypto investors show no signs of concern.

In another win for Ripple in the ongoing courtroom saga against the SEC, Judge Sarah Netburn has sided with arguments put forward by the XRP legal team and will rule decisively on deliberative process procedures on September 28.

Hundreds of protesters took to the streets of El Salvador to raise their voices against President Nayib Bukele's decision to make Bitcoin (CRYPTO: BTC) legal tender. What Happened: On Sept 7, Bukele will introduce the much-debated Bitcoin Law in the country. According to the text of this Law, all economic agents must accept Bitcoin along with the dollar as a means of payment. Bukele says that the Bitcoin Law will benefit the people and save close to $400 million in remittance commissions. In add

AMC stock soared in early 2021 amid a “short squeeze." Here's what a $10,000 investment into the stock at the beginning of the year is worth now.

The government says it will seize food stocks and set prices to contain inflation.

(Bloomberg) -- Surging demand for NFTs and DeFi apps is allowing backers of Ethereum to dampen the cacophony of Bitcoin maximalists who have long claimed that only the original cryptocurrency matters. Ether, the native token of the most-used blockchain, jumped 36% in August, more than double the 13% return for holders of the biggest digital asset by market value during the same period. So far this year, Ether is outperforming Bitcoin by the widest margin going back to at least 2018, Bloomberg da

The great crypto flippening: Can Ethereum overtake Bitcoin?

Cointelegraph 31 August, 2021 - 07:14am

Is BTC, crypto’s flagship, prepared to fend off Ethereum with its “incredible network value, rich community and pace of innovation?”

“Ethereum is already years ahead of Bitcoin in everything but price and fame,” said Green earlier this year, adding: “There’s a real sense that 2021 is the year for Ether. Its time has come.” But, is it really a foregone conclusion that the world’s first, largest and best-known cryptocurrency is ready to relinquish its market-cap crown? Maybe not.

“If you look at CoinMarketCap’s homepage over the past five years, Ethereum is usually sitting in second position, right under Bitcoin — and it really hasn’t moved from that number two spot in any permanent way since its launch,” Molly Jane Zuckerman, content lead at CoinMarketCap, told Cointelegraph, adding: “History shows us that there is only one cryptocurrency that can ever claim the ‘king of the cryptoverse’ title.”

So, is there a chance for a flippening — the term often used to describe a reversal of ETH and BTC? Are altcoins still benefiting from the light that shines upon Bitcoin or are they stepping out and becoming popular by themselves? Ultimately, can the two even be compared since they are seen to serve different purposes within the crypto and the wider finance space?

“Ethereum’s eventual dominance is hardly a sure thing,” commented Eswar Prasad, professor of economics at Cornell University and author of the soon-to-be-published book, “The Future of Money.” There could be technical complications with Ethereum’s switch to the PoS consensus protocol, “and there are many risks of attacks on DeFi products that could undermine confidence in those products and in Ethereum itself,” he told Cointelegraph.

Still, Bitcoin hasn’t proven itself as an effective medium of exchange, added Prasad, and its blockchain has only “limited functionality” compared with Ethereum, specifically when it comes to decentralized finance (DeFi): “Ethereum provides more flexibility, especially for DeFi products and services, and it has the potential to become a viable and efficient medium of exchange, featuring both low latency and high throughput for transactions.”

Maybe Green went a bit too far, suggested associate professor of finance at the University of Western Australia Lee Smales. “Inevitable” is a strong word, after all, he told Cointelegraph, “but, I’d say it’s highly likely that this will occur — although the recent rally in Bitcoin has outpaced that in Ethereum and has maybe delayed the timing a little bit. I would suspect it [flippening] happens in the next two to three years.”

Many seem to be betting on Ethereum and the question is often: not if but when? Ether could surpass Bitcoin as the crypto world’s top store of value in the coming years, said Goldman Sachs analysts in July, while deVere’s Green put the flippening “probably within five years.”

“I think it will be difficult for ETH to flip Bitcoin any time soon,” Justin Hartzman, CEO and co-founder of Canadian-based crypto exchange CoinSmart, told Cointelegraph. “The next [BTC] halving is in 2024, which will inevitably push the price up. Also, keep in mind that ‘Ethereum killers’ like Cardano and Tezos are coming up big time. If they work out, they could siphon out a lot of potential market cap from Ethereum’s kitty.” If the trading of places does occur, “I could see it potentially happening in five to six years.”

“I don’t believe in terms of market cap and overall valuation that Ethereum will surpass Bitcoin,” CEO of Banz Capital John Iadeluca told Cointelegraph, adding: “Bitcoin stands as the global ‘introduction’ to cryptocurrency, at least for the foreseeable future. For example, I don't see any scenario where the SEC approves an Ethereum ETF prior to approving a Bitcoin ETF.”

Jason Peckham, an analyst at investment management firm Invictus Capital, told Cointelegraph: “I disagree that it’s inevitable. In fact, five years is enough time for an outsider to flip ETH and BTC both.” A lot hinges on how the two crypto communities manage their regulatory challenges, he added, as well as internal factors, like the pace “at which ETH has been burnt at post-EIP-1559,” which should make it less inflationary and potentially more attractive to investors. He added:

Environmental factors must also be taken into account. Bitcoin mining’s prodigious use of electricity has been long known, but when Elon Musk drew wider attention to it earlier this year, BTC’s price plunged. While Bitcoin has rallied since then, “the energy [issue] continues to garner attention,” said Smales, and that should only intensify. “So, the Ethereum move to PoS creates an additional advantage that could result in the flip occurring sooner.”

Green recounted that ETH had already gained 300% in 2021, compared with only 55% for BTC, and it has outperformed all other assets during the first half of the year. Is there anything that could halt its momentum?

In order to stay in contention for flippening BTC, Ethereum needs to maintain its role as the biggest smart contract platform, however, some new competitors continue to emerge. “POS is not completely proven as of yet,” said Smales, and it could evolve so that the market is dominated by a few very large players — essentially centralizing it — creating market frictions and possibly even higher transaction fees.

The EIP-1559 upgrade was supposed to make Ethereum gas fees more manageable, but according to YCharts, the average gas fees have reached a three-month high. Given that the gas fees have placed a continuous strain on the usability of the network, the upgrade to Ethereum 2.0, or Eth2, cannot come soon enough.

Moreover, Bitcoin isn’t standing still, technologically speaking. “The planned Taproot upgrade could significantly enhance Bitcoin’s efficiency, privacy and the functionality of its blockchain,” said Prasad.

Bitcoin also enjoys the “first mover” advantage which can be critical with networks. “The case for BTC's dominance boils down to its superior Lindy Effect,” Peckham told Cointelegraph, referring to a concept popularized by Nicholas Taleb which holds that the older a technology is, the longer will be its life expectancy. “Together with this is the long-term trend towards stronger-handed market participants holding the majority of Bitcoin while the rest of the world continues to be drawn into owning their stake in the headline cryptocurrency,” added Peckham.

Still, Ethereum seems to have momentum now. “The trends in the crypto markets have indeed been shifting towards Ethereum ever since the explosion of the DeFi summer, followed by the continuing popularity of NFTs,” said Zuckerman, as Peckham added:

Ethereum has the richest ecosystem in the crypto space, and DeFi, which largely lives on Ethereum, today holds vast amounts in total value locked, despite the early summer downturn and assertions that DeFi was just a bubble with no inherent value.

“DeFi had its strictest test yet and passed with flying colors. The number of DeFi users has already passed 3.25 million as utility and use cases increase every day,” said Hartzman, adding: “With more applications and users coming in, Ethereum could leverage Metcalfe’s Law and exponentially increase its overall network value.”

Upon further reflection, though, does it even make sense to compare Bitcoin with Ethereum? One is a (putative) form of money, the other is a platform, a new supercomputer powering Web 3.0, upon which one can build new technologies, arguably.

Right now, the two platforms perform different tasks. Once the effects of the Taproot upgrade come to the forefront and developers start constructing a DeFi ecosystem around the Bitcoin network, then that could turn into a whole new argument. For right now, however, Bitcoin is primarily a store-of-value while Ethereum is a decentralized application platform. “This is not a ‘Coca-Cola vs Pepsi’ debate. This is a ‘gold vs internet’ debate,” said Hartzman.

“Both Ethereum and Bitcoin are cryptocurrencies, but vision-wise, they pursue two very different goals,” added Iadeluca: “I don’t believe Bitcoin and Ethereum are in competition with one another; rather, I believe their respective growth compliments one another.”

“From a technical standpoint, they are fundamentally different,” stated Peckham, but from an investor’s perspective, it does make some sense to compare them.

“Bitcoin is unique as a store-of-value,” said Hartzman. “There really is nothing quite like Bitcoin, and there won’t be anything like it any time soon. However, having said all that, it is impossible to bet against Ethereum due to its incredible network value, rich community and pace of innovation.”

Peckham told Cointelegraph: “As a trader right now, I’m more optimistic about Ethereum in terms of price action. I think it will continue to offer superior upside to Bitcoin in a bull run.”

Rather than picking a winner, though, “a more realistic prospect,” Prasad told Cointelegraph, is that “over the next few years, Bitcoin and Ethereum cement their joint dominance of the crypto space while the competition between their adherents leads to innovations in both ecosystems.”

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