Aurelia Butler

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    in Cryptocurrency

    ‘Ethereum Killer’ Solana (SOL) Records Whopping 300% Growth Against ETH

    The crypto market has witnessed a paradigm shift as SOL’s value soared by an astonishing 440%, hitting a pinnacle of $118.3 — a milestone not seen since April 2022.During the same period, the SOL/ETH price graph exhibited an unparalleled ascent, reaching 0.051 ETH per Solana token. This surge has not been observed since December 2021, and the trend shows no sign of abating.Notably, as Solana experienced this meteoric rise, Ethereum remained relatively stagnant, prompting speculations that the era of Ethereum dominance may be waning.Source: Even as Ethereum exhibited modest growth in response to the market dynamics, Solana’s remarkable rally has left it 20% away from its all-time high relative to Ethereum’s price.The lingering question now is whether can fulfill its moniker as the “Ethereum killer” and establish a new all-time high. ETH, on the other hand, faces the challenge of recovering from the recent weeks’ lag.With Solana’s newfound prominence, market observers are contemplating whether the cryptocurrency landscape is witnessing a default shift toward the innovative blockchain platform.This article was originally published on U.Today More

  • 138 Shares139 Views

    in Economy

    BOJ’s Ueda signals chance of policy shift, progress on price goal

    TOKYO (Reuters) -Bank of Japan Governor Kazuo Ueda said on Monday the likelihood of achieving the central bank’s inflation target was “gradually rising” and it would consider changing policy if prospects of sustainably achieving the 2% target increase “sufficiently”.While companies are becoming more open to raising wages and prices, the key is whether wages will continue rising next year and lead to further increases in service prices, Ueda said.”If the virtuous cycle between wages and prices intensifies and the likelihood of achieving our price target in a sustainable and stable manner rises sufficiently, we will likely considering changing policy,” Ueda said, offering the clearest sign to date of the chance of ending ultra-easy monetary policy.Ueda said the BOJ had not decided on a specific timing to change the loosest monetary stance of any major central bank, due to uncertainties over economic and market developments.”We will carefully examine economic developments as well as firms’ wage- and price-setting behaviour, and thereby decide on future monetary policy in an appropriate manner,” he said.The language differed slightly from Ueda’s usual phrase calling for the need to “patiently” maintain ultra-loose policy for the time being.The Japanese government bond market shrugged off Ueda’s remarks, with yields falling as the BOJ conducted a regular bond buying operation across the curve.With inflation exceeding the target for well over a year, many market players expect the BOJ to lift short-term interest rates out of negative territory next year, with some betting on higher rates as early as January.Ueda said Japan’s prolonged experience of low inflation and stagnant wage growth likely heightened public perceptions that prices and wages would remain stuck around zero.Changing such perceptions and creating a cycle in which wages and prices rise in tandem would have benefits such as leading to more efficient allocation of labour, he said.Achieving positive inflation will also push up nominal interest rates and give the central bank room to substantially lower rates when needed to prevent the economy from slipping back to deflation, Ueda said.He pointed to recent progress, such as a gradual acceleration in service inflation and signs of change in the way companies set prices and pay.”The likelihood of Japan’s economy getting out of the low-inflation environment and achieving our price target is gradually rising, though the likelihood is still not sufficiently high at this point,” Ueda said.”Since there are extremely high uncertainties surrounding the economy and prices at home and abroad, it’s necessary to examine how firms’ wage- and price-setting behaviour will change,” he added. More

  • 125 Shares129 Views

    in Cryptocurrency

    Bitcoin (BTC) Painted Doubletop Pattern: Here’s Potential Effect on Price

    A double-top pattern occurs when the price of an asset reaches a high point, retraces slightly, and then rises back to the previous high without breaking through it, creating two distinct peaks at a similar price level. For Bitcoin, which has been on a substantial upward trajectory, gaining enormous value and shattering expectations, this pattern could indicate that its momentum is stalling.After the breakthrough above $41,000, expectations were high that Bitcoin would continue its rally towards $43,000. However, the struggle at this key psychological level has raised eyebrows. The failure to push past and hold above this level could be a bearish signal, suggesting that Bitcoin may be due for a correction if the double-top pattern is confirmed.The implications of such a pattern playing out could lead to a retracement of Bitcoin’s price. Typically, a confirmed double-top would see potentially retesting lower support levels, as the pattern often leads to a reversal of the prior upward trend. For traders and investors, this could mean a period of consolidation or even a short-term bearish phase before any further bullish movements.On the flip side, the crypto mining sector has been flourishing, with inscriptions bringing substantial profits to miners. This has led to a rally in bitcoin mining stock companies, reflecting the overall enthusiasm for the digital gold. The mining sector’s profitability has often been a barometer for Bitcoin’s market health, suggesting that the underlying fundamentals remain strong despite potential technical pullbacks.If the double-top pattern is not realized and Bitcoin finds the strength to break past the $43,000 resistance, it could invalidate the bearish signal and set the stage for a continuation of the bull run. The crypto market is notorious for its volatility, and patterns that seem apparent can often be swiftly invalidated by a change in investor sentiment or macroeconomic factors.Firstly, the chart indicates that Solana has been consistently maintaining its position above the moving averages, a bullish indicator that suggests the asset is in a strong upward trend. The steep angle of the moving averages further underscores this momentum. However, such a rapid increase in price often leads to concerns about the asset being overbought.The Relative Strength Index is currently high at around high levels. This could suggest that Solana is potentially overbought, which often precedes a price correction or reversal. However, in the context of cryptocurrencies, a high RSI can persist for extended periods during strong bull runs, so it alone is not a definitive indicator of an imminent reversal.Shorting right now carries significant risk. Given the asset’s strong performance and the burgeoning ecosystem around it, there’s considerable market sentiment backing further growth. The growth of the Solana ecosystem, fueled by cheap transactions and a burgeoning DeFi sector, provides fundamental support for the price. Additionally, the influx of memecoins offering astronomical profits to investors adds to the frenzy and attracts more capital to the Solana network.The current climate favors platforms that offer robust DeFi capabilities, and Solana is among the top contenders in this space due to its high throughput and low cost. These factors drive adoption and can sustain an asset’s overbought conditions longer than traditional markets would typically allow.This article was originally published on U.Today More

  • 138 Shares129 Views

    in Cryptocurrency

    Vitalik Buterin’s Mom’s Token METIS Skyrockets 36% in Epic Ethereum Rally

    CoinMarketCap’s recent layer-2 sector token places Metis in eighth place, with a capitalization of $168.55 million. The token has demonstrated superior performance in the last 24 hours and an impressive 106% increase in the last 30 days, positioning itself as a standout performer in the Metis ecosystem.METIS to USD by The surge in the Metis price can be attributed to the announcement of the creation of a $100 million initiative aimed at supporting the growth of the Metis ecosystem.Scheduled for distribution in the first quarter of 2024, the fund will facilitate sequencer mining, retroactive funding and the development of new projects, fostering a community-driven approach managed by the MetisDAO Foundation and token holders.A distinctive feature of Metis lies in its storage strategy. While traditional layer-1 solutions store transaction data on-chain, adopts off-chain storage, utilizing Memo Labs storage by the Sequencer. This not only ensures streamlined data management but also significantly reduces storage costs compared to Ethereum’s layer 1.This article was originally published on U.Today More

  • 113 Shares119 Views

    in Cryptocurrency

    Glassnode Cofounders Set $2.5K Target for Ethereum’s Ambitious Push

    The cofounders have identified a key support level at $2.1K, once a formidable resistance, now transformed into a critical zone for the cryptocurrency’s short-term rebound. In a recent tweet, they highlighted Ethereum’s resilience on the market, emphasizing the significance of the current support level.According to their analysis, breaching this level may activate the 50-Day Exponential Moving Average (EMA), potentially signaling a shift in market dynamics. The cofounders pointed to the presence of an ascending triangle pattern, suggesting that $2.1K is crucial for short-term rebounds, and the breach could pave the way for further gains.The cryptocurrency market has been closely monitoring Ethereum’s movements, given its position as a leading blockchain platform and the second-largest cryptocurrency by market capitalization. The Glassnode cofounders’ predictions have sparked increased interest and discussion within the crypto community, with traders and enthusiasts eagerly anticipating the outcome of this .Their tweet not only underscores the technical analysis of Ethereum’s price action but also reveals broader market sentiment and enthusiasm. The cofounders have set their sights on the formidable $2.5K target, further fueled by the prevailing optimism on the cryptocurrency market.If successful, this ambitious push could pave the way for Ethereum to ascend to $2.7K, marking a significant milestone for the digital asset. Traders and investors are keeping a keen eye on whether the cryptocurrency can the resistance-turned-support and sustain the upward momentum.This article was originally published on U.Today More

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    in Cryptocurrency

    Ethereum (ETH) Saw 85% Growth in 2023, but There Is Still Major Problem

    The scalability issues and high transaction fees of Ethereum’s L1 have stifled the growth potential of its DeFi ecosystem. While Ethereum has long been the leading platform for decentralized applications, its inability to efficiently scale has led to exorbitant fees and slower transaction times, causing frustration for both developers and regular users.On the other hand, has been making significant strides, boasting a growth pace that starkly outshines Ethereum. With its promise of high throughput and low transaction costs, Solana is rapidly gaining traction. It has positioned itself as a more scalable and cost-effective blockchain, attracting a burgeoning number of DeFi projects and users. This has allowed Solana to carve out a substantial market share, positioning itself as a formidable competitor to Ethereum.Similarly, networks like Avalanche have demonstrated the critical importance of scalability in the blockchain trifecta of decentralization, security and scalability. Avalanche’s growth has been bolstered by its high-performance capabilities, which cater to the demands of modern-day applications seeking swift and affordable transactions.The scaling issue looms large over future prospects. If not addressed with urgency and efficiency, Ethereum risks losing its pioneering status in DeFi to more agile and scalable competitors. The race is on for Ethereum to deliver on its scaling promises, as the growth of its market cap alone is not a sufficient indicator of its long-term viability in an increasingly competitive landscape.This article was originally published on U.Today More

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    in Cryptocurrency

    Vitalik Buterin Just Sold Trillions of Memes: Here’s How Much He Earned

    The transaction details are quite striking: the Vb-labeled address swapped 100,000,000,000,111 DOBE tokens for 10.44 ETH, equivalent to approximately $22.9K. In a separate transaction, the same address exchanged 1,858,140,000,000 DOJO tokens for 3.12 ETH, worth around $6.8K. These numbers are not just eye-catching due to their size but also because they involve meme coins, a type of asset known for its volatility and ties to internet culture rather than fundamental financial value.Interestingly, both of these assets were reportedly airdropped to address. This suggests that Buterin’s involvement with these tokens might have been minimal, if any. It is unlikely that he was even aware of these specific assets, given the sheer volume of tokens and projects in the cryptocurrency space. The decision to sell these tokens, therefore, seems to be a pragmatic one, aimed at converting what might be considered “digital clutter” into something of more recognized value and liquidity.The use of airdrops as a strategy to attract retail investors has become increasingly common in the cryptocurrency industry. Projects often send tokens to prominent figures in the crypto community, hoping to leverage their influence for a quick marketing boost. This tactic was notably used by , which airdropped a significant amount of its tokens to Vitalik Buterin’s address. Buterin, in a move that garnered widespread attention, chose to donate these tokens to charity.The idea is straightforward: by sending tokens to well-known figures in the crypto space, these projects aim to attract attention and legitimacy to their tokens. The presence of their tokens in the wallets of influential personalities is perceived as an endorsement, even if it is not officially.This article was originally published on U.Today More

  • 200 Shares189 Views

    in Economy

    Russian central bank says it needs months to make sure CPI falling before rate cuts -RBC

    The central bank raised its key interest rate by 100 basis points to 16% earlier in December, hiking for the fifth consecutive meeting in response to stubborn inflation, and suggested that its tightening cycle was nearly over.Nabiullina said it was not yet clear when exactly the regulator would start cutting rates, however.”We really need to make sure that inflation is steadily decreasing, that these are not one-off factors that can affect the rate of price growth in a particular month,” she said.Nabiullina said the bank was taking into account a wide range of indicators but primarily those that “characterize the stability of inflation”.”This will take two or three months or more – it depends on how much the wide range of indicators that characterize sustainable inflation declines,” she said.The bank will next convene to set its benchmark rate on Feb. 16.The governor also said the bank should have started monetary policy tightening earlier than in July, when it embarked on the rate-hiking cycle. More