Category: Cryptocurrency News

The general crypto market has seen a decline in the last week, with most assets recording significant losses. Solana (SOL), one of the most prominent cryptocurrencies, is down by 11.50% in the last seven days and 16.17% in the last month. Interestingly, popular crypto analyst, Benjamin Cowen has posted a puzzling prediction on Solana, drawing much similarity between the token’s current price movement and historical price data of fellow altcoin Cardano (ADA).  SOL To Close 2023 With Losses? According to an X post on August 23, Benjamin Cowem believes Solana’s price movement might be mirroring Cardano’s price trajectory in the last crypto cycle.  Related Reading: Solana Cuts Saga Price By 40%, But Case For New SOL Yearly High Increases Based on the weekly charts of both assets, Solana presents a ranging market quite identical to Cardano’s price movement for most of 2019.  In fact, in both charts, these ranging markets are preceded by a bearish trend.  Good chance $SOL sweeps the lows, just like $ADA did last cycle. pic.twitter.com/KHJEPdV6qU — Benjamin Cowen (@intocryptoverse) August 23, 2023 Analyzing this data, Cowen notes that SOL has recently encountered resistance at the $26 price zone, which is similar to Cardano’s trouble in crossing the $0.11 hurdle in mid-2019.  The analyst predicts that if Solana is indeed mimicking Cardano’s price action, it will likely experience a downward trend for the rest of 2023.  According to Cowen’s predictions, SOL could fall as low as $10 in 2023, just as Cardano plummeted to $0.028 in early 2020. If these projections hold true, the SOL market could lose over 50% of its value in the coming months.  However, it is worth stating that Cowen’s price analysis does not spell all gloom for SOL investors. Upon falling to the $0.028 price zone in 2020, Cardano embarked on a bullish run, gaining by over 7,600% in the next two years. If Solana follows the same price pattern, the altcoin could trade as high as $1,500 in 2025. Investors should remember that predictions are not guaranteed and, thus, should be considered as investment advice. Solana, Among Others, Faces TVL Decline In other news, the Solana network has recorded a 4.5% decline in its Total Value Locked (TVL) over the seven days based on data from DefiiLlama.  According to the DeFi analytics site,  the majority of the DeFi ecosystem appears to be under siege, with total DeFi TVL having dipped below $40 billion and is currently valued at $37.56 billion.  Related Reading: Cardano Holder Resilience Tested As ADA Fends Off Bearish Onslaught Aside from Solana, other prominent networks such as Ethereum, Cardano, and Polygon have also seen their TVL plummet by 11.08%, 6.54%, and 8.89%,  respectively.  At the time of writing, SOL is currently exchanging hands at $20.59, with a 2.16% loss on the last day. However, with a total market cap of 8.39 billion, Solana remains the ninth-largest cryptocurrency in the market. SOL trading at $20.52 on the weekly chart | Source: SOLUSD chart on Tradingview.com Featured image from Binance Academy, chart from Tradingview.

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Hey 👋 This is my first post here so hope I’m following all the rules. I have a general question and I’d love to hear input from crypto enthusiasts – would you use dApps/tech with a crypto component, even if it didn’t improve measurable functionality/UX of the product? I realize the benefits of extra freedom,…
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Solana Pay has reportedly been added to Shopify’s payment solutions, giving millions of merchants access to cryptocurrencies.

A Bitcoin on-chain indicator is currently attempting a breakout that could turn out to be a bullish signal for the asset’s value. Bitcoin Active Entities Is Trying To Escape Network Stagnation Range In a new post on X, Jamie Coutts, a Bloomberg Intelligence analyst, has discussed the BTC active entities metric, and how it has a strong relationship with the coin’s price. The “active entities” here are a measure of the unique total amount of Bitcoin addresses that are participating in some kind of transaction activity on the blockchain. Naturally, both senders and receivers are counted by the metric. When the value of this metric rises, it means that an increasing number of users are engaging with the network. Such a trend is a sign of growing adoption for the asset. On the other hand, declining values of the indicator imply that interest in the cryptocurrency may be waning, as fewer addresses are becoming active on the blockchain. The analyst has pointed out that the active entities metric has a high r-squared value with Bitcoin. The r-squared values of the different BTC-related metrics | Source: @Jamie1Coutts on X From the table, it’s visible that the r-squared value for the active entities is 0.55. What this means is that 55% of all fluctuations in the cryptocurrency’s price can be explained by this variable. Related Reading: Will Bitcoin Show A Repeat Of The March Rebound? There are only a few metrics with a higher r-squared value, making the active entities an indicator with one of the strongest statistical relationships with BTC. “Importantly, this is also a stable relationship over time (ex the wonky pre-2012 data),” Coutts notes. Looks like the r-squared value of the indicator has been quite stable since 2012 | Source: @Jamie1Coutts on X Now, here is a chart that shows how the Bitcoin active entities have changed during the history of the cryptocurrency: The trend in the metric’s value over the years | Source: @Jamie1Coutts on X As displayed in the graph, the Bitcoin active addresses have stagnated around each of the cycle lows, but in the periods between them, it has seen a rise, although the pace has been getting slower over time. Related Reading: Bitcoin Dip Worth Buying? What Market Sentiment Suggests Since 2021, the indicator has been inside a rather long phase of stagnation, as the indicator has been unable to escape out of a particular range. It would appear, however, that things might be starting to change for the better. The indicator’s value has been on the rise in recent days | Source: @Jamie1Coutts on X The CMT explains that it’s looking like a TA-style breakout so far, but it’s not yet fully clear whether the Bitcoin active entities have truly escaped the stagnation range. If the metric can manage to stay above the range for the next few weeks, it might be a confirmation that the extra entities that have started trading on the network are truly planning to stick around, and hence, that constructive adoption is finally picking up for Bitcoin. BTC Price At the time of writing, Bitcoin is trading at around $25,900, down 11% in the last week. BTC has continued to struggle recently | Source: BTCUSD on TradingView Featured image from André François McKenzie on Unsplash.com, charts from TradingView.com, Bloomberg Intelligence

I'm seeking clarification on how the eth_estimateGas function operates under the hood. Does it run the smart contract in a manner similar to a dry run? When I make a call to eth_estimateGas , and I've intentionally hardcoded a failed require statement within the contract, I get this error in the response. This behavior suggests…
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The filing surrounding the legal strategy followed an all-day session between SBF and his lawyers on Aug. 22 outside of jail, which was granted by a judge on a one-time basis.