Can Solana Outpace Ethereum?
Voice of Crypto
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Happy Friday ??
After a brief recovery, the markets have yet again gone cold, however, this time a lot has been brewing in silence. Solana is quietly gaining ground on Ethereum. Aptos has just prevented its potential collapse and Shiba Inu has been trying hard to beat Dogecoin.
With the markets inching towards higher levels, the critical time has come to watch closely and make informed decisions that will decide your portfolio’s fate
Capturing the Crypto Market Pulse?
Crypto markets have resumed their bullish journey. The market cap has turned above $2.4 trillion again, led by a strong recovery in Bitcoin. This time, Bitcoin is showing more strength than ever, with its dominance increased to 54.36%. This rise in dominance seems to have quelled doubts surrounding it.
There has also been strong growth in selective altcoins like Solana and Toncoin. Additionally, memecoins like Dogecoin and Shiba Inu see a strong future fueled by user growth, new markets, and emerging use cases.
Global Market Overview
Sentiment has shifted decisively into positive territory, this time with even more confidence. After a brief consolidation phase, crypto markets have begun to shine again.
The Crypto Fear and Greed Index has jumped 12% over the last week, reaching a score of 74. This surge clearly indicates a return to bullish market sentiment.
The crypto market cap has surpassed $2.4 trillion again, following a mostly bearish week. Bitcoin and Ethereum continue to dominate market share, holding 54% and 15.5% respectively
Market Watch
The crypto rally shows signs of continuing, and Dogecoin is poised to be a key player. The memecoin is echoing some technical signals seen during its 2021 surge, recently breaking out of a long-term descending triangle pattern. This breakout suggests the potential to reach $3 in the coming days. Currently, Dogecoin is trading near $0.15. Adding further fuel to the fire, on-chain metrics like new users have shown solid growth over the past six months, indicating continued interest in the project.
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Several analysts have observed a trend in Bitcoin's price following the 2024 halving event. This trend appears to resemble the price action seen in the six months following the 2016 halving, when Bitcoin experienced a 48% increase. Rekt Capital suggests this period could be a re-accumulation zone for Bitcoin, with the potential to push its price above $100k in a bullish scenario.
The recent surge in Solana’s on-chain metrics and the entry of Solana into new markets have led us to believe that it may soon cross $200. The cryptocurrency is posing serious challenges to Ethereum in several metrics. In just the first three months of 2024, Solana has managed to shadow its past performance by several times.
Top Crypto News
Solana's recent efforts to compete with Ethereum have shown promise. Between late 2023 and now, Solana has surpassed Ethereum in key metrics like MEV (Miner Extractable Value), TEV (Total Extractable Value), and daily transaction volume. The cryptocurrency's inclusion in Robinhood's European launch further strengthens its position. With a strong presence in Decentralized Finance (DeFi) and amid uncertainties surrounding FTX, Solana is well-positioned for potential price appreciation and user growth.
Even minor technical shortcomings can pose significant challenges for a project. Aptos narrowly avoided a serious setback thanks to the timely identification of a critical issue in its Wormhole bridge. This vulnerability stemmed from the MOVE programming language, which Aptos uses due to its connection to Facebook's Libra (Diem) project. Fortunately, Certik identified the issue before it could be exploited
ShibaSwap, the decentralized exchange (DEX) associated with Shiba Inu, has finally migrated to its native blockchain, Shibarium. This move may contribute to an increase in the burn rate of Shiba Inu tokens, potentially impacting the price. Shiba Inu's automated burning mechanism transfers a portion of collected transaction fees (e.g., swap fees) to a burn wallet, reducing the circulating supply. Since Shibarium boasts significantly lower gas fees compared to Ethereum, users are expected to migrate from ShibaSwap's Ethereum DApp to its Shibarium-based counterpart.
Top Video of the Week?
Several crypto gurus tell you about their consistent profits and how they made it big. But, none of them dive into the intricacies. Nevertheless, Voice of Crypto has brought you a session with a top expert Vugar Usi Zade, who serves as the COO of the Bitget crypto exchange. The session will mainly address secrets of copy trading, tips for new traders, and help you learn skills to tame the memecoin markets.
That’s a wrap for today!