These Cryptocurrencies Are Seeing Higher Interest Than Dogecoin On Twitter Today - Benzinga

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Benzinga 15 September, 2021 - 04:04am 46 views

Why is Solana crashing?

This crash was caused by a surge in activity on the network. The company said ''intermittent instability" had disrupted some services on Tuesday, after solana's transaction load peaked at 400,000 transactions per second. Business InsiderSolana is back up after a surge in transactions caused a network crash

CoinDesk: Bitcoin, Ethereum, Crypto News and Price Data

Coindesk 15 September, 2021 - 01:01pm

The crypto market is witnessing a classic sector rotation in the wake of programmable blockchain Solana’s outage.

For the first time in several weeks, such decentralized finance (DeFi) tokens as AAVE, chainlink a and UNI are leading bitcoin and the broader market higher with double-digit percentage gains on a 24-hour basis. Meanwhile, native tokens of the so-called Ethereum alternatives like Algorand, Avalanche, Cosmos and Solana are nursing 5-7% losses, according to data source Messari.

“After the phenomenal rally of solana and being discovered by many people as a strong contender to long-term rival for Ethereum due to its cheap gas fee and smart contracts protocols, it’s time for a reset and bitcoin has regained focus,” Laurent Ksiss, managing director of exchange-traded products at 21Shares, told CoinDesk in a Telegram chat. “It’s clear that Solana’s technical glitches on Monday caught many by surprise, and, as a result, may have tainted its rally and premise.”

On Tuesday, Solana’s high-speed blockchain suffered downtime as “resource exhaustion” on the network brought blockchain validation to an hours-long halt. As such, activity across Solana’s multibillion-dollar DeFi and non-fungible tokens ecosystem came to a grinding halt.

Recently launched Arbitrum, which scales Ethereum by leveraging Optimistic rollups technology to increase transaction speed and lower fees, was also knocked offline. These events drew the ire of the crypto industry bigwigs.

“Events of today in crypto just go to show that genuine decentralization and well-designed security [like Ethereum] make a far more valuable proposition than some big transaction throughput [speed] numbers coming from an exclusive and closed set of servers,” Gavin Wood, computer scientist and founder of Founded Polkadot, Kusama, Ethereum, Parity, Web3 Foundation, tweeted Tuesday.” If you can’t run a full-node yourself, then it’s just another bank.”

Solana’s SOL token chalked up more than a fourfold rally to over $200 in the three weeks to Sept. 9 as the NFT boom and high transaction fees on Ethereum drove investors to relatively cheaper and faster alternatives. Native tokens of Avalanche, Cardano and Cosmos also charted impressive rallies during that time frame, while ether remained flat at about $3,400.

At press time, SOL is trading near $165, while bitcoin and ether are changing hands near $47,000 and $3,400, respectively.

Bitcoin printed a UTC close above the crucial 200-day moving average on Tuesday as the dollar dropped after a softer U.S. core consumer price index for August eased concerns that the Federal Reserve may speed up plans to unwind liquidity-boosting stimulus program.

“Investors are refocusing on the main cryptocurrencies. Support for bitcoin remains strong again and is cyclical, and we may see breakthrough above key levels,” 21Shares’ Ksiss added. “Solana’s performance has been overwhelming last month, and this drawback could see further depreciation as the market resets and focuses on what the consequences are to its glitches.”

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Omkar Godbole is the senior reporter on CoinDesk's Markets team.

Will Solana get a second-chance to prove its worth to institutional investors

Cointelegraph 15 September, 2021 - 10:00am

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$100k, is no doubt, a crucial benchmark for Bitcoin. Several of our recent analyses have highlighted how the king-coin is likely set to achieve the 6-digit valuation by the end of this year. The successful realization of the aforementioned feat would definitely be scripted in the books of crypto-history.

However, when viewed from the lens of absolute returns, a hike from the current $40k price band to $100k would essentially translate into a 1.5x spike. On the other hand, “introverted” altcoins like AVAX, FTM and NEAR have consistently been outperforming the broader market of late. Without much support received from either Bitcoin or Ethereum, this altcoin pack has been well-led by Solana.

Source: CoinMarketCap

SOL’s price typically revolved around the $40k bracket during mid-August. In a little over three weeks’ time, the alt’s valuation managed to climb to its $216 peak. The 4x spike in such a short-span of time made almost everyone in the crypto space pay attention. In retrospect, both big and small investors have shifted their focus to alts, leaving behind the likes of Bitcoin and Ethereum.

As per CoinShares’ latest weekly report, digital asset investment products witnessed a cumulative inflow worth $57 million last week. By and large the inflow was ushered-in by Solana. As such, during last week’s market dip, Solana’s price was a stalwart. Having risen by 24% week-on-week, Solana managed to outperform a basket of the top 10 digital assets by 34%.

“This was reflected with inflows, dwarfing any other digital asset, totalling almost US$50m. A combination of price appreciation and inflows now brings Solana’s assets under management (AuM) to US$97m, the 5th largest of all investment products.”

For context, Bitcoin’s inflows remained as low as $0.2 million, while Ethereum witnessed an outflow worth $6.3 million in the same timeframe. Additionally, the diversification trend remains intact amongst investors, with inflows into ADA, multi-asset, XRP and DOT totalling to a little over $12 million.

As seen from the chart attached, the flows were primarily facilitated by 21 Shares, ETC Group and CoinSharesPhysical.

Source: CoinShares

Solana, to a fair extent, has already proven its capabilities in smart contract and NFT fronts. With increased adoption and usage, the price of the alt has been the major beneficiary.  However, as the recent network shutdown news spread, Solana’s price witnessed a double-digit dunk on 15 September.

At the time of writing, notably, Solana had been able to shrink those negative returns down to merely 4%. The environment on social media became quite chaotic, rightly so. Amidst the evident banter on digital platforms, the social volume of Solana erupted to a new local high. The same can be seen from Santiment’s chart attached below.

Curiously, Solana was not the only network that was down yesterday. Ethereum’s L2 scaling solution – Arbitrum, also witnessed an outage. Well, these networks would definitely have to prove themselves again, to re-garner their positive-traction.

Institutions would have definitely taken note of these coincidental shutdowns and it would be interesting to see whether or not they give Solana a chance to pick itself up and recover from the setback.

Source: Santiment

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Why The Solana Network Crashed On Tuesday | Benzinga

Benzinga 15 September, 2021 - 06:32am

High-speed blockchain Solana's (CRYPTO: SOL) network suffered a major outage on Tuesday, sending the value of its native token plummeting by more than 15% in under 12 hours.

What Happened: The Solana network announced on its mainnet was experiencing intermittent instability as a result of network exhaustion and its engineers were working towards a resolution.

Six hours after the 45-minute denial-of-service disruption, Solana Status revealed that the root cause was a large increase in transaction load which peaked at 400,000 transactions per second.

1/ Solana Mainnet Beta encountered a large increase in transaction load which peaked at 400,000 TPS. These transactions flooded the transaction processing queue, and lack of prioritization of network-critical messaging caused the network to start forking.

— Solana Status (@SolanaStatus) September 14, 2021

The flood of transactions caused an unintentional forking of the blockchain which further led to excessive memory consumption. This phenomenon, in turn, caused some nodes to go offline.

“Engineers across the ecosystem attempted to stabilize the network, but were unsuccessful,” according to Solana Status.

After the validator community worked towards restarting the network by preparing a new release system, Solana is now officially back online.

SOL Price Action: Solana’s price dropped to a low of $143 reflecting some amount of investor confidence being shaken by Tuesday’s events.

At the time of writing, the price of SOL had recovered to $160. The coin had a 24-hour trading volume of $6 billion at press time.

Click here, or sign up for our newsletter to explore more of Benzinga's Cryptocurrency market coverage, in-depth coin analysis, data, and reporting.

© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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With polls still open in California, millions of votes have been received so far.

Fox Business 14 September, 2021 - 09:46pm

Already, more people have returned ballots than cast votes in the last California recall election in 2003.

More than nine million votes have already been received in the California recall election, suggesting a relatively high turnout more reminiscent not of a low-wattage special election but of a high-profile midterm.

These nine million votes will probably account for most of the ballots cast in the election. They were overwhelmingly cast by mail or through early in-person voting. And they offer an emerging picture of an electorate that is somewhat older, whiter and more highly educated than those who had returned ballots at this time in last November’s presidential election.

Overall in the recall, registered Democrats outnumber Republicans by a 25-point margin in ballots recorded so far, 51 to 26 percent, according to figures from Political Data, a California-based data vendor. That Democratic advantage is nearly identical to the 50 percent to 25 percent edge that California Democrats enjoyed among the ballots returned by this point in 2020.

Like last November’s election, registered Democrats have been slightly likelier to cast advance ballots than Republicans, likely reflecting the new Democratic enthusiasm for mail voting during the pandemic — or Republican skepticism of mail voting during the Trump era.

President Biden went on to win California by 29 percentage points.

Despite the similar partisan makeup of the advance vote, the state has received fewer ballots than at this point in the general election, when 13 million ballots had already been returned to election officials.

Over all, 16 percent of the returns are from 18- to 34-year-old voters and 18 percent are thought to be Latinos, based on their surnames or neighborhoods. At this point in 2020, 21 percent were ages 18 to 34 and 21 percent were Latinos.

Typically, young and Latino voters are likelier to vote closer to the election and will likely represent a larger share of all voters, as they did in 2020.

Even so, the recall turnout appears high by nearly any other standard besides the 2020 election. Already, more people have returned ballots than cast votes in the last California recall election in 2003, when the Democratic governor Gray Davis was recalled and replaced by Arnold Schwarzenegger, a Republican. It is also higher than the total turnout in the 2014 midterm election.

The relatively high and Democratic turnout so far has further narrowed the already daunting path to recall Mr. Newsom. The possibility that Republicans might benefit from an unusual turnout advantage was thought to be one of the likeliest ways that the recall effort might succeed in an overwhelmingly Democratic state.

What traders must know about Solana hitting its previous lows again

AMBCrypto News 14 September, 2021 - 05:30am

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Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be taken as investment advice

After securing a new ATH on 9 September, Solana’s trajectory took a sharp U-turn on the charts. As investors locked in their profits, SOL’s value declined steadily below key swing supports. On closer inspection, it was observed that SOL had entered a markdown phase, one which threatened to drag the price to certain lows.

At the time of writing, SOL was trading at $164.9 and held the seventh position on CoinMarketCap.

Source: SOL/USD, TradingView

Charting SOL’s move from late August to a fresh ATH showed a steady uptrend, one which involved several impulsive waves. Naturally, higher highs and highs lows were seen during this period, which is common in a markup phase. However, this trend was overturned once SOL failed to form a fresh higher low and revisited the $151-mark.

At the time of writing, a corrective phase seemed to be active in the SOL market and some newer lows can be expected going forward. This outlook would be confirmed once SOL closes below $151 after making some minor gains. Such an outcome would see SOL decline towards the support level of $130.6. From the said level, further losses would be possible.

On the contrary, there were slight chances of a temporary hike if SOL bounces back from $164. This would lead to a breakout from a bull flag pattern and push the price towards the $180-mark.

Since retracing from its ATH, SOL’s hourly RSI has remained mostly bearish. The index oscillated between the mid-line and lower region – Something which is usual in a downtrend. During this period, the MACD also remained weak and below its half-line. Its histogram indicated that bullish momentum, which thrust SOL from $151-$170, was fizzling out at press time.

Moreover, the Chaikin Money Flow’s trajectory was concerning. The index has formed lower peaks since 6 September – A sign that capital was being pulled from the SOL market.

The last few weeks have been extremely bullish for SOL. Supported by upbeat sentiment and favorable on-chain metrics, the alt has seen a meteoric rise into the top 10.

However, a correctional phase seemed to have become active after such a sporadic rise. While it is not unusual to see some gains during this phase, SOL can be expected to revisit previous lows over the coming sessions.

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A business graduate with a keen interest in emerging markets across South East Asia. As a financial journalist, he covered stocks and market reports across Australia and New Zealand as well.

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