New milestone for Solana

October 15, 2024

Reading time: 5 minutes

Bitcoin ETFs hit multi-month highs with $555 Million in inflows

Key points:

  • Bitcoin ETFs saw inflows of $555.86 million on Monday, the highest in months.

  • Bitcoin's price rose by 2.2% in the last 24 hours.

News - Bitcoin exchange-traded funds experienced a significant influx of $555.86 million on Monday, indicating growing investor interest in the cryptocurrency. This marks the highest inflow for BTC ETFs in several months, suggesting a potential shift in market sentiment.

Technical indicators have begun to show signs of a bullish trend for Bitcoin. One analysis suggests that the cryptocurrency could be on track to break past $73,000, signaling a return to an upward trajectory.

Prediction market traders have also become more optimistic about Bitcoin's price potential. Several platforms have seen an increase in bets on Bitcoin reaching new all-time highs in the coming months.

But here’s a catch - However, it's important to note that historical data indicates that large BTC ETF inflows may sometimes coincide with local market tops. While the current inflows are encouraging, investors should remain cautious and consider all factors before making investment decisions.

Grayscale considers 35 new altcoins for future investment opportunities

Key points:

  • Grayscale has added 35 altcoins, including Dogecoin and Worldcoin, to its consideration list.

  • The new assets are categorized into five main areas, primarily focusing on smart contract platforms.

News - Grayscale, a leading crypto asset manager, has expanded its list of potential investment products to include 35 new crypto assets. The newly considered tokens span various categories, including smart contract platforms, financial services, and culture.

Some of the notable additions to the list include Dogecoin, Worldcoin, Pyth, and Rune. Grayscale has also expressed interest in adding tokens from several alternative layer-1 blockchains and Ethereum scaling solutions.

What’s more? This expansion comes on the heels of Grayscale's recent launches of new investment funds for Aave, XRP, and Avalanche. These moves demonstrate Grayscale's commitment to offering a diverse range of crypto investment options to its clients.

While Grayscale is one of the world's largest institutional holders of Bitcoin, it has faced significant outflows from its spot Bitcoin and Ether ETFs. Despite these challenges, Grayscale's continued expansion into new crypto sectors indicates its belief in the long-term potential of the cryptocurrency market.

Trump-backed crypto project boasts 100K signups ahead of token launch

Key points:

  • World Liberty Financial has garnered over 100,000 signups ahead of its WLFI token launch.

  • The WLFI token will be an ERC-20 token, serving as a governance asset for the DeFi platform.

News - World Liberty Financial, a crypto initiative backed by Donald Trump, has announced over 100,000 signups in anticipation of its token launch on October 15.

During a lengthy 90-minute session on X, the platform's head of operations, Zak Folkman, confirmed that the WLFI token will be an Ethereum-based ERC-20 token, serving as the governance asset for its DeFi platform.

More details - Folkman, along with team members Chase Herro and Zach Witkoff, reiterated details from a blog post earlier this month, highlighting features like borrowing, lending, liquidity pools, and stablecoin transactions.

In the U.S., participation is limited to accredited investors, who are defined by the SEC as individuals with significant income and assets. Herro also announced the addition of Paxos co-founder Rich Teo to the team, who will lead efforts in stablecoins and payments.

According to a leaked white paper, WLFI tokens will be nontransferable for the first year but can be utilized for governance voting right away. The project aims to raise $300 million, positioning it at a valuation of around $1.5 billion.

Solana reaches new highs with total value locked surpassing $6.1 Billion

Key points:

  • Solana's total value locked has exceeded $6.1 billion, a new high since January 2022.

  • Over 40 million SOL tokens are currently locked in DeFi protocols on Solana.

News - Solana's DeFi ecosystem has experienced a significant surge, with its TVL hitting a new record high in October. The TVL surpassed $6.1 billion, marking the highest level since January 2022.

Reasons behind the increase - This surge in TVL can be attributed to several factors, including increased user trust and engagement with Solana-based DeFi platforms.

  • The growing number of SOL tokens locked in these protocols, which has risen from 14 million SOL at the beginning of 2024 to over 40 million SOL as of October 15, indicates a strong demand for DeFi services on the Solana network.

  • Decentralized exchange Raydium has played a pivotal role in driving Solana's TVL growth.

  • Since the start of October, Solana's TVL has increased by $1 billion, with Raydium accounting for $600 million of that growth.

  • The popularity of meme coins on Solana has also contributed to the platform's overall growth. Data from CoinGecko reveals that the market capitalization of meme coins on Solana has surpassed $11.2 billion, with daily trading volume nearing $4 billion.

Did you know?

  • The Visa/Mastercard swipe fee settlement is estimated to save retailers $30B. Interestingly, moving on-chain (on a blockchain, e.g., via Ethereum L2s) could save them 50X more, approximately $1.5 trillion.

  • Crypto-adoption has grown at 2X the rate of Internet adoption. With over 500M crypto-users at the end of 2023, the figure is expected to hit 1 billion users by 2025.

  • Kimbal Musk, Elon Musk's billionaire brother, formed Big Green DAO to scale food justice by leveraging blockchain technology. Launched in 2021, the Big Green DAO is the first nonprofit-led philanthropic DAO in the world. The DAO allows donors and nonprofits to support and fund gardening, farming, and agricultural organizations in the United States.

Top 3 coins of the day

Dogecoin (DOGE)

Key points:

  • DOGE has been pushing hard to reverse the bearish momentum.

  • However, bulls have been meeting significant resistance at $0.14 level.

What you should know - Dogecoin has been trading within a descending triangle pattern on the daily chart, marked by a consistent downtrend and support around the $0.10 level. Despite recent attempts to break above the descending trendline, DOGE faced resistance near $0.12. At press time, the price hovered around $0.1137, experiencing a 2.52% drop in the last trading session. The volume showed moderate activity, suggesting mixed market sentiment. Awesome Oscillator displayed a mild bullish momentum, but without a strong surge, further gains may be limited. DOGE needs a decisive breakout above $0.12 to challenge higher resistance levels around $0.14. Conversely, if support at $0.10 fails, DOGE could revisit lower levels, potentially near $0.08.

Avalanche (AVAX)

Key points:

  • At press time, AVAX was trading around $28.74.

  • It was up 9% over the last seven days.

What you should know - Avalanche has been trading within a rising channel, showing a significant 57.95% increase from its recent low near $20 to its current resistance around $30. The price is now at $28.86, slightly down by 0.72% in the last session, indicating a potential pause in the uptrend. The Relative Strength Index is close to the overbought zone at 69.93, suggesting that buying momentum is strong but may be nearing exhaustion. This level aligns with a key resistance, and AVAX will need a breakout above $30 to continue its upward momentum. If the breakout fails, a retracement toward the $26 support could occur. The volume remains relatively stable, indicating cautious optimism among traders.

Bitcoin Cash (BCH)

Key points:

  • BCH, at press time, was favoring the buyers by a significant margin.

  • Its recent bullish bias was, however, challenged by sellers.

What you should know - Bitcoin Cash is trading within an ascending channel, currently priced at $365.3, down by 1.16%. After a brief surge towards the upper trendline around $400, BCH faced resistance, which aligned with the upper Bollinger Band. This suggested possible overextension in the short term, indicating the potential for a pullback. The MACD showed a slight bullish crossover, implying momentum could sustain if BCH breaks above the $400 mark. However, if BCH fails to clear this resistance, a dip towards the channel’s lower boundary near $300 could occur. Volume remained modest, indicating cautious trading behavior. Overall, BCH showed a stable uptrend within the channel, but a definitive breakout above $400 or a breakdown below $300 will be needed to establish a clearer direction.

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