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Solana overtakes Bitcoin
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SEC investigates Ethereum Foundation over ETH security status
Key points:
The SEC has reportedly started a “legal campaign” to classify ETH as a security.
The outcome of the investigation could have a significant impact on the fate of Ethereum ETFs.
News - According to a report by Fortune, the SEC has started a “legal campaign” against the Ethereum Foundation, the non-profit organization that heads development around the Ethereum blockchain.
Allegedly, the SEC is looking into whether ETH can be classified as a security. Earlier, SEC Chair Gary Gensler had noted that Bitcoin is not a security, but practically all altcoins are. Also, the SEC’s interest in Ethereum started to grow after the latter shifted its governance model from Proof-of-Work to Proof-of-Stake in September 2022.
The outcome of the investigation - If the outcome of the investigation goes against Ethereum, then that will make the king of altcoins a security - subject to tighter rules and regulations under the SEC.
ETH’s price - Despite the shocker, ETH’s price grew by a whopping 12.31% over the last 24 hours, possibly highlighting the community’s faith in supporting the king of altcoins. However, ETH was still far from the 4$k milestone, as it had fallen by 11.87% in the last seven days and was trading at $3,500, at the time of writing.
Solana surpasses Bitcoin in fee generation, showing high network activity
Key points:
Solana’s validator fees outpaced the fees generated on the Bitcoin network.
The TD sell signal shows that SOL could rise to $250 soon.
News - Solana has started blowing past Bitcoin in terms of fees generated on the network. Fees on the Solana network reached nearly $5 million, while Bitcoin trailed far behind at nearly $2 million. Alongside fees, Solana staking saw a rise as well. Jito, the most popular choice for traders, had captured 46.1% of the overall market share. However, there are concerns whether Solana’s rapid growth could be unsustainable for its long-term trajectory.
TD sell signal - The TD sell signal on Solana’s daily chart pierced through the risk setup risk line at $198. This was reminiscent of Solana’s December 2022 chart, when the invalidation of the TD sell signal led SOL to undertake a remarkable 70% rally. This, alongside Solana’s outpacing of Bitcoin, can help the former become a leading platform, as it signals high efficiency in processing transactions and executing smart contracts.
Where will the pullback be? What goes up will surely fall, and Solana is no exception. Though SOL can hit unprecedented highs, there will likely be a pullback somewhere between $200-$250. However, analysts are unsure how far the retracement can go.
NFT sales jump 53% on the back of Ethereum NFTs’ volume
Key points:
CryptoPunk #7804 NFT was sold for over $16 million.
The NFT market grew by a whopping 53% up to $56 million in the last 24 hours.
News - Ethereum’s NFT collection witnessed a massive boost in the last 24 hours. It amassed a trading volume of over $31 million during this time frame, which was a 206% spike from the previous day.
What led to the surge? A major part of this surge has been attributed to a single sale worth over $16 million. It is an important sign to look out for as it shows how crypto investors are still willing to buy NFTs, despite the downturn of the crypto market over the last few days and the overall negative state of NFTs.
How are other NFTs faring? Bitcoin and Solana marked the second and third most-traded NFT collections’ blockchain after Ethereum. In the past 24 hours, Bitcoin-based NFTs recorded a sales volume of $11 million.
In the past 24 hours itself, the Bitcoin Ordinals NFT collection recorded a sales volume of $3.8 million, a 20.56% fall from the previous day. NodeMonkes, another famous Bitcoin NFT, recorded a sales volume of $1.5 million in the last 24 hours. Meanwhile Solana NFTs recorded sales of $7.3 million.
BCH, LTC, DOGE prices surge: Did Coinbase Derivatives play a part?
Key points:
Coinbase Derivatives to list DOGE, LTC, BCH Futures from the 1st of April.
The prices of these tokens saw significant price increases as the market reacted positively to the news.
News - Coinbase Derivatives, in a major market shakeup, recently filed for Dogecoin, Litecoin, and Bitcoin Futures. The filing initially flew under the radar, as the CFTC’s response remains pending. Well, if the filing gets approved, it could pave the way for a potential Dogecoin Futures ETF.
Not all it seems - However, Bloomberg analyst James Seyffart pointed out an interesting insight. He noted that the filing, which spoke about ‘commodities futures,’ could be a way for Coinbase to fly under the radar and not be picked up as a security. Considering the legal trouble ETH and XRP are having to go through, Coinbase’s current stance should not come as a surprise.
How did the tokens react? All three tokens reacted positively to the announcement. DOGE, which will likely gain the most from this filing, went up to $0.1514. LTC rose to $85.37 on the back of this news, while BCH spiked to $433.38.
More stories from the crypto ecosystem
Interesting facts
Most NFTs are worthless, and amount to mere pennies. There are only a handful that get valued in millions, likely those that celebrities have endorsed, case in point Justin Bieber. Well, NFTs like Bored Ape derive their worth from being scarce, valuable, and have a high barrier of entry for holders, similar to a traditional art house.
Contrary to popular opinion, Satoshi Nakamoto didn’t invent blockchain or cryptography. The individual or group behind Bitcoin chose this name for its meaning in Japanese - “wisdom”, “reason”, and “careless one.” The identity of Satoshi is not known, and it has been speculated that he may be Dr. Craig Wright, an Australian academic and businessman.
According to the “2023 Global bitcoin Ownership Overview” by CoinShares, Bitcoin ownership has reached 106 million as of 2023, and around 400,000 individuals trade it daily. The way traders use Bitcoin varies: nearly 40% of them hold onto their coins as long-term investments instead of selling, while 11% utilize Bitcoin for making payments for goods and services. 22% of users engage in lending or staking.
Top 3 coins of the day
Floki Inu (FLOKI)
Key points:
FLOKI has been a top performer over the last 24 hours, as it gained 35.78%.
FLOKI could fall below $0.000150 on the 1-day chart, which would bring sellers to the fore.
What you should know - FLOKI was in a downtrend over the past few days. The fall came after the broader memecoin market crashed as Bitcoin’s price plummeted. FLOKI’s price action was characterized by lower highs and lower lows. The RSI, despite plummeting, remained above the mean level. So, increased buying pressure could flip Floki Inu to the $0.000203 support level. The MFI was bearish, however, as it registered a downtick, hinting at the fact that FLOKI’s bulls were about to take over. On the whole, FLOKI maintains its bullish outlook. Regardless, short-sellers could turn things around for the token at any time, especially considering that Bitcoin’s price continues to remain unsteady.
Dogecoin (DOGE)
Key points:
DOGE’s technical indicators were bullish and its price grew by over 72% in the last 30 days.
Still, DOGE remains a better catch for traders than SHIB.
What you should know - DOGE’s price over the past seven days was characterized by a heavy market downturn. Its price fell by 17.73%, dropping from its 0.1802 highs to $0.1568. All technical indicators showed that the current market sentiment was bullish. The memecoin’s Fear and Greed Index stood at 60.47, which signified extreme greed. Despite this setback, DOGE has seen extreme potential for growth over the last few days, even surpassing its biggest competitor, Shiba Inu. However, if DOGE’s price continues to fall, it could plummet right through to $0.11. If this happens, then the memecoin will likely drop to $0.100, prompting further bearishness.
XRP
Key points:
Despite market volatility, XRP remains resilient, trading at $0.60.
Over the last seven days, its price declined by 11.29%, but there has been a slight correction.
What you should know - XRP’s price has been falling over the last few days following in the steps of Bitcoin. Over 80% of all gains were wiped out in March, which has affected both investors and leverage traders. Regardless, XRP’s technical indicators were bearish. The RSI was at 54, above the neutral zone of 50. This signals that a further price rise is on the horizon. However, the MACD showed a bullish crossover, which could indicate that things are turning positive for XRP. Meanwhile, long liquidations have been dominating the XRP market, resulting in traders losing prices on their holdings.
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