Solana
Price analysis 6/24: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, SHIB, LEO
A handful of on-chain metrics suggest that Bitcoin could be close to bottoming, and if true, the eventual relief rally could induce sharp gains from altcoins. The United States equity markets and the cryptocurrency space are witnessing a relief rally this week. Supporting the rise in risky assets is the U.S. dollar index (DXY), which retreated from its multi-year high. Generally, cryptocurrencies move inverse to the price of the U.S. dollar, but this week’s bounce does not necessarily mean that bulls’ grip over the market has come to an end. Citing on-chain data, CryptoQuant senior analyst Julio Moreno, said that Bitcoin (BTC) miners may have already capitulated. Historical data suggests that miner capitulation usually precedes market bottoms. Daily cryptocurrency market perfor...
Finance Redefined: Uniswap goes against the bearish trends, overtakes Ethereum
This past week, the decentralized finance (DeFi) ecosystem tried gaining some momentum amid the bear market crash. Uniswap saw a trend reversal and overtook Ethereum regarding network fees paid. However, not all DeFi protocols were as lucky, as Bancor had to pause its “impermanent loss protection” in the wake of a hostile market. DappRadar’s report shows that the GameFi ecosystem continues to thrive despite the current downturn in the market. Solend invalidates Solana whale wallet takeover plan with second governance vote. The top 100 DeFi tokens showed signs of recovery after last week’s mayhem, and several of the tokens registered double-digit gains. DeFi Summer 3.0? Uniswap overtakes Ethereum on fees, DeFi outperforms Decentralized exchange (DEX) Uniswap has overtaken its host blockchai...
Price analysis 6/22: BTC, ETH, BNB, ADA, XRP, SOL, DOGE, DOT, LEO, SHIB
Bitcoin (BTC) continues to face a tough battle near the psychological level of $20,000 as the bulls and the bears attempt to assert their supremacy. Trading firm QCP Capital said in their latest market circular that funding rates on derivatives markets were stable and bearish conditions were fading. Another ray of hope for the Bitcoin bulls is that Bitcoin miners may be capitulating as the recent decline in the price has made some mining machines unprofitable. Data from Arcane Research shows that public Bitcoin mining companies that had only sold 30% of their mined production from January to April of this year had dumped 100% of their Bitcoin production in May. Some analysts believe that miners giving up was a bullish signal. Daily cryptocurrency market performance. Source: Coin360 However...
Price analysis 6/20: BTC, ETH, BNB, ADA, XRP, SOL, DOGE, DOT, LEO, AVAX
The crypto markets have been in a strong bear phase for the past several months but JPMorgan Chase analysts expect that to change and they have projected a significant upside from the current levels. The analysts cited the rising share of all stablecoins in the total crypto market for their bullish outlook. Unperturbed by the current fall, retail traders have been adding Bitcoin (BTC) to their portfolios. The number of wallet addresses holding one Bitcoin surged by 13,091 to a record high of 865,254. Similarly, the number of addresses holding about 0.1 Bitcoin has also witnessed a sharp rise in the past 10 days, according to data from Glassnode. Daily cryptocurrency market performance. Source: Coin360 Bitcoin’s sharp recovery from the June 18 fall shows strong buying at lower levels&n...
What decentralization? Solend approves whale wallet takeover to avoid DeFi implosion
On Sunday, the decentralized finance (DeFi) sector came under scrutiny again after DeFi protocol Solend put together a spur-of-the-moment governance proposal related to one of the whale wallets at risk of liquidation. The proposal, dubbed “SLND1 : Mitigate Risk From Whale,” was abruptly launched on Sunday without announcement and the vote closed with a 97% approval rating. The scandal comes on the heels of last week’s sudden layoffs from Coinbase and BlockFi, and the liquidation debacle of Three Arrows Capital. Adding to the melee of unexpected volatility and market sell-offs, the spur-of-the-moment alterations of a supposed decentralized autonomous organization, or DAO, show that crypto is not as “decentralized” as its users may have thought. Details of the proposal include the...
Top 5 cryptocurrencies to watch this week: BTC, SOL, LTC, LINK, BSV
Bitcoin (BTC) plummeted to $17,622 on June 18. This marked the first time in Bitcoin’s history that it has fallen below its previous cycle high. The United States Federal Reserve’s aggressive monetary tightening, a crisis at crypto lending platform Celsius and liquidity issues at investment fund Three Arrows Capital are creating a sense of panic among traders. Markets commentator Holger Zschaepitz said that Bitcoin has crashed more than 80% four times in history. That puts the current fall of about 74% within historical standards. Previous bear markets have bottomed out just below the 200-week moving average, according to market analyst Rekt Capital. If history repeats itself, Bitcoin is unlikely to stay at the current depressed levels for a long time. Crypto market data daily view. Source...
Price analysis 6/17: BTC, ETH, BNB, ADA, XRP, SOL, DOGE, DOT, LEO, AVAX
The sharp fall in cryptocurrencies has pulled the total crypto market capitalization below $900 billion. According to CoinGoLive, 72 out of the top 100 tokens have declined in excess of 90% from their all-time highs. In comparison, the top-10 coins have outperformed during the fall, dropping an average of 79% from their all-time high. Bitcoin (BTC) is down more than 70% from its all-time high but the bulls are struggling to arrest the decline. Jurrien Timmer, director of global macro of Fidelity, highlighted that Bitcoin could be “cheaper than it looks” considering the metric of price-to-network ratio, which is similar to the price-to-earnings ratio used in the equities market to value a stock. Daily cryptocurrency market performance. Source: Coin360 Billionaire investor Mark Cuban s...
Price analysis 6/13: BTC, ETH, BNB, ADA, XRP, SOL, DOGE, DOT, LEO, AVAX
The United States equities markets extended their decline to start the week on June 13. The S&P 500 hit a new year-to-date low and dipped into bear market territory, falling more than 20% from its all-time high made on Jan. 4. The cryptocurrency markets are tracking the equities markets lower and the selling pressure further intensified due to the rumored liquidity crisis of major lending platform Celsius and traders possibly selling positions to meet margin calls. This pulled the total crypto market capitalization below $1 trillion. Daily cryptocurrency market performance. Source: Coin360 The sharp declines have led some analysts to project extremely bearish targets. While anything is possible in the markets and it is difficult to call a bottom, capitulations usually tend to sta...
Price analysis 6/10: BTC, ETH, BNB, ADA, XRP, SOL, DOGE, DOT, AVAX, SHIB
The United States equities markets tumbled on June 10 after the Consumer Price Index (CPI) report showed inflation soaring 8.6% from a year ago, the highest increase since 1981. The latest figures show that talks of inflation having peaked were premature and according to Bloomberg, investors are pricing in the key interest rate of 3% by the end of the year. Continuing its tight correlation with the S&P 500, Bitcoin (BTC) dipped below $30,000 on June 10. Analysts are still divided about the near-term price action but Fundstrat co-founder Tom Lee said in an interview with CNBC that Bitcoin may have already bottomed. However, Lee seems to have toned down his expectations as he said that Bitcoin could “remain flat for the year, possibly up.” Daily cryptocurrency market performance. So...
Solana price just one breakdown away from a 40% slide in June — here’s why
Solana (SOL) is nearing a decisive breakdown moment as it inches towards the apex of its prevailing “descending triangle” pattern. SOL’s 40% price decline setup Notably, SOL’s price has been consolidating inside a range defined by a falling trendline resistance and horizontal trendline support, which appears like a descending triangle—a trend continuation pattern. Therefore, since SOL has been trending lower, down about 85% from its November 2021 peak of $267, its likelihood of breaking below the triangle range is higher. As a rule of technical analysis, a breakdown move followed by the formation of a descending triangle could last until the price has fallen by as much as the triangle’s maximum height. This puts SOL’s bearish price target at $22.50 ...
This key Ethereum price metric shows ETH traders aren’t as bearish as they appear
Ether (ETH) is down 25% in just a month and even the recent upgrade to a proof-of-stake (PoS) consensus on the Ropsten testnet failed to move the altcoin’s price. The merge is meant to address energy-use issues and open a path for higher transaction output, but the actual full transition for the Ethereum network is not expected until later in the year. Ethereum developer Parithosh Jayanthi also noted that some bugs on the PoS implementation emerged, but those should be fixed over the coming weeks. Luckily for Ethereum, two of its top competitors recently faced challenges of their own. The Solana (SOL) network faced the fifth outage in 2022 after no new blocks were produced for four hours on June 1. Every decentralized application was halted until the validators were able to addr...
Ethereum 2.0 vs. the top Ethereum killers|The Market Report
“The Market Report” with Cointelegraph is live right now. On this week’s show, Cointelegraph’s resident experts give you the details about Ethereum 2.0, its main competitors, and how they differ from each other. To kick things off, we break down the latest news in the markets this week. Here’s what to expect in this week’s markets news breakdown: Bitcoin ‘Bart Simpson’ returns as BTC price dives 7% in hours: Bitcoin (BTC) price action failed to crack $32,000 and headed back to square one, sparking $60 million of long liquidations in the process. How much longer will we stay in the current price range? What is it going to take for Bitcoin to break out from here? Bad day for Binance with SEC investigation and Reuters exposé: The United States Securities and Exchange Commission...
