Binance removes 3 stablecoins, Russia eyes cross-border crypto payments and UK exudes crypto positivity: Hodler’s Digest, Sept. 4-10
BTC price nears $21.7K as whales boost Bitcoin ‘almost perfectly’
It’s all about the big-volume buy and sell zones for Bitcoin on short timeframes, data reveals.
Solana Nears 100 Billion Transaction Milestone As Price Aims For $40
Solana has made a name for itself in the decentralized finance (DeFi) and non-fungible token (NFT) space over the last few years. Its growth has seen it become one of the largest contenders for the leading smart contract network Ethereum, as it presents faster and cheaper transaction options. Its transaction count had quickly multiplied in light of this, and now, the cryptocurrency has neared another important milestone.
Almost 100 Billion Transactions
With only two years of operations under its belt, Solana has quickly grown in prominence among crypto investors. With an average of 3,000 transactions per second (TPS), the total transaction count on the Solana blockchain is like a runner on steroids.
Presently, the total transaction count on the network has surpassed 97.1 billion. This was the count as of Friday when this report was written. Given that the number was around 96 billion on Thursday, Solana’s transaction count is growing at around 1 billion per day. This rate would see the network hit the 100 billion mark before the weekend is over.
To put this in perspective, the current daily transaction count on the Ethereum network is a little over 1 million at 13 TPS. The upgrade to ETH proof of stake will reportedly allow Ethereum to process 100,000 TPS, but for now, it continues to lag behind competitors such as Solana in terms of speed and capacity.
Solana Looks To Grow Further
Over the last day, digital assets across the cryptocurrency market have seen some impressive gains. Solana grew more than 7% in this 24-hour period to bring its price above $ 35, but even this point does not look to be the highest for the cryptocurrency.
Since SOL is now sitting above its 20-day moving average, the selling pressure in the short term has begun to ease up, giving the digital asset room to establish support at $ 35 and target the $ 40 level from this point.
SOL breaks above $ 35 | Source: SOLUSD on TradingView.com
Solana’s growth in other aspects besides its transaction count is also working to prop up its price. Most notably, the growth of NFT trading on the blockchain. Magic Eden, the leading NFT marketplace on Solana, is fast catching up to OpenSea.
In the last 7 days, OpenSea saw a total of 149,488 unique traders, where Magic Eden saw 101,349 unique traders. The popularity of collections, such as Okay Bears, DeGods, and now Yoots, has also helped to increase the popularity of the blockchain and bring new demand to the market.
This demand for the digital asset for trading activities has been the biggest driver of its recovery. If the momentum holds up, then SOL is likely to test $ 40 before the weekend is over.
Featured image from CNBCTV18, chart from TradingView.com
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Bitcoin Struggles Below $20K While Daily Volatility Rises
The past two weeks took a different turn for almost all crypto assets, especially Bitcoin. Though the crypto market prices saw some positive moves to the north in July, most tokens could not sustain their growth afterward. In addition, there have been other losses in the crypto market recently, which has thrown the entire market off balance.
A record of over $ 50 billion left the broader market as the cumulative market cap fell below the $ 1 trillion level. It seemed like the bears were not yet through with the downward pull. But trading over the last two days brought a little hope to the market.
Several cryptocurrencies were seen reclaiming some of their lost values. Bitcoin surged above the $ 19,500 mark, dipping as it gathered over $ 1,000 again.
Other cryptocurrencies followed the trend as well. The actual positive progress in the crypto market had the market cap hitting and surpassing its coveted $ 1 trillion mark again.
Another Downward Trend For Bitcoin
Just when it seems like the bulls are rising strongly, a negative twist has once again erupted in the market. The report on the market prices indicates that volatility has been increasing over the past 24 hours.
BTC price appears to be hovering below the $ 20,000 region as the token experience a slight shed-off over the past 24 hours. But the cumulative cryptocurrency market capitalization is still stalling over the $ 1 trillion mark.
Bitcoin hovers below 20k on the chart l Source: BTCUSDT on TradingView.com
BTC is battling to claim the $ 20,000 mark as sellers and buyers are dragging supremacy. So far, Bitcoin’s strong forces are holding down the price at the level despite the increasing volatility in the market.
Altcoins Are Not Left Out
The altcoins are not left out in the 24 hours of downtrend prices. For example, Ethereum plummeted by 0.3% and is currently trading above the $ 1,500 region during the press. Other significant altcoins are also in the red due to the negative price swing of the crypto market.
SOL dropped but then gained; DOT lost by 0.69%, DOGE is also trading sideways, SHIB lost, but it has recovered, , AVAX dipped by 0.37%. There is also a reverse of the market sentiment as the level has moved back to ‘extreme fear.
The sudden rise in price volatility has total spiked liquidations over the past 24 hours. The value is currently about $ 250 million. A record of the most considerable single liquidation involved a BTC-USDT swap valued at $ 2 million and occurred on the OKEx crypto exchange.
Featured image from Pixabay, chart from TradingView.com
NewsBTC
Price analysis 9/2: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, MATIC, SHIB
Bitcoin and select altcoins continue to face selling at higher levels, which is proof that investor sentiment remains negative as traders continue to sell on rallies.
Why Vitalik Buterin Expected Crypto Crash To Happen Earlier, ETH Price Battles With $1,600
The inventor of Ethereum, Vitalik Buterin, gave an interview talking about the current state of the crypto market, its dynamics, and the impact of the crypto winter on developers. The second crypto by market cap has displayed a week with low volatility as it prepares to complete its migration to a Proof-of-Stake consensus with “The Merge”.
At the time of writing, Ethereum (ETH) trades at $ 1,610 and records a 3% profit in the last 24 hours and a 5% loss over the past week. Large cryptocurrencies have been moving sideways and might continue to see low volatility over the weekend.
ETH’s price moving sideways on the 4-hour chart. Source: ETHUSDT Tradingview
Vitalik Buterin sat down with Noah Smith and addressed the current downside pressure in the crypto market. The inventor of Ethereum has been in the space for over a decade, almost as long as it has existed, and is familiar with its constant ups and down.
In that sense, Vitalik Buterin said that the crypto market crash was not a surprise. In the past, the price of larger cryptocurrencies trended upwards for “around 6 to 9 months” before crashing, according to Buterin.
This time the bull run extended for one and a half years, beating expectations and surprising everyone familiar with the crypto market dynamics. Unlike new participants, attracted by rising prices and profits, Buterin claims he was sure the “bull market will end”, but was unsure when. He added:
When the prices are rising, lots of people say that it’s the new paradigm and the future, and when prices are falling people say that it’s doomed and fundamentally flawed. The reality is always a more complicated picture somewhere between the two extremes.
In that sense, the inventor of Ethereum confessed that he was a bit surprised about how long the last bull market lasted. However, he believes market participants might be “reading too much into what is ultimately cyclical dynamics”.
Can Ethereum Take Over “All The World’s Wealth”, Vitalik Buterin Replies
In other words, Buterin believes people might be trying to find a deeper meaning in the current price action, but crypto is trading following a historical cyclical pattern. As consequence, some projects in the space have been proven “unsustainable”.
This is the “good” or positive aspect of the crypto market’s cyclical dynamics, Buterin said referring to the collapse of the Terra ecosystem and those projects with a model unfit for bear markets. He added:
I don’t claim to have a cure for these dynamics, except my usual advice that people should remember the history of the space and take the long view of things.
Over time, Ethereum, Bitcoin and other cryptocurrencies built for the long run might perform like gold or equities, Buterin believes. The current volatility in the sector comes from an “existential uncertainty”, as time goes by, people stop wondering about the future of crypto.
As this uncertainty clears, volatility in the crypto market reduces, but bull runs provide investors with diminishing returns. Buterin believes bull and bear markets exaggerate two different views: crypto is going to disappear versus crypto will take over the world’s finances.
The inventor of Ethereum believes a truth might be found in the middle ground. Buterin concluded:
The math nerd way of putting it would be: the price of crypto is stuck in a bounded range (between zero and all the world’s wealth), and crypto can only stay highly volatile within that range for so long until repeatedly buying high and selling low becomes a mathematically almost-surely-guaranteed winning arbitrage strategy.
