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Top Analyst Forecasts What’s Ahead for Ethereum, Solana (SOL) and One More ETH Rival As Crypto Markets Bounce

A closely tracked crypto strategist is outlining what’s in store for leading smart contract platform Ethereum and two ETH challengers, including Solana (SOL). In a new strategy session, pseudonymous analyst Cred says Ethereum might have printed a tradeable range provided that the bottom at $2,000 holds. “This might be our range for some time. Support […]

The post Top Analyst Forecasts What’s Ahead for Ethereum, Solana (SOL) and One More ETH Rival As Crypto Markets Bounce appeared first on The Daily Hodl.

Bitcoin Crypto News

Shiba Inu Vs. Dogecoin And LUNA: Which One Will Survive The Crypto Carnage?

Shiba Inu is proving that despite the previous weeks’ turmoil in the broader crypto market, it can stand its ground and be unfazed by what’s going on. Following a severe selloff in the previous session, major crypto tokens recovered on Wednesday. However, the increases were modest, indicating sluggish market confidence. Dogecoin and Shiba Inu, commonly known as “meme cryptocurrencies,” have seen the most growth in recent years, but they have also suffered significant losses as a result of this meltdown. Except for Terra’s LUNA and the dollar-pegged Tether, other major crypto tokens saw rises. Shiba Inu was up nearly 10%, followed by Avalanche, Solana, which rose 5%. BNB and XRP both climbed by 3%. Suggested Reading | Shiba Inu: Biggest Dollar Holding Among Wealthiest Ethereum Whales The cryptocurrency market showed signs of life on Wednesday, following the previous day’s precipitous drop, during which many of the leading coins lost 10% or more of their value. Shiba Inu is weathering the storm better than its rivals (The Goa Spotlight) Shiba Inu Outperforms Dogecoin Overall, the market is up a couple percentage points today, and when it comes to meme coins and tokens, Shiba Inu is outperforming its main competitor, Dogecoin. Despite a 70% collapse in the first three months of 2022, which left the token severely bruised and likely on the verge of extinction, it managed to crawl back up and remain in survival mode. According to CoinMarketCap data, SHIB is up roughly 5% in the last 24 hours as of this writing, and is currently trading at $0.00001615. Dogecoin (DOGE), on the other hand, is currently trading at $0.109833, up less than 1%. Given the influential people behind Dogecoin, it’s likely that its drop was not as worrisome in comparison to other cryptos on the market. In the wake of the broader crypto market upheaval, Shiba Inu struck a seven-month low yesterday, while Dogecoin is down to its lowest point in more than a year — since April 2021. SHIB total market cap at $8.15 billion on the daily chart | Source: LUNA Being Hammered The destabilization of UST caused panic selling of heavyweights such as BTC and ETH, increasing overall market volatility. The recent UST crisis exposed big weaknesses in the algorithm-backed stablecoin system, which will need to be addressed openly in order to regain investor trust. The value of UST’s counterpart, LUNA, has roughly halved in the last 24 hours. It was recently trading at $32 per share. The recovery of LUNA will be dependent on the remedial actions made by the parent network/Luna Guard Foundation, which has amassed a sizable Bitcoin reserve through a series of large-scale BTC acquisitions. … So Does Bitcoin Meanwhile, over the previous week, Bitcoin’s value has dropped by more than 20%. This affects everyone who has money invested in any sort of cryptocurrency, which is why many people are disposing of their holdings at an alarming rate. The exact day and time of when or if this decrease will come to a stop is unknown. Suggested Reading | Bitcoin Price Crashes Below $30K As Markets Show Signs Of Paranoia

Crypto News

How Scalable Quantum-Safe Blockchains Help Against Network Outages

The blockchain industry is at the forefront of innovation, with new ways to harness this secure distributed ledger technology in various areas of traditional business. A key feature of conventional blockchains is the ability of any entity to verify the integrity of the blockchain ledger by executing the same algorithm that was used to generate it. What are quantum-safe blockchains? Quantum computers will be able to execute algorithms significantly faster than classical computers, enabling them to break most cryptographic algorithms. Attackers with a quantum computer might be able to break into any system that uses today’s encryption algorithms and cannot evolve in time. The Post-Quantum Blockchain is the next step in blockchain technology, leveraging the power of post-quantum cryptography to ensure that data is stored securely and cannot be tampered with, so they can rely on the integrity and security of their data. In contrast to existing blockchains, which rely on the pre quantum RSA, post-quantum blockchain uses encryption algorithms like NewHope, NTRU, Frodo, SIDH that are more secure against current quantum computers. Why does the modern blockchain lack efficient infrastructure? While talking about the security of the blockchain we also have to look at the scalability of the blockchain in order to execute the smart contracts on it. Here comes the impossible trinity into play which says that every blockchain network is constrained by this popularly known Scalability Trilemma – scalability, security, and decentralization. Theory suggests that a blockchain network is trying to max at one factor at the expense of the remaining two factors. Eg. If a blockchain network focuses on increasing scalability, then the security and the decentralization of the particular blockchain get hit. This has been affecting several Tier 1 blockchains like Solana (SOL) and Polygon (MATIC) which recently experienced a situation where a high number of transactions on their network caused it to overload the RPC nodes which further causes multiple transactions to be canceled and causes the network to jam. This has caused multiple projects that are built on these blockchains to crash as well. The issue with current blockchain appears to have been caused by too many transactions being processed at once—about 400,000 in total. The average capacity that Solana (SOL) can process is around 65,000 transactions per second and this resulted in the network becoming congested and crashing. Most recently, Solana mainnet beta fell out of consensus and the validator network couldn’t recover. This was majorly due to the botting on the Candy Machine NFT minting tool ,there were four million transaction requests and 100 gigabits of data every second which is a record high for the network. Here’s how blockchain’s scalability issue affects investors and traders This greatly impacted the traders, investors, gamers and many others using the particular blockchain network as it can cause losses and delays in transactions. This could have a possible detrimental effect on projects looking to build further on the blockchain as this could easily lead to the failure of the project because of the congestion on the blockchain. This sort of scalability issue needs to be addressed when global adoption kicks in. Many traders have this network fee slippage issues due to insufficient infrastructure to support the mass traffic. That is where a solution of future-proof architecture must work equally well with both classical cryptography and post-quantum cryptography. To achieve this goal, Cellframe product pioneered the technology that groups transactions into cells. Instead of verifying every transaction, Layer 1 mainnet verifies these cells. As such, computational resource consumption is reduced dramatically: a network needs to verify one cell instead of 100 transactions. Addressing the future of post-quantum computations, Cellframe promotes itself as a blockchain-agnostic platform (“Layer Zero”) that can interact with Bitcoin (BTC), Ethereum (ETH) and so on. This design unlocks unmatched opportunities in terms of scalability and accessibility. Cellframe offers the same level of scalability for all associated decentralized applications (dApps), DeFis, NFT marketplaces, play-to-earn ecosystems, and so on. New “Cell Chains” can be added to this architecture again and again. Within the ecosystem, they work like shards of NEAR Protocol or Ethereum 2.0. Every element of the system can be easily isolated in the event of an attack. Supersingular curves and lattice permutations are used as the basis. Implementations of such algorithms for public key communications are already available on the network. As such, the system has a virtually infinite bandwidth, impressive flexibility and unmatched scalability. Creators of cells can mitigate scalability issues by launching additional “cells” on the same infrastructure. In different systems, cells can be integrated into various use cases. Cellframe instruments are suitable for both entrepreneurial and retail use.

Bitcoin Crypto News

Bitcoin Perfectly Follows Market Cycle Comparison, What Comes Next For Crypto?

Bitcoin price continues to stagnate and move sideways, but according to the cryptocurrency following an Elliott Wave market cycle, a break in the boredom is due soon. Price action follows the predicted path so perfectly, that when layering Bitcoin directly over the comparison, there is little room for doubt about what comes next for crypto.  Take a look for yourself and decide. All About Elliott Wave Theory And The Guideline of Alternation Bitcoin is maturing with each passing bull cycle, but it remains a speculative asset. As such, narratives tend to drive the price action. When the cryptocurrency is bullish, it moves in a powerful parabolic impulse up. When things are bearish, the rollercoaster ride turns scary and many get ejected along the way. Markets might seem like an unpredictable rollercoaster at times, but on several time scales, they can be quite predictable. In the 1930s, Ralph Nelson Elliott developed what he referred to as Wave Principle. According to Wikipedia, “Elliott stated that, while stock market prices may appear random and unpredictable, they actually follow predictable, natural laws, and can be measured and forecast using Fibonacci numbers.” Related Reading | Now Or Never: Bitcoin Builds Base At Decade-Long Parabolic Curve Today, the study is more commonly referred to at Elliott Wave Theory. Each “wave” has a specific type of characteristic and guidelines. Waves alternate between bullish and bearish phases. Odd numbered phases are impulse waves that move in the primary trend direction, while even numbered waves are corrective phases that move against the primary trend. In addition to waves alternating between positive and negative growth, they also alternate in their degree of severity. And according to the Guideline of Alternation, one correction is typically sharp, while the other is flat or sideways. When this exact example is projected over Bitcoin price action the path ahead looks a lot more clear. If Bitcoin continues to follow the path, what comes next? | Source: BTCUSD on What Is Next For Bitcoin When The Flat-Style Correction Ends? The length of each correction is also different, according to Elliott Wave Theory. Sharp corrections tend to be over with a lot faster than a flat-style correction, which painfully grinds sideways. The market itself still has a sort of post-traumatic bear market syndrome from the severity of the sharp style correction, that it is expects the market to behave in the same manner yet again. Related Reading | Time Vs Price: Why This Bitcoin Correction Was The Most Painful Yet However, according to the Guideline of Alternation, the probability of two of the same type of corrections is extremely low. In rare situations, two sideways corrections occur, but never two sharp corrections. This suggests that whenever Bitcoin price finally does turn around, the corrective wave four should be complete and the grand finale wave five will begin. What happens after wave five is complete? Another bear market, and likely the worst and longest in the history of Bitcoin. Follow @TonySpilotroBTC on Twitter or join the TonyTradesBTC Telegram for exclusive daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice. Featured image from iStockPhoto, Charts from