Category Archives: Ethereum
Will Ethereum Flip Bitcoin in 2024? VanEck Weighs In – Watcher Guru
A new report by investment firm VanEck lays out 15 projections for the cryptocurrency landscape 2024. The report dives into the key possibility of whether Ethereum can dethrone Bitcoin.
Contradictory to the notion, the report mentioned that Ethereum will fall short of flipping Bitcoin next year despite robust gains.
The analysis sees Bitcoin retaining its position as the largest cryptocurrency by market capitalization. Bitcoin may also attract state-level support from countries like Argentina. The report also points to Bitcoins clear regulatory status and higher energy consumption. This is forecast to attract interest from quasi-state entities in regions such as Latin America, the Middle East, and Asia.
Also read:Bitcoin From Satoshi Era on the Move: Heres Where Its Headed
As the fifth country to sponsor Bitcoin mining at the state level, Argentina, through its state-owned energy giant YPF, is signaling interest in mining digital assets.
Despite the outlook, Ethereum is expected to outrun mega-cap tech stocks massively. VanEck believes Ethereum will surge post-halving when Bitcoin miners rewards are cut in half. This historically triggers a renewed Bitcoin price surge, with profits flowing into altcoins afterward.
However, despite beating major stocks, Ethereum wont overtake Bitcoin, as speculation of flippening suggests. While some likelihood of ETH becoming more valuable in daily trade volume exists, Bitcoin is still seen as maintaining its market cap lead.
Also read:Shiba Inu To 1 Cent? Google Bard Predicts When SHIB Could Hit $0.01
The report mentions that Ethereum may lose share to other smart contract platforms like Solana with clearer scaling roadmaps. The report also covers other predictions, including Bitcoins possibility of hitting a high in 2024, NFT activity to resurrect, and others.
Read this article:
Will Ethereum Flip Bitcoin in 2024? VanEck Weighs In - Watcher Guru
Crypto insiders shift focus from Ethereum Classic and Filecoin to BorroeFinance – crypto.news
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
Ethereum Classic (ETC) faced challenges on social media, impacting investor sentiment. In contrast, Filecoin (FIL) garnered attention with a recent community event. Investors are shifting focus to BorroeFinance (ROE), recognizing its intent to reshape web3 fundraising.
The official Ethereum Classic X account, @eth-classic, was recently suspended.
In response, Ethereum Classics executive director, Bob Summerville, stated that no clear reason was provided. He speculated it may have been an erroneous automated action.
Due to the temporary loss of its social media presence, ETC saw muted price gains in November 2023.
On Nov. 6, ETC was trading at $18.47, rising to $20.23 by Dec. 6.
As a fork of Ethereum, analysts suggest ETC could see further gains should the speculated SEC approval of an Ethereum ETF materialize in Q1 2024.
BorroeFinanceis a decentralized AI-based fundraising marketplace that utilizes invoice discounting NFTs to transform how web3 businesses raise capital.
The platform allows businesses to tokenize their future income streams, including subscriptions, invoices, and royalties, into NFTs and sell them at discounted prices.
This approach enables businesses to access early-stage funding while also allowing investors to earn passive income from the underlying assets.
BorroeFinance has raised over $1.8 million in the ongoing presale.
Presently, ROE is available for $0.0175 but will list at $0.040 once the presale ends in 2024.
On Nov. 15, The Future of Filecoin in Web3 Carnival Night took place at the Swissotel in Istanbul, Turkey, drawing attendance from prominent crypto experts and DeFi companies, including Filecoin Foundations Clara Tsao and Protocol Labs Colin Evra.
In related developments, SINSO recently constructed web3 middleware for Filecoins ecosystem. Experts believe this infrastructure will contribute to Filecoins data governance objectives.
Throughout November, FIL was bullish, starting at $4.32 on Nov. 6 and reaching $4.70 by Dec. 6, marking an 8.26% gain.
However, analysts are pessimistic about FILs prospects, citing declining investor interest.
They expect the coin to trade at $5.90 by 2024.
Learn more about BorroeFinance here:
Visit BorroeFinance Presale|Join The Telegram Group|Follow BorroeFinance on Twitter
Disclosure: This content is provided by a third party. crypto.news does not endorse any product mentioned on this page. Users must do their own research before taking any actions related to the company.
See the original post here:
Crypto insiders shift focus from Ethereum Classic and Filecoin to BorroeFinance - crypto.news
Why is Ether (ETH) price up today? – Cointelegraph
Ether (ETH), the native token of the Ethereum network, is witnessing a breakout on the back of increasing institutional interest in the second-largest cryptocurrency by market cap. The increased bullish sentiment pushed Ether price up by 23.7% over the past 30 days. The fact that ETH trades above $2,300 could indicate that increased attention is shifting toward Ether. Year to date, ETH price is up by 96.5%.
Lets review a few of the reasons for Ethers price strength.
A surge in traders interest in Ether began on Nov. 1 when the U.S. Securities and Exchange Commission (SEC) acknowledged Grayscale Investments application to convert its Ethereum trust into an ETF.
The commissions decision responded to a direct court order mandating it to review Grayscales pending ETF applications. To date, the SEC has not confirmed a spot crypto ETF. On Dec. 5, the SEC pushed the Grayscale spot Ether ETF decision until January 2024.
BlackRock, the worlds largest asset manager, filed for a spot Ether ETF on Nov. 9. The confirmation sent Ether price to a 6 month high above the $2,000 resistance. BlackRock filed the S-1 form with the SEC on Nov. 16.
On Dec. 7, a total of seven spot Ether ETFs are filed and pending with the SEC.
Many analysts anticipate that the SEC will first approve a spot Bitcoin ETF in early 2024. Once that happens, many crypto analysts see a spot Ether ETF approval shortly after. In the past few weeks, the narrative of Ether turning bullish ahead of a ETH spot ETF approval has grown in popularity and with Bitcoin (BTC) price finding resistance at the $45,000 level, some traders have turned their focus toward ETH.
Related: Lawmakers fear and doubt drives proposed crypto regulations in US
The anticipation of approval is leading to increased institutional capital inflows. Over the last 10 weeks, there was a total of $1.76 billion of inflows, which is the highest on record since October 2021. The record inflows also produced net flows of Ether, hitting $10 million for the first time this year and $30 million in the past-week.
The Ethereum networks decentralized finance (DeFi) ecosystem also witnessed a boost in daily fees and revenue, reaching a 180-day high in both categories on Dec. 7. In 30 days, fees grew over 155%, in tandem with Ethers price growth. With the increase in Ether fees, the Ethereum network revenue is up 178.2% in the past 30 days, which equates to $2.92 billion annualized.
The Ethereum networks growth has increased gas fees and turned the network deflationary again. The last time Ethereum network emissions were inflationary was on Nov. 8, showing sustained activity growth for the past 30 days. If this trend continues, Ethers coin supply will contract by -0.47% a year.
Related: Bitcoin HODL Waves: 2020 bull market buyers now control 16% of supply
While Ether price did break through the key $2,300 level, it continues to trail Bitcoins 162% year-to-date gains. Despite profit taking from by short-term sellers, the increase in trading volume has helped Bitcoin maintain the $40,000 range.
Bitcoin is maintaining dominance in the crypto market before the supply halving in April 2024. On Dec. 7, Bitcoin reached a year-to-date high of 53.89% versus the entirety of the crypto market.
Typically, when Bitcoin dominance plateaus, there is a rush to altcoins and other cryptocurrencies. According to independent analyst Jacob Canfield, the ETH/BTC pair ran the montly lows yesterday and is putting in a very strong daily candle. Canfield also points to lots of thin air up to the $3,300 - $3,500 zone.
While the current market looks healthy, macro factors like future rate hikes and the potential U.S. crackdown on the crypto sector may slightly weigh on Ethers price. Factors such as a spot Bitcoin or Ether ETF approval, positive developments in clarifying regulators stance on crypto and a strong U.S. economy may prove to be catalysts for price growth.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
See the original post here:
Confidentiality, Integrity, and Availability: Ethereum’s Triple Halos – Baltic Times
In the fast-paced world of cryptocurrency, security is paramount. Ethereum, a groundbreaking blockchain platform, relies on the principles of Confidentiality, Integrity, and Availability (CIA) to safeguard user data and ensure smooth operations. In this article, we will explore the significance of these principles within the Ethereum ecosystem, the challenges they face, and how Ethereum aims to address them. If you are interested in Ethereum trading, you may also consider knowing about Ethereum Code the newest Sensation for Cryptocurrency Trading.
The Ethereum Ecosystem
Overview of Ethereum
Ethereum, often dubbed "the world computer," is a decentralized, open-source blockchain platform. It enables the creation of decentralized applications (DApps) and smart contracts, which execute automatically when predefined conditions are met. Ethereum has played a pivotal role in the proliferation of blockchain technology, offering a more versatile platform compared to its predecessor, Bitcoin.
Significance of Ethereum
Ethereum's versatility extends beyond simple cryptocurrency transactions. It powers a multitude of applications, including decentralized finance (DeFi), non-fungible tokens (NFTs), and decentralized autonomous organizations (DAOs). As a result, Ethereum has become an integral part of the global blockchain ecosystem.
Challenges and Vulnerabilities
Despite its successes, Ethereum faces a range of challenges and vulnerabilities. These issues can undermine the CIA triad and pose significant risks to users and the blockchain itself. Let's delve into each aspect of the CIA triad within the Ethereum context:
The CIA Triad Explained
Confidentiality
The Role of Confidentiality in Ethereum
Confidentiality in Ethereum pertains to the protection of sensitive user data and transaction details. While Ethereum is a public blockchain, it is essential to ensure that private information remains confidential.
Security Measures
Ethereum employs several security measures to maintain confidentiality. Notably, cryptographic techniques like zero-knowledge proofs and secure multiparty computation are used to protect user identities and transaction data.
Real-world Examples
One notable example of confidentiality breaches in Ethereum is the exposure of user addresses through careless usage of DApps. Additionally, Ethereum Improvement Proposals (EIPs) like EIP-712 aim to enhance user privacy.
Integrity
Why Data Integrity is Crucial
Integrity involves ensuring that data on the Ethereum blockchain remains unaltered and trustworthy. Any unauthorized changes to smart contracts or transaction data can have severe consequences.
Methods to Ensure Integrity
Smart contracts in Ethereum are designed to be tamper-resistant, thanks to the immutability of the blockchain. Code audits, formal verification, and community scrutiny help maintain the integrity of these contracts.
Case Studies
The infamous DAO hack in 2016 resulted from a vulnerability in a smart contract's code, leading to a significant loss of funds. This event underscores the importance of code integrity in Ethereum.
Availability
The Significance of Availability
Availability is crucial for the uninterrupted operation of the Ethereum network. Downtime or congestion can impede transactions and disrupt the functionality of DApps.
Measures for Continual Operation
Ethereum employs a decentralized network of nodes to ensure availability. Additionally, efforts are made to mitigate distributed denial-of-service (DDoS) attacks, which could disrupt network availability.
Resilience Against Threats
Ethereum's robustness has been demonstrated in its ability to withstand network congestion and attacks. Continuous improvement of network infrastructure enhances its resistance to availability threats.
Security Challenges in Ethereum
Scalability Issues
How Scalability Concerns Affect CIA
Ethereum's rapid adoption has led to scalability challenges, impacting its ability to maintain the CIA triad. Congestion and slower transaction processing times are common issues.
Solutions and Improvements
To address scalability concerns, Ethereum has implemented various solutions, including Ethereum 2.0 (Eth2). Eth2's transition from a Proof of Work (PoW) to a Proof of Stake (PoS) consensus mechanism is expected to significantly improve scalability.
Future Scalability Plans
Eth2's phased rollout promises to enhance Ethereum's scalability, with upgrades like shard chains and state execution engines. These developments are vital for Ethereum's long-term availability and overall security.
Smart Contract Vulnerabilities
Common Vulnerabilities
Smart contracts are susceptible to various vulnerabilities, such as reentrancy attacks and integer overflow/underflow. These vulnerabilities can compromise the integrity of the Ethereum network.
Security Best Practices
Developers play a crucial role in ensuring smart contract security. They must follow best practices, conduct thorough code audits, and leverage security tools to prevent vulnerabilities.
Notable Hacks
Incidents like the Parity Wallet bug and the recent DeFi exploits highlight the real-world consequences of smart contract vulnerabilities. These incidents emphasize the need for continuous security improvements.
Privacy and Anonymity
Balancing Transparency with Privacy
Ethereum's transparency is one of its strengths, but it can pose privacy challenges. Striking a balance between transparency and user privacy is essential.
Privacy-enhancing Technologies
Projects like Tornado Cash and Aztec provide privacy-enhancing solutions for Ethereum users. These technologies allow users to transact privately while maintaining the integrity and availability of the network.
Regulatory Challenges
Privacy technologies in Ethereum have raised regulatory concerns, particularly related to anti-money laundering (AML) and know-your-customer (KYC) requirements. Navigating these challenges is crucial for Ethereum's future.
Eth2 and the CIA Triad
Introduction to Ethereum 2.0 (Eth2)
Eth2 is Ethereum's ambitious upgrade, designed to enhance scalability, security, and sustainability. Its transition from PoW to PoS is expected to have a significant impact on the CIA triad.
Eth2 and the CIA Triad
Eth2 addresses scalability concerns through sharding, improving Ethereum's availability. The shift to PoS enhances security by making attacks cost-prohibitive and reducing energy consumption. Eth2's phased approach ensures the gradual transition of the network.
Future Challenges and Innovations
Emerging Threats
As Ethereum evolves, new threats may emerge. Quantum computing, regulatory changes, and novel attack vectors pose challenges to maintaining the CIA triad.
Innovations in Security
Ongoing research and development efforts aim to enhance Ethereum's security. Innovations like Rollups and Layer 2 solutions offer scalability improvements while preserving the CIA principles.
The Ethereum Community's Role
The Ethereum community plays a vital role in maintaining the CIA triad. Collaboration, education, and responsible development practices are key to Ethereum's long-term success.
Conclusion
Ethereum itself is a beacon of innovation, characterized by its unwavering commitment to the principles of Confidentiality, Integrity, and Availability, which together establish a secure and dependable ecosystem. As Ethereum steadily progresses, surmounting various challenges along the way, it is imperative for users, developers, and stakeholders to steadfastly uphold these fundamental principles. By doing so, Ethereum can continue to uphold its reputation as a secure and resilient blockchain platform, ultimately safeguarding the interests of its users and the broader crypto community.
Read the original here:
Confidentiality, Integrity, and Availability: Ethereum's Triple Halos - Baltic Times
Ethereum: Are whales moving away from ETH? – AMBCrypto News
Ethereum [ETH]price has been soaring upward over the last few weeks. Due to this, many holders that got in early, could try to sell their holdings for a profit.
One major whale had already started selling off its holdings.
The whale, proficient in the art of swing trading with Ethereum ETH, has recently initiated the selling of ETH. The whale has made a substantial deposit of 3,700 ETH (equivalent to $8.72 million) to the Binance platform.
At present, the whale holds a total of 10,000 ETH, amounting to $23.58 million in value.
The whales strategic selling of Ethereum could impact the market in both positive and negative ways. On the positive side, if the whales actions lead to increased liquidity and more balanced price levels, it could contribute to a healthier and more stable ETH market.
However, on the negative side, large transactions like these can also introduce volatility, potentially causing short-term price fluctuations and influencing investor sentiment.
The sell-offs were not isolated to one whale. Recent data showed that many top addresses on exchanges had seen a decline in their supply.
However, despite the whale sell-offs, the overall price momentum of ETH wasnt affected. The price of ETH was $2,361.38, at the time of writing. Its price had grown by 0.41% in the last 24 hours.
However, the Grayscale Ethereum Trust premium gap, previously at -59.49% in December 2022, narrowed due to institutional buying, positively impacting ETHs trajectory.
The Grayscale Ethereum Trust premium gap refers to the difference between the market price of Ethereum (ETH) and the price at which the Grayscale Ethereum Trust (ETHE) shares are valued.
A negative premium indicates that ETHE shares are trading below the market value of ETH. In December 2022, the premium gap was at -59.49%, suggesting that ETHE shares were significantly undervalued compared to the actual price of ETH.
Realistic or not, heresETHs market cap in BTC terms
The narrowing of this premium gap is attributed to institutional buying, which means that institutional investors were acquiring ETHE shares.
When institutions invest in trust products like Grayscale, it often reflects confidence in the underlying asset, in this case, Ethereum.
More:
Ethereum hits year-to-date high with 97% surge – CryptoSlate
What is CryptoSlate Alpha?
A web3 membership designed to empower you with cutting-edge insights and knowledge. Learn more
Welcome! You are connected to CryptoSlate Alpha. To manage your wallet connection, click the button below.
If you don't have enough, buy ACS on the following exchanges:
Access Protocol is a web3 monetization paywall. When users stake ACS, they can access paywalled content. Learn more
Disclaimer: By choosing to lock your ACS tokens with CryptoSlate, you accept and recognize that you will be bound by the terms and conditions of your third-party digital wallet provider, as well as any applicable terms and conditions of the Access Foundation. CryptoSlate shall have no responsibility or liability with regard to the provision, access, use, locking, security, integrity, value, or legal status of your ACS Tokens or your digital wallet, including any losses associated with your ACS tokens. It is solely your responsibility to assume the risks associated with locking your ACS tokens with CryptoSlate. For more information, visit our terms page.
Read the original:
Ethereum hits year-to-date high with 97% surge - CryptoSlate
Analyst Says Ethereum Rival Solana Primed To Go Much Much Higher But Theres a Catch – The Daily Hodl
A closely followed crypto analyst says that Ethereum (ETH) rival Solana (SOL) is gearing up to continue its rally to the upside.
Pseudonymous crypto strategist Altcoin Sherpa tells his 200,700 followers on the social media platform X that he believes the smart contract platform will go much higher in the future, however, he warns traders of an upcoming dip after FTXs supply of SOL floods the market.
SOL: I still think that we go a bit lower. FTX supply coming here eventually and I think this move up is to bait some buyers. Would just be patient on Solana. Note: I think that this one is going to go much much higher in the future.
According to Altcoin Sherpa, investors should remain patient with Solana as the incoming cache of SOL tokens from bankrupt crypto exchange FTX will add to its supply. However, the trader notes that during the last month, SOL has been consolidating.
Although I think that you should still stay a bit patient given FTX supply is coming onto the market sometime (who knows when), Solana has also consolidated for a month in an overall macro healthy BTC (Bitcoin) upswing. In my opinion, this means you should at least be exposed now if you want in on this one.
Recommend you do a swing trade on this one and have entries from here all the way down to sub-$50. It also works great as an investment too, where you just hold this for six months+ and let it ride. High percentage chance its decently higher later.
Solana is trading for $66.36 at time of writing, a 4.7% increase during the last day and an increase of over 550% from its price of $9.97 at the start of 2023.
Featured Image: Shutterstock/Sergey Nivens/WhiteBarbie
Read the original post:
Analyst Says Ethereum Rival Solana Primed To Go Much Much Higher But Theres a Catch - The Daily Hodl
A $17.7 Trillion Crypto Window Just Quietly Opened Amid Huge Bitcoin, Ethereum And XRP Price Surge – Forbes
BitcoinBTC and other major cryptocurrenciesincluding ethereum and XRPXRPhave rocketed higher this week (despite serious warnings that BlackRock and the U.S. government could be about to "kill" bitcoin).
Subscribe now to Forbes' CryptoAsset & Blockchain Advisor and successfully navigate the bitcoin and crypto market rollercoaster ahead of next year's historical bitcoin halving!
The bitcoin price has topped $36,000 per bitcoin, putting $40,000 in touching distance for the first time since May 2022 and helping add $600 billion to the combined bitcoin, etheruem XRP and crypto market since January ahead of an imminent "watershed moment."
Now, amid fears of a sudden bitcoin "rug pull," a "window" has quietly opened that could see Wall Street giants that look after $17.7 trillion flow into the bitcoin and crypto market.
Bitcoin's historical halving that's expected to cause crypto price chaos is just around the corner! Sign up now for the free CryptoCodexA daily newsletter for traders, investors and the crypto-curious that will keep you ahead of the market
This week saw the opening of an eight-day window between November 9 and November 17 in which all 12 U.S. bitcoin spot exchange-traded fund (ETF) filings currently lodged with the U.S. Securities and Exchange Commission (SEC) could be approved, according to Bloomberg Intelligence analysts James Seyffart and Eric Balchunas.
BlackRock's June bitcoin spot ETF filing kicked off a race among some of Wall Street's biggest asset managerslooking after a combined $17.7 trillionto bring a fully-fledged bitcoin fund to market following years of SEC denials.
Delay orders were issued by the SEC for BlackRockBLK, Bitwise, VanEck, WisdomTree, InvescoIVZ, Fidelity & Valkyrie at the same time," Seyffart wrote in an X (Twitter) post. "We still believe 90% chance by January 10 for spot bitcoin ETF approvals. But if it comes earlier we are entering a window where a wave of approval orders for all the current applicants could occur."
Along with BlackRock's bitcoin spot ETF filing blowing up expectations that the SEC could be about to approve a long-await bitcoin fund, crypto asset manager Grayscale won a significant legal victory over the SEC in its battle to convert its flagship bitcoin trust to a bitcoin spot ETF.
In August, Grayscale's legal challenge to the SEC's denial of its bid to convert its GBTC fund into a bitcoin spot ETF was upheld by a court, ordering the SEC to review the application.
Sign up now for CryptoCodexA free, daily newsletter for the crypto-curious
"If the agency wants to allow all 12 filers to launchas we believethis is the first available window since Grayscale's court victory was affirmed," Seyffart added.
Ahead of any decision from the SEC, the bitcoin, ethereum, XRP and crypto market has regained ground not seen for over a year, with technical analysis of the bitcoin price suggesting bitcoin could breach $40,000.
"Bitcoin has broken out of a long consolidation range and is approaching the next round level of $37,000," Alex Kuptsikevich, senior market analyst at FxPro, said in emailed comments.
"The technical implementation of this pattern suggests a rise to $41,000 to $45,000, depending on which point we choose as the start of the last impulse. The upper limit looks like a suitable target with a pivot point close to it. Near it, in April 2022, the corrective rebound ended, and the most relentless phase of the sell-off began."
I am a journalist with significant experience covering technology, finance, economics, and business around the world. As the founding editor of Verdict.co.uk I reported on how technology is changing business, political trends, and the latest culture and lifestyle. I have covered the rise of bitcoin and cryptocurrency since 2012 and have charted its emergence as a niche technology into the greatest threat to the established financial system the world has ever seen and the most important new technology since the internet itself. I have worked and written for CityAM, the Financial Times, and the New Statesman, amongst others. Follow me on Twitter @billybambrough or email me on billyATbillybambrough.com.Disclosure: I occasionally hold some small amount of bitcoin and other cryptocurrencies.
Original post:
Bitcoin approaches $38,000 and Ethereum crosses $2,000 as ETF fever continues to buoy the crypto market – Fortune
The worlds largest cryptocurrency by market capitalization continued to push past year-long highs, as Bitcoin approached $38,000 late Thursday morning, an approximately 7% increase in the past 24 hours, according to data from CoinGecko. Its peak of $37,935 was the highest the coin has reached in more than 18 months.
Ether, the token for the Ethereum blockchain and second-largest cryptocurrency by market capitalization, was also up, crossing the $2,000 mark for the first time since July on the back of an 8% day-over-day price upswing.
The market capitalization for all cryptocurrencies increased approximately 5.4% day-over-day to $1.45 trillion, as some of the other largest coins on the market saw large gains as of Thursday morning, including Cardano (8.2%), Solana (9.9%), and Chainlink (12.7%). The movements in the crypto markets far outpaced the stock indices, with the NASDAQ and S&P 500 basically flat over the past 24 hours.
Bitcoins recent upswing is mainly due to optimism around a near-term spot Bitcoin ETF approval and a resulting short-squeeze, Brian Rudick, a senior strategist at crypto trading firm GSR, told Fortune, referring to a Bitcoin-based financial product that traditional investors can trade. And on Thursday morning, BlackRock registered the name iShares Ethereum Trust in Delaware, an indication that it is likely to file a spot ether ETF application soon, he added.
David Lawant, head of research at crypto brokerage and trading platform FalconX, echoed Rudicks assessment. Bitcoin continues to perform well as the market focuses on the U.S. spot ETF approval process, he told Fortune, adding that the big star of the day has been Ethereum, following news of BlackRocks registration of the iShares Ethereum Trust name.
View the Bitcoin's Price Over The Past 24 Hours chart
The rapid rise in the prices of major cryptocurrencies continues a month-long rally in the digital assets market. The total market capitalization for all cryptocurrencies has rocketed about 30% since Oct. 9, rising alongside optimism over the likely approval of a spot Bitcoin ETF, or exchange-traded fund.
Traditional investors, who manage trillions of dollars in capital, are largely constrained by the investment products available on portfolio management platforms like Vanguard or TD Ameritrade. If the Securities and Exchange Commission were to approve a spot Bitcoin ETF, which lets traditional investors trade on current Bitcoin prices, crypto industry boosters are betting that tremendous amounts of capital would flow into the Bitcoinand cryptomarkets.
While the industry has repeatedly tried and failed to convince the SEC to approve a spot Bitcoin ETF, BlackRock, the largest asset manager in the world, filed an application for its own spot Bitcoin ETF in June. Since then, the crypto markets have rallied, and other financial institutions have filed their own ETF applications, hoping to cash in if the SEC were to approve the application from BlackRock, which has a sterling record of past ETF approvals.
And starting Thursday, a brief period for the SEC to approve a spot Bitcoin ETF opened, according to Bloomberg Intelligence analysts, who believe that, even if approvals don't come in November, there is a 90% chance of approval by January.
"There is significant hype surrounding the recent comments from Bloomberg regarding the ETF 'window,'" James Butterfill, head of research at CoinShares, told Fortune. "Admittedly, it is always a little worrying when prices rise so sharply. That said, as we enter into this new bull market, it is worth reflecting on the point that we remain well below the all-time-highs seen in 2021."
Read the original:
The Crypto Showdown: Is Solana The Next Ethereum? – Coinpedia Fintech News
In recent years, the solana solana Blockchain Network blockchain witnessed a series of challenges from network halts to the crypto winter and the downfall of the FTX exchange.
However, its making a comeback with 100% uptime this year and a significant increase in total value locked (TVL) in decentralized finance (DeFi), reaching $415 million from $210 million at the start of 2023. Perhaps some believe that Solana could be the Next Ethereum.
Solana is making a comeback, catching the eye of sceptics who are now cheering for SOL. After a recent price surge that saw $SOL jump almost 400% from its lows in late 2022, critics are turning into supporters. But, when stacked against Ethereum, many believe that it could be the next Ethereum or surpass it.
Even though Solanas TVL has aggressively climbed, reaching $415 million at the beginning of 2023, its important to note that it still has quite a journey ahead to hit its all-time highs. Comparatively, its nowhere near Ethereums impressive $24.4 billion.
Meanwhile, in terms of developer activity Solana rank 5th among the most developed ecosystem, but it trails behind Ethereum, Polkadot, and Cosmos, sitting 50% lower than a year ago.
Notable companies have already taken this step, with Visa announcing in September 2023 that it would incorporate Solana as a settlement layer to enhance cross-border USDC stablecoin payments.
Additionally, global e-commerce giant Shopify revealed its integration of the Solana Pay system in collaboration with Mastercard. These strategic moves by major players signal a growing acceptance of Solanas capabilities and potential impact on the broader financial landscape.
Solana shines in daily transactions, surpassing Ethereum by 15-20 times, thanks to low fees and fast transaction times. However, when focusing on actual users, Solana needs more users to catch up with Ethereum.
Even with Layer2 networks on Ethereum, the scale of activity and transaction value remains higher in Ethereums favor.
As Solana keeps going, its showing it can handle challenges and grow. But calling it the next Ethereum means it has to fill some big gaps in different things. The surge in support and positive metrics signals potential, but a balanced perspective is essential when assessing its progress.
View original post here:
The Crypto Showdown: Is Solana The Next Ethereum? - Coinpedia Fintech News