Kategorie: Ethereum News

• Solana NFTs saw $295 million in volume during April
• Integration with OpenSea has boosted entire ecosystem
• Near-zero gas fees and low barriers to entry mean new NFT traders increasingly flocking to Solana
• Not Okay Bears derivative on Ethereum highlights how far Solana has come

 

NFTs exploded onto the scene in 2021, with $17 billion in sales throughout the year. So far this year, despite the extreme risk-off environment with assets red across the board, this report from Chainalysis shows that volume in the NFT space is stabilising.

With every long-term indicator pointing towards longevity in the space, I thought it would be interesting to assess where these sales are taking place, and whether Ethereum still remains king.

One trend jumped out pretty swiftly – the growth of Solana.

OpenSea

In the short history of NFTs, the vast majority of volume has occurred on Ethereum, mostly on OpenSea, the marketplace built originally for Ethereum. That is beginning to change, however. OpenSea recently integrated with Solana, a watershed moment for Solana NFT collections that to date had been limited to marketplaces exclusively for Solana collections, such as Magic Eden and Solanart.

In another poignant moment, a derivative collection called Not Okay Bears was removed yesterday from OpenSea, after complaints from Okay Bears collectors. Traditionally, it has been the other way around – knock-off collections launching on Solana, but a high-profile imitation on Ethereum feels like a seminal moment for Solana.  

Sticking with Okay Bears, they are currently the hottest collection on Solana, trading at a floor price of 222 SOL ($11,500) and with a stout volume of 1.5 million SOL ($77 million) over the last month – and that’s on Magic Eden alone. On OpenSea, they have done almost an identical amount of volume in the last month, placing seventh on the leaderboard – with only six collections from Ethereum above them.

Okay Bears floor price and volume (in SOL) has been on an upward trend all month

Bored Ape Solana Club

Staying within the sphere of derivatives, another poignant case is that of Bored Ape Solana Club (BASC)– the Solana version of Bored Ape Yacht Club (BAYC) on Ethereum. This is different from the Not Okay Bears situation in that the derivative collection here is more of a homage than a knock-off. BASC even became verified on OpenSea, seeing volume and floor price rocket shortly afterwards.

Last month, following the chaos of the Otherside launch from Yuga Labs, the creator of BAYC, I wrote here about how exclusive the Ethereum NFT world had become. It felt like a Bored Ape 1% Club, as sky-high prices and onerous gas fees priced ordinary investors out from getting involved.

The concentration of wealth in the NFT space was getting worryingly high, while the centralisation of the space was a real concern – Yuga Labs have the top three collections on OpenSea and also own the IP rights to CryptoPunks, not to mention their tweets last month that they want to start their own blockchain.  

Solana gives the ordinary investor access to the NFT world, tearing down barriers to entry with its basement-low gas fees and easy-to-use interface. For fun, I even bought the below Ape from the BASC to quell my dissatisfaction from the Yuga Lab fallout. The fees I paid were a fraction of a cent, and the entire process couldn’t have contrasted more with the ultra-exclusive BAYC counterparts on Ethereum.

 

Instagram and Coinbase

This week also brought the news that Meta-owned Instagram is to test a feature allowing users to display NFTs as their profile pictures. Meta confirmed that while the initial test launch is limited to Ethereum and Polygon, Solana is to be added at a later date. Coinbase also announced their intention to expand to Solana once their Ethereum NFT ecosystem is up and running.

Growth

This access for the little guy that Solana offers is starting to catch on. More and more new investors are choosing Solana rather than Ethereum for their first foray into NFTs, for the same reasons I went to Solana to purchase my above Ape. There were 9.2 million transactions on Magic Eden vs 1.67 million on OpenSea over the past month, according to this report.

It should be caveated, however, that this chasm in transactions is skewed largely due to bot activity. However, the growth trends are clear – Solana is expanding at a rapid pace, with floor prices of the main collections increasing over the last month, in contrast to what is happening on Ethereum.

Perhaps more accurate than transaction count is volume, and according to DappRadar, the Solana NFT market jumped 91% in April, with volume of $295 million. Looking back over the last 30 days from today, the meltdown has reduced the dollar volume, but the SOL volume is up significantly. Indeed, when considering the pullback in the wider market, the fact that volume over the last 30 days across the top 14 marketplaces is $274 million (at the current SOL price of $52) is an extremely bullish sign.

The below graph shows the bulk of this volume has been taking place on Magic Eden and OpenSea.

Conclusion

In conclusion, it’s been a massively bullish period for Solana NFTs. While the crypto market has been a bloodbath – and the Solana token has not been spared – the long-term trajectory for the ecosystem remains upward.

Ethereum quite simply cannot compete with the almost-zero barriers to entry that Solana offers to NFT investors. Flipping NFTs, playing around with different collections and buying on a whim is all possible on Solana, with fees a fraction of cent per transaction. This is simply not viable on ETH, exacerbated by the dominance of the top collections, which layer in huge prices on top of the onerous gas fees.

Then again, unless you’re spending a lot on a very expensive NFT, Ethereum is not feasible to use given you lose so much on gas – meaning it continues to solidify itself as a blockchain for the elites, when it comes to NFTs at least. For the ordinary investor looking to invest amounts that are very much in the non-life-changing numbers, then Solana simply makes more sense.

The market is starting to realise this.

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Ethereum (ETH) has been recovering over the last few days after tanking to its lowest level in months. The coin is however poised for a bigger bounce based on momentum indicators. But it still faces major upward resistance and downside risk. Here are some important facts:

• ETH reclaimed $2000 after facing a major sell-off this week

• RSI divergence and the moving average convergence divergence show signs of bullish momentum

• But ETH still remains pressured below crucial resistance zones

Data Source: Tradingview 

Ethereum (ETH) – How it will hit $2500

At the moment, it doesn’t seem like investors are willing to buy any coins. This is a seller’s market, and there are fears that the crash we saw this week is only the beginning. Despite this, we still think that many coins will bounce back in the short term, and ETH is one of them. 

Momentum indicators in particular appear to suggest that Ethereum is going to rise. The RSI divergence and the moving average convergence divergence show positive bullish signs. If indeed ETH is able to keep the price above $2000, then a surge towards $2500 will be possible. However, it won’t be that easy. 

For starters, ETH still has to overcome several crucial resistance zones, including its 50-day EMA of around $2,349. Also, the rally we saw in the broader market yesterday could be short-lived. These risks could make it harder to ETH bulls to take over in the short term.

Will Ethereum return to $5,000 this year?

Ethereum was predicted to do pretty well in 2022. Some analysts were even targeting $10,000 before the year is out. 

But based on what has happened in the market over the last few months, it now seems unlikely the coin will achieve such heights. However, a return of $5000 is very possible. But ETH will suffer from very high volatility before it gets there.

The post Ethereum (ETH) could reclaim $2500 as momentum indicators remain positive appeared first on Coin Journal.

The cryptocurrency market is slowly recovering from its recent slump and has added more than $100 billion to its market cap in the last 24 hours.

The broader crypto market has had a poor week up till Thursday. The market lost nearly $400 billion over the past few days.

However, the sentiment has improved over the past 24 hours, with the market up by more than 11% during that period. The total crypto market cap currently stands at $1.3 trillion.

Bitcoin remains the market leader and is trading above $30,000 once again. It is up by more than 8% in the last 24 hours.

Ether, the second-largest cryptocurrency by market cap, is also up by more than 8% in the last 24 hours. It is now trading above $2,000 and could rally higher over the coming hours and days.

The market sentiment has been negatively affected by the Terra crisis. However, with the Terra blockchain now officially halted, the market could embark on a recovery journey in the coming days.

Key levels to watch

The ETH/USD 4-hour chart remains bearish despite Ethereum’s ongoing positive performance. Ethereum has not fully recovered from the bearish trend that has negatively affected its price in recent weeks.

The MACD line is still below the neutral zone. However, it is improving and could enter the positive region if the bulls continue to be in control of the market.

The 14-day RSI of 40 shows that ETH is no longer in the oversold territory. At press time, ETH is trading at $2,069. If the rally continues, it could surge past the first major resistance level at $2,180 before the end of the day.

In the event of extended bullish performance, ETH could move past the second major resistance level at $2,308 over the next few hours or days.

However, ETH could lose its support level at $2,000 if the bears regain control of the market. Ether should comfortably defend its price above the second major support level at $1,890. 

The post Ether maintains its price above $2k as the market slowly recovers appeared first on Coin Journal.

Cryptocurrencies have had a rough start of the year amid multiple concerns in the industry. The biggest concern is the Federal Reserve, which has committed to be more aggressive in its battle against inflation. Coins have also crashed because of the rising fear of valuations in the cryptocurrency industry.

Cryptocurrencies like Bitcoin, Ethereum, Ripple, and Cardano have all plummeted by more than 50% from their all-time highs. In this article, we will highlight the ten best cryptocurrencies to invest in for long-term gains.

Bitcoin

Bitcoin is a leading cryptocurrency that was started in 2009 by Satoshi Nakamoto. The coin was created to be an alternative to fiat currencies like the US dollar and the euro. Its difference is that it would be decentralized in nature, meaning that no single entity would have a lot of power over it.

At its peak, Bitcoin was trading at almost $70,000. Now, it has crashed to about $25,000 as worries about the Federal Reserve rise. Still, there is a likelihood that the coin’s price will do well in the future. Unlike other coins, it is significantly safe and its supply is falling substantially. 

Further, Bitcoin has been embraced by some of the biggest entities in the world. For example, Tesla owns Bitcoin worth over $1 billion. Similarly, companies like MicroStrategy and Square have Bitcoin in their balance sheet. Therefore, the Bitcoin price will likely be a good long-term investment.

Read more on how to buy Bitcoin with PayPal.

Ether

Ether is the native token for Ethereum’s ecosystem. Ethereum is a leading blockchain that enables developers to build quality decentralized applications in all industries. It is possible for people to build apps in areas like decentralized finance (DeFi), non-fungible tokens (NFT), and metaverse.

Ethereum has become an important player in these industries. For example, it was used to build apps like Axie Infinity, Aave, Curve Finance, and Decentraland. Therefore, since the blockchain industry is expected to keep growing, there is a likelihood that Ethereum will continue playing an important role. 

Ethereum is also a good investment because of its transition from a proof-of-work into a proof-of-stake network. This movement, coupled with the embrace of sharding technology, will lead to more demand. Therefore, there is a possibility that Ethereum price will keep doing well.

Read more on how to buy Ethereum.

XRP

XRP is the cryptocurrency for the Ripple ecosystem It is a relatively “old” and highly controversial coin because of the power that Ripple Labs has on it. The coin is also controversial simply because of the ongoing lawsuit that was brought by the Securities and Exchange Commission (SEC). 

The lawsuit alleges that its creators raised money without following the due process. It is still unclear who will win the case. Still, there is a likelihood that the Ripple price will do well in the long term. For one, analysts believe that the outcome of the lawsuit will not have a major impact on the price.

Here’s how to buy Ripple.

DOGE

Dogecoin is another good cryptocurrency to invest for long-term gains. It is one of the biggest coins in the world with a market cap of more than $10 billion. Dogecoin is a good investment because of its large popularity among young investors and the fact that it will be integrated in Twitter when Elon Musk completes his acquisition. It is already accepted in Tesla’s accessories business.

Read more on how to buy Dogecoin.

Monero

Monero is the biggest privacy-focused cryptocurrency in the world. The developers introduced an important concept that makes it impossible for anyone to track transactions. This process works in a relatively easy method. 

For one, while every holder has a public address, the funds they own are not associated with the address. At the same time, when you send funds to someone, these funds will be sent to a randomly-created address. Therefore, Monero price will do well in the future as demand for privacy tokens rise.

Litecoin 

Litecoin is another good cryptocurrency to invest for long-term gains. The coin was created with the goal of becoming a good alternative to Bitcoin. It is a proof-of-work cryptocurrency that works in the same way as Bitcoin. 

For example, it is a significantly faster coin than Bitcoin and its transactions are significantly cheaper. Unlike Bitcoin that has a supply limit of 21 million, Litecoin has a limit of 84 million. While Litecoin has underperformed in the past few months, there is a likelihood that it will do well in the long term.

Read more on how to buy Litecoin.

ATOM

ATOM is the native token for the Cosmos ecosystem. Cosmos is a leading blockchain platform that helps to interconnect multiple coins. According to its website, it has hundreds of coins that have billions in total value. At the same time, its SDK is used to build some of the most important blockchain platforms in the industry like ThorChain and Osmosis. The ATOM price will do well as its ecosystem growth continues.

SAND

The Sandbox is one of the biggest metaverse industry. It is a platform that enables people and companies to buy virtual property online. It has also become one of the leading platforms for trading virtual non-fungible tokens (NFT). Further, it is a leading gaming ecosystem that enables people to play virtual games in tournaments known as Alpha. The SAND token will likely keep rising in the long term.

MKR

MKR is the native token for the Maker ecosystem. Maker is a leading DeFi platform that enables people to borrow and save in the network. It is different from other DeFi platforms simply because of its own stablecoin known as Dai. Further, unlike other platforms, it uses its own oracle system. Therefore, there is a possibility that the MKR price will rise in the long term, especially after the collapse of Anchor Protocol.

LINK

LINK is another popular cryptocurrency that is a good long-term investment. It is a leading platform that enables blockchain developers to simplify their development process. It does that by helping them incorporate off-chain data to the on-chain. 

It has the biggest market share in the industry and is used by leading DeFi platforms like Aave and Uniswap. Because of its market share and strong growth, there is a possibility that it will do well in the long term.

Read more on how to buy Chainlink.

The post 10 Best Cryptocurrencies to Invest in 2022 for long-term Gains appeared first on Coin Journal.

The crypto market has been on the ropes over the past week. Most coins have sharply fallen, and the worst is yet to come. This correction might continue for a few extra months, and it can be tempting to sell off your assets. However, here is why it makes sense to actually buy:

• Most coins will largely be trading at huge discounts

• The sell-off will be painful, but it will not last long

• Crypto could be a superb long-term investment if you buy the right coins

So, if you are looking for some decent coins to buy and hold even as the market continues to sell off, we may have 3 options below that should be perfect.

Ethereum (ETH)

At the start of 2022, predictions for Ethereum (ETH) were significantly very robust. In fact, the most conservative estimates showed that the coin could easily top $10,000 before the year is out. However, it’s 5 months into 2022, and ETH has struggled even to cross $4000.

The coin has fallen even further and could soon breach $2000. While this does not look good, it also means that investors have the chance to buy ETH at a hugely discounted price. It’s still possible that ETH could hit $10,000 by the end of 2022.

The Sandbox (SAND)

Market headwinds can sometimes make it harder for investors to identify important trends that could define the future. In the crypto industry, one trend that we are all looking for is the metaverse. While there are many projects around this, The Sandbox (SAND) is quite frankly very promising. It should be worth a look.

Fantom (FTM)

Fantom (FTM) has had some torrid time this year. The coin has however seen a bit of recovery, and besides, the fundamentals that underpin this project still remain very positive. FTM could realistically deliver 5x growth this year. You just need to be patient.

The post Top 3 cryptocurrencies to buy and hold during a market sell-off appeared first on Coin Journal.