Bitcoin

Is Solana an obvious buy after Bitcoin halving?

Published

7 months ago

7 July, 2024

Is Solana an obvious buy after Bitcoin halving?

Bitcoin (CRYPTOCURRENCY: BTC) has undergone four “halvings,” which cut the cryptocurrency’s mining rewards in half, every four years since 2012. Bulls view these events as major catalysts for Bitcoin because they restrict its supply.

Bitcoin’s price surged 109% in the 12 months leading up to its latest halving on April 19. That rally, which was amplified by hopes for lower interest rates and the approvals of the first spot-priced Bitcoin ETFs in January, also boosted other cryptocurrencies.

An illustration of a blockchain.

Image source: Getty Images.

However, Bitcoin’s price has fallen by about 2% since that fateful day. This pullback suggests that many investors bought Bitcoin ahead of the halving, but the lack of additional catalysts may be deterring new investors from jumping in.

So instead of focusing too much on Bitcoin right now, investors should pay more attention to other smaller cryptocurrencies that have been generating bigger gains. One such token is Solana (CRYPTO: SOL), which soared 472% in the 12 months leading up to the Bitcoin halving and gained another 8% in the months after. Is it a no-brainer buy now?

The Difference Between Bitcoin and Solana

Bitcoin is mined with an older, more energy-intensive proof of work (Beat) method, while Ether (CRYPTOCURRENCY: ETH), Solana and other newer cryptocurrencies are mined using the faster and more energy-efficient proof-of-stake (PoS) method.

PoS blockchains support smart contracts, which can be used to develop decentralized applications (dApps), games, non-fungible tokens (NFTs), and other crypto assets. PoS tokens can also be “staked” (locked) on the blockchain for a period of time to earn rewards. PoW blockchains are natively only used to mine cryptocurrencies directly.

Simply put, PoW tokens are valued for their scarcity, while PoS tokens are valued for the growth of their ecosystems. This is why cryptocurrency investors generally favor PoS blockchains, which have the highest transaction speeds and lowest fees.

Why are investors excited about Solana?

Solana is the world’s fastest PoS blockchain. It is built on the same PoS technology as Ethereum, but speeds up the process with its own Proof of History (PoH) method. This upgrade allows Solana to process transactions 46 times faster than Ethereum and five times faster than its closest competitor. Polygon (CRYPTO: MATIC). However, Solana has only reached about 1.6% of its theoretical maximum speed — so it could significantly widen its lead against Ethereum, Polygon, and other PoS blockchains.

Solana’s speed is driving the rapid expansion of its ecosystem. It has been used to develop decentralized exchanges like Jupiter and Orca, as well as popular meme coins as BONK It is Married woman. It helps Visa (NYSE: V), PayPal (NASDAQ: PYPL) and Circle settle their stablecoin transactions and have integrated their payment protocol Solana Pay into Shopify(NYSE: SHOP) e-commerce services. Solana even launched its own Android smartphone for Web3 apps, the Saga Phone, last year. It’s still a niche device, but it features its own dApps Store as an alternative to AlphabetGoogle Play Store. This continued expansion should stabilize and increase the value of Solana’s native cryptocurrency in the coming years.

The story continues

Will Solana overcome its short-term challenges?

Solana has faced three major headwinds over the past two years. First, it suffered a series of network congestions and security breaches as it dealt with a growing number of spam transactions. Second, the bankrupt cryptocurrency exchange FTX — which had been one of Solana’s biggest backers — hastily liquidated its tokens at a discount to pay off its creditors. Finally, rising interest rates have driven investors away from Solana and other speculative cryptocurrencies.

But looking ahead, most of these headwinds should dissipate. Solana developers are trying to address its congestion and security issues with new updates, and FTX finally completed its $2.6 billion discounted Solana token sale in May. If interest rates stabilize and decline in the coming quarters, the crypto market should heat up again.

So is it the right time to buy Solana?

Solana, like many other cryptocurrencies, seemed to lose its luster following Bitcoin’s spot price ETF approvals and halving earlier this year. However, I believe that complacency has created a great buying opportunity in promising tokens like Solana — which has clear long-term advantages against Bitcoin, Ether, and other PoS tokens.

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Is Solana an obvious buy after Bitcoin halving? was originally published by The Motley Fool

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Bitcoin

What to watch for in the markets

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Photo: Andrew Harnik (Getty Images)

After witnessing one of the largest global IT outages on record, affecting the travel, finance and healthcare sectors worldwideThis week is set to see more political drama, events, and earnings reports from tech giants.

Donald Trump’s ‘Lovefest’ Sets Jamie Dimon Up for Consideration for Treasury Secretary Job

Let’s take a look at what awaits us:

Major companies will release their earnings reports

Major tech companies and others will release their earnings reports this week, paving the way for what the second half of 2024 will look like.

Monday

Verizon will report earnings before the start of operations.

Tuesday

Coca-Cola, Comcast and UPS are all set to report earnings before the market opens.
Tesla will report earnings in the morning, while General Motors will report earnings in the evening.
Alphabet and Visa will report results after the market closes.

Wednesday

AT&T will release its report before the market opens.
Ford and Chipotle will report earnings after the market closes.

Thursday

Earnings reports from AstraZeneca, American Airlines and Southwest Airlines will be released before the market opens.

Trump to speak at Bitcoin conference

Presumptive Republican presidential nominee Donald Trump will speak at the next Bitcoin Conference in Nashville, Tennesseewhich is scheduled for July 25-27. While this is the first time a presidential candidate will attend the conference, it has sparked a debate over whether the crypto-friendly Trump will receive support from the crypto community in the upcoming election.

In addition to Trump, independent presidential candidate Robert F. Kennedy Jr. will also discuss crypto during the conference. Crypto advocates such as ARK Investment’s Cathie Wood, MicroStrategy’s Michael Saylor, and whistleblower Edward Snowden are among some prominent names who will be participating in the conference.

Ether ETFs are on the way

New Ether Spot ETFs are set to begin trading on Tuesday, July 23. Much like the spot Bitcoin ETFs, these ETFs will allow investors to buy the second most popular cryptocurrency like stocks. BlackRock, Ark Invest/21Shares, VanEck, Grayscale, Fidelity, Bitwise, Franklin Templeton, and Invesco/Galaxy Digital are all set to offer Ether ETFs. Crypto asset manager Bitwise predict that trading in the Ether ETF will drive the price of Ether higher, potentially surpassing $5,000.

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Bitcoin

Cryptocurrency’s Biggest Winners and Losers in a Second Trump Presidency

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Cryptocurrency’s Biggest Winners and Losers in a Second Trump Presidency

Bitcoin miners and cryptocurrency companies that have been blocked from going public in the U.S. could ultimately be the biggest winners in the digital asset world under a second Donald Trump presidency. Foreign companies at risk of losing market share could end up being the biggest losers.

That’s the view that’s taking hold among market participants and observers in the wake of the former president’s growing embrace of cryptocurrency as his chances of election grow. survey released Thursday by CBS News showed Trump with the majority — 52 percent — of likely voters in his likely November rematch with President Joe Biden.

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Bitcoin

Bitcoin, Ethereum, Solana and Cryptocurrency Markets Look Ready to ‘Send’ as Stars Align, According to Investor Chris Burniske

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Bitcoin, Ethereum, Solana and Cryptocurrency Markets Look Ready to ‘Send’ as Stars Align, According to Investor Chris Burniske

Cryptocurrency investor Chris Burniske says Bitcoin (BTC), Ethereum (ETH), Solana (SUN) and the cryptocurrency market in general seem poised for a run.

Former Head of Cryptocurrency at ARK Invest account his 292,200 followers on social media platform X that several catalysts are aligning, suggesting that digital asset markets are on the verge of a bull run.

According to Burniske, a partner at venture capital firm Placeholder, the highly anticipated launch of Ethereum-based exchange-traded funds (ETFs), Republican presidential candidate Donald Trump speaking at an upcoming Bitcoin event, and the current state of the BTC, ETH, and SOL charts all suggest significant optimism for the cryptocurrency markets.

“With ETH ETFs set to go live, Trump speaking at The Bitcoin Conference, and BTC, ETH, and SOL charts looking [they do] (while stocks are weak), it’s hard to imagine a world where we don’t ship next week.”

Reuters recently reported that preliminary approval for ETH ETFs has been granted as the Bitcoin Conference is scheduled to take place from July 25-27.

BTC, ETH, and SOL are trading at $67,333, $3,528, and $174 at the time of writing, respectively.

The venture capitalist too provides an update on his prediction that the total crypto market cap will eventually hit $10 trillion. According to his chart, the path to $10 trillion is currently “23%” complete, as it sits around $2.2 trillion.

Source: Chris BurniskeX

Earlier this month, Burniske he said in an interview with Real Vision CEO Raoul Paul that he has his eye on the Move ecosystem, which was originally built by social media giant Meta and then used to develop layer 1 blockchains Sui (IUE) and Apts (APT).

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Bitcoin

Here’s the next target for BTC before bulls can hold out for $70K

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Here’s the next target for BTC before bulls can hold out for $70K

Bitcoin’s recovery is going well, and the market is seemingly poised to create a new all-time high in the near term.

Technical analysis

Per NegotiationRage

The daily chart

As the daily chart shows, the price of Bitcoin has been rising since it broke above the 200-day moving average.

The market has also reclaimed the $60K and $65K levels and is moving towards the $68K resistance zone, which could be the last hurdle before creating a new all-time high. With the RSI also indicating that the price has clear bullish momentum, it could be just a matter of time.

Source: TradingView

The 4-hour chart

Looking at the 4-hour chart, it is evident that the price has been rising rapidly since breaking the downtrend line to the upside. The market also broke the $65K resistance level with momentum, turning it into a support.

While almost everything points to a new record high in the coming weeks, there is one worrying sign. The RSI is showing a clear bearish divergence between recent price highs, which could indicate a correction or even a reversal in the near term.

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Cryptocurrency Charts by TradingView.

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