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‘Bitcoin maxis’ like Solana, but is there sound logic to that

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Recent changes in cryptocurrency market dynamics have fueled the popularity of altcoins like Solana [SOL]. It recently became one of the most trending blockchain platforms around on the back of its surging price.

The cryptocurrency, in fact, had a 1-year ROI of over 4,200%, despite dropping by 34% since its peak in early September. Despite the latest hiccup in value, however, market observers believe the project has managed “winning over a significant number of Bitcoin Maxis or near-maxis.”

Ikigai Funds’ Travis Kling offered this observation on Twitter when he said,

“After talking to a bunch of folks over the last couple months, it’s pretty clear that SOL is successfully winning over a significant number of BTC Maxis or near-maxis, which have previously owned zero ETH or very little ETH.”

While the crypto-space is competitive, the tech-twist to the age-old saying – “competition of your competition is your ally” also holds true. Solana is not competing with Bitcoin. Instead, it is competing with Ethereum’s position in decentralized finance, NFTs, and smart contract offerings. Given the fact that transacting on Ethereum is still a pain for some users, Solana’s cheap and fast transactions provide a better alternative to many.

Solana’s DeFi projects recently crossed $3 billion, despite Ethereum hosting the maximum number of DeFi and NFT projects. While Bitcoin “maxis” are also opting-in for smart contracts, they prefer SOL over ETH, according to Kling.

Why? According to the exec,

“I think maxis look at ETH vs SOL and think –

Well as long as its not going to be all that decentralized, might as well have a smart contract platform that can actually handle enough throughput with cheap enough fees where it can really scale, instead getting choked up like ETH.”

However, not everyone agrees with Kling’s opinions. Many believe the decentralization narrative to be wrongly used by Kling, with another Twitter user @mikemcg0 noting that Ethereum is “more decentralized than BTC.” Anyone can run an Ethereum validator,” he said, “but only a select few oligopolies can mine BTC.”

Even so, Bitcoin mining has spread out even more after the recent China crackdown. Although the process is extensive in terms of effort, time, and money, according to another user, “anyone can” mine BTC “if they have the entrepreneurial mindset.”

Now, the latest outage faced by Solana did raise questions about the level of centralization. However, that has not really discouraged those who want to indulge in DeFi, NFTs, and smart contracts. As Solana forges new contracts with Hacken Foundation and Gate.io, others institutions like Osprey Funds and Grayscale are in a race to include Solana in their respective bouquet of products.

In fact, Osprey Funds has already registered Osprey Solana Trust with the SEC.

‘Ethereum killer’ or not, Solana is en route to gaining more interest from the booming crypto-market. Even turning so-called BTC maxis in the process.

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Source: https://ambcrypto.com/bitcoin-maxis-like-solana-but-is-there-sound-logic-to-that

Blockchain

Breaking: Bitcoin ($BTC) Smash Past $66K to Record New ATH, $70K by EOD?

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By

Prashant Jha

Published 18 seconds ago Updated 18 seconds ago

Bitcoin ($BTC) finally broke past the $65K barrier to record a new all-time-high as the top cryptocurrency now looks to enter price discovery mode again. $BTC is currently trading at $66,000with a 5% surge over the past 24-hours. The top cryptocurrency now set eyes on $70K and looking at the current bullish momentum it might not be far from it.

Bitcoin
Source: TradingView

$BTC started October under $45K after a bearish September but regained most of its losses from the past month in the first week and by the second week, it has already recovered most of the losses from the May market crash. Bitcoin proponents have predicted that October could reignite the bull run that was seen at the start of this year and $BTC surged nearly 3X before a bearish phase. If $BTC pulls a similar move as it enters a price discovery mode with no barriers in sight, the top cryptocurrency can easily surpass the $100K price prediction.

The bitcoin price rise comes in the wake of declining exchange supply as traders keep moving away from their $BTC in anticipation of the price surge. Bitcoin supply on exchanges has fallen to a three-year low indicating the high bullish sentiment.

The approval and record first day of ProShares Bitcoin Futures ETF ($BITO) also played a key part in top cryptocurrency’s newfound bullish resurgence. $BITO recorded the second-largest ETF volume on debut with nearly $1 billion in trading volume.

Every Bitcoin Holder Ever Now in Profit

Bitcoin’s new ATH also ensured that anyone and everyone that ever purchased $BTC at any price is currently in profit. MicroStrategy, the leading Fortune 500 company is currently over $3 billion in profits over their $BTC holdings while Tesla’s $BTC profit jumped over $1 billion.

The price surge also depicts the contracts in market sentiments just a month apart. Only in September, many critics were calling for another bottom and today the market is looking towards a $70K price target.

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Source: https://coingape.com/breaking-bitcoin-btc-smash-past-66k-to-record-new-ath-70k-by-eod/

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Billionaire Peter Thiel Thinks Bitcoin Crossing $60,000 Is A Pretty ‘Hopeful’ Signal — Here’s Why

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Billionaire Peter Thiel Thinks Bitcoin Crossing $60,000 Is A Pretty ‘Hopeful’ Signal — Here’s Why

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Peter Thiel, the billionaire founder of Palantir and co-founder of PayPal, is doubling down on Bitcoin. 

Peter Thiel: Bitcoin Is The “Most Honest Market”

Bitcoin has climbed back past $60K after its early 2021 parabolic run slowed. The bitcoin price has added 2.79 percent over the last 24 hours, taking it within touching distance of its all-time highs. BTC hit $64,490 on Tuesday — just shy of the 64,804 high set in April.

BTCUSD Chart by TradingView

Thiel claimed that the world’s largest cryptocurrency by market cap topping the $60,000 mark was a very optimistic signal.

“I don’t know that you should put all your money into bitcoin at $60,000 a bitcoin right now. But surely the fact that it is at $60,000 is an extremely hopeful sign,” Thiel said recently during a conference hosted by the Stanford Federalist Society.

Bitcoin’s fresh rally comes as the first-ever bitcoin-linked exchange-traded fund (ETF) is greenlighted in the United States. The ProShares Bitcoin Strategy Fund launched on the New York Stock Exchange under the ticker BITO with an opening price of $40.88. The bitcoin futures-based ETF registered over $1 billion of trading volume on its first day, making it the largest in terms of “natural” volume. 

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The venture capitalist went on to describe bitcoin as the “most honest market” in the U.S. He touted the crypto’s latest price rise as the “canary in the coal mine”, which might suggest that the current “decrepit” regime is on the verge of exploding. 

“It’s the canary in the coal mine. It’s the most honest market we have in the country, and it’s telling us that this decrepit regime is just about to blow up.”

Thiel, an outspoken Silicon Valley supporter of former US President Donald Trump, harbors the opinion that the Biden administration is shaping up as an absolute “catastrophe”.

Thiel has been known for his interest in the crypto space. His billion-dollar big data analytics company Palantir already accepts bitcoin as a payment option. Moreover, he earlier declared that Bitcoin could become a financial weapon for China against the United States. Thiel has also opened a Bitcoin mining facility in West Texas.

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Source: https://zycrypto.com/billionaire-peter-thiel-thinks-bitcoin-crossing-60000-is-a-pretty-hopeful-signal-heres-why/

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Ethereum Breaks $4,000, All-Time High Unavoidable?

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The Ethereum rally continues and seems to be moving into FOMO levels. At press time, the second crypto by market cap has blasted through the major resistance at $4,000 and moves fast into price discovery.

Related Reading | Ethereum Looks Set To Explode As 400,000 ETH Exits Coinbase

Ethereum records a 4% and 14% in the daily and weekly charts, respectively. The euphoria in the market seems to be driven by the launch of a Bitcoin-linked ETF in the U.S.

The market has positively responded to this event and has allowed Ethereum and Bitcoin’s price to surge with a spike in institutional demand, as several experts have pointed out.

Unlike some predictions, the ETF event doesn’t seem to be operating as a “Buy the rumor, sell the news” or a trigger for another capitulation event.

In lower timeframes, Ethereum must hold above current levels to turn $4,000 into support and allow the rally to follow through in case of potential downside risk.

As pointed out by pseudonym analyst John Wick, Ethereum entered a “volatility squeeze shading” with a bullish trend, as indicated in the image below. The analyst added:

Squeeze shadings precede violent moves that are often the start of new trends. Green bars say probability to the upside!

Ethereum ETH ETHUSD
Source: John Wick via Twitter

In that sense, losing the $3,000 area could signal a potential trend reversal to the downside. However, the second cryptocurrency by market cap could make a 5x profit from here.

Related Reading | Ethereum Supply Shock Grows As Reserves Decrease, ETH 2.0 Contract Increases

Ethereum ETF On The Way, Bulls With More Ammo In-Store

Analyst Justin Bennett believes the key for more upside actions relies on Bitcoin. If the benchmark crypto can continue its upwards trend uninterrupted, Ethereum could follow right into its May trend line, as the analyst claimed.

Ethereum ETH ETHUSD
Source: Justin Bennett via Twitter

This could send Ethereum as high as $20,000 for 2022. In support of this theory, QCP Capital recorded an increase in ETH-based options with $10,000 to $50,000 strikes to be expired by March 2022 on the rise.

Related Reading | TA: Ethereum Breaking This Barrier Could Spark a Significant Surge

With the launch of the Bitcoin ETF, QCP Capital noted the following on the future of Ethereum:

As we mentioned in our previous post on ETFs, long-term attention seems to be shifting from BTC to ETH with potential ETH ETF release after BTC, coupled with ETH V2 catalyst.

Ethereum ETH ETHUSD
Source: Skew via QCP Capital

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Source: https://www.newsbtc.com/news/ethereum/ethereum-breaks-4000-all-time-high/

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