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Category: Polkadot

Led By Litecoin, Mid-Cap Altcoins Bleed With Bitcoin

Litecoin awoke from a month-long slumber to follow the general sentiment in the market. The price of LTC broke above the $200 resistance, only to drop with the crypto market flash crash. At the time of writing, Litecoin trades at $181 with a 17.31% loss in the daily chart. The market seems to be reacting to the events triggered by El Salvador making Bitcoin legal tender. Whales could have used the bullish sentiment to push down the prices, triggered liquidations, and entered new positions. Despite the crash, Analyst Ali Martinez believes Litecoin could reclaim its bullish momentum. Since the beginning of August, the number of unique addresses that joined the network reached a higher high, the analyst said. As seen below, this metric stood at 220,000 new addresses created on September 6th alone. The Number of New Addresses from Glassnode is useful to measure the number of users with fresh capital coming into LTC and “could be interpreted as a sign of optimism”, Martinez said. In addition, large investors went on a “buying spree” with the number of addresses holding 10,000 to 100,000 adding over 720,000 LTC in the past 30-months. This coincides with the increase in the price of Litecoin, as seen below. Further data provided by IntoTheBlock records around 170,000 addresses that bought 3 million Litecoin when the price was at $222. Martinez believes this is the next major resistance, LTC’s price must recover and rise above it to push into previous highs. Support is bigger than resistance in terms of volume. Still, prices must slice through $222 to advance further. Litecoin, Solana, Polkadot, Follow The Bearish Trend Almost no altcoin in the top 20 by market cap has been able to hold its gains. Litecoin is one of the worst-performing in the past day, followed by Internet Computer (ICP) with a 23% loss, Polkadot (DOT) with a 17.3% loss, Cardano (ADA) with a 16.6% loss. Related Reading | New To Bitcoin? Learn To Trade Crypto With The NewsBTC Trading Course These altcoins have shown resilience to previous downside trends. Only Solana (SOL) records a 10.7% profit in the daily chart on the back of the growth of its ecosystem. In the short term, Bitcoin could determine the fate of the entire market. Litecoin displays solid fundamentals for a recovery, but BTC losing key support at $43,000, could potentially triggered another leg down to its previous range around the high levels of $30,000.
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Solana Continues Bullish Trend, Becomes The 10th Largest Cryptocurrency

Solana, with its fast-growing ecosystem, has found a position at the forefront within the crypto space. By hitting $314 million in its private token sales, Solana crept the headlines in early June. Polychain and Andreessen Horowitz pioneered the Solana token sales. This funding impacted greatly in developing the fast-growing ecosystem of Solana. This pushes it as one of the top competitors to Ethereum, the blockchain with the widest usage. Before now, the Ethereum blockchain has high demand from crypto users and investors. Unfortunately, this results in network congestion and exorbitant transaction fees. The congestion propelled the great opportunities for sidechains and Layer 2 solutions. Also, Layer 1 networks can take from the loopholes and create scalable decentralized apps beyond Ethereum. Solana falls under such Layer 1 networks. Related Reading | Coinbase States Infrastructure Bill Could Impact 60 Million American Crypto Owners Founded in 2017, the project team realized over $25 million through its private and public ICO token sales. March 2020 brought the release of the main net beta. The project is reputable for its 400ms block time and 50,000 throughput for transactions per second. This performance is higher than Bitcoin and Ethereum’s current version by several thousands of times. Though both of these formers platforms rely on Proof-of-Work consensus. Solana has a theoretical capacity of 700,000 transactions per second through its focus on scale for more adoption, as contained in its whitepaper. The technological design of Solana accounts for its high performance in scalability. The blockchain can process transactions horizontally in parallel using its sea-level runtime. Thus, the blockchain has continuous scalability with validator GPU improvements, thereby maintaining low fees. The CEO of Solana Labs, Anatoly Yakovenko, reveals that the network’s scalability level is proportionally linked to hardware computation. This accounts for its execution of tens of thousands of transactions of smart contracts in parallel. Also, the network uses several GPU cores to validators. The major network down part is that running a specialized hardware validator can cost thousands of dollars. Solana Performance Trend Solana satisfies its aim of having a distributed system for transaction scalability in proportion to its bandwidth. The network achieves its aim through the use of some features like the consensus algorithm Tower BFT. Other outstanding enabling features are the Proof-of-History and Proof-of-History-Optimized versions of BFT. The network currently boasts over 900 validators. Though Ethereum remains the most Defi smart contract blockchain, Solana has made a name than other Layer 1 chains. It’s more decentralized than Binance Smart Chain, Polkadot, Fantom, and Cosmos. Solana has maintained a bullish momentum and it seems to be on an upward direction | Source: SOLUSD on TradingView.com Several new protocols are building on the Solana blockchain to leverage its fast and low transaction fees. This has propelled more rise of more dApps in the Defi ecosystem. The ecosystem now has more decentralized exchanges, yield aggregators, automated market makers, and stablecoin swap platforms. Related Reading | SushiSwap Narrowly Escaped A $350 Million DeFi Hack, Here’s How Others include NFT marketplaces: wallets, gaming platforms, and derivatives. The Chain also has projects based on infrastructures such as block explorers, oracles, launchpads, and data analytics tools. When it comes to its operability, unlike Ethereum, SOL has no support for Solidity programming language. So, it’s not EVM compatible, and this puts a gap in its competition with Ethereum. However, the Solana network utilizes Rust as its programming language. Fortunately, Rust is becoming one of the preferred languages in the most developing communities in the Defi ecosystem. Furthermore, Neon Labs plans on providing SOL with EVM compatibility by porting Solidity smart contracts on the network. Featured image from Pixabay, chart from TradingView.com
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BNB, Polkadot Price Analysis: July 15, 2021

Binance Coin price recovery meets key barriers above $300, delaying the upswing toward $360. Polkadot price is back on the drawing board at $13 whole recovery stalls under $14.5. Cryptocurrencies across the board are nursing mid-week losses, led by Bitcoin, Ethereum, and Ripple. Bitcoin holds above $32,000 after revisiting support at $31,600, while Ethereum is

The post BNB, Polkadot Price Analysis: July 15, 2021 appeared first on Coingape.

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The USDC Stablecoin Will Soon Expand Its Reach To 10 More Networks

The second biggest stablecoin by market capitalization is already a multi-blockchain project. Soon, though, USDC will live almost everywhere. According to Coindesk, it will soon be available in, “Avalanche, Celo, Flow, Hedera, Kava, Nervos, Polkadot, Stacks, Tezos, and Tron.” That will bring the total to 14; since USDC is already functional in Ethereum, Algorand, Stellar, […]
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Ethereum, Polkadot Price Analysis: June 29, 2021

Ethereum is back in the bulls’ hands after reclaiming support at $2,100. Polkadot renews the bullish outlook after reclaiming the 50 SMA support. The cryptocurrency market’s price action has been mundane in the last few days. Most of the recoveries witnessed last week stalled, leading to periods of consolidation. At the time of writing, most

The post Ethereum, Polkadot Price Analysis: June 29, 2021 appeared first on Coingape.

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Polkadot, Shiba Inu Price Analysis: June 17, 2021

Several crypto assets extended the bullish action from June’s crucial support at $20 despite the sluggish price action in the market. Bitcoin stepped above $40,000 but failed to sustain the jump. Meanwhile, most crypto assets are in the red as the week’s trading enters its last mile. Polkadot:- The smart contract token, Polkadot (DOT), swung

The post Polkadot, Shiba Inu Price Analysis: June 17, 2021 appeared first on Coingape.

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MATIC, Polkadot Price Analysis: June 15, 2021

Bitcoin accomplished the bid for $40,000 as bulls closed the day above this crucial level for the first time in June. Fears of Bitcoin price dropping to close the CME BTC futures gap to $37,325 seem to have been curtailed. At the time of writing, the bellwether cryptocurrency trades at $40,517 following a 3.8% gain

The post MATIC, Polkadot Price Analysis: June 15, 2021 appeared first on Coingape.

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Polkadot Price Prediction: DOT goes ballistic, launching toward $28

Polkadot becomes of the most improved crypto assets in the top ten. The token rallied in tandem with Bitcoin’s recovery from $31,000 to $37,000. Support at $20 played a key role, ensuring that DOT did not explore lower price levels. Meanwhile, most cryptocurrencies are in green on Thursday toward the end of the Asian session.

The post Polkadot Price Prediction: DOT goes ballistic, launching toward $28 appeared first on Coingape.

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Ethereum Bridges — Are They the Blockchain Scalability Solution?

Blockchain networks are fantastic digital ledgers that offer various forms of financial freedom. Bitcoin (BTC), ethereum (ETH), and cardano (ADA), among other cryptocurrencies, each bring something unique to the industry. However, one of blockchain’s biggest downfalls is its lack of interoperability.

The post Ethereum Bridges — Are They the Blockchain Scalability Solution? appeared first on BeInCrypto.

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