Cryptocurrency

The rumored AirDrop for upcoming Layer 2 solutions zkSync Era and StarkNet has propelled the projects’ network activities significantly. According to reports, the increasing network activities of both solutions are eating into the dominance of Polygon, the more established Layer 2 protocol in the DeFi sector.Source: ArtemisPolygon (MATIC) has dominated the Layer 2 space for several months with unmatched daily activity on its network. It remained the ‘go-to’ protocol for several DApps and DeFi projects entering the blockchain industry. Polygon’s impressive scalability, security, and transaction speed attracted many developers, leading to increased protocol adoption.Recent developments around the emerging zkSync Era and StarkNet Layer 2 networks have threatened Polygon’s dominance by eating into the latter’s user base and chopping off its daily activity numbers. Initial reports suggest that the zkSync Era and StarkNet plan to launch token airdrops have promoted a surge in daily activity on both networks.Understandably, the hype around token airdrops could increase the activity level in blockchain networks. However, the concern for Polygon and its users is the possible aftermath of the AirDrop event. There is a chance that the activity levels on zkSync Era and StarkNet would surpass that of Polygon after the networks’ launch.Polygon’s growth potential remains valid despite the competition from zkSync Era and StarkNet. The Total Value Locked (TVL) of Polygon’s zkEVM has grown significantly in the past few months. The blockchain network is also on the verge of upgrading with new developments.According to Polygon’s founder, Sandeep Nailwal, the zkEVM will grow significantly by deploying Safe, Chainlink Oracles, and other critical infrastructure. He noted that user experience would improve based on early developer feedback, while data compression would optimize cost.Nailwal did not rule out the possibility of a future airdrop by Polygon to match competing protocols. According to him, there is no rule that an existing token cannot do a massive AirDrop.The post zkSync Era and StarkNet L2 Solution Threaten Polygon’s Dominance appeared first on Coin Edition.See original on CoinEdition More

Documenting Bitcoin, the official Twitter page that showcases the accomplishments in the journey of the leading cryptocurrency Bitcoin, recently updated the page acknowledging and appreciating the Bitcoin crew’s 50 years of research and exploration.The tweet shared on May 13 asserted that the open-source Bitcoin project was made possible by the “world’s greatest computer scientists, mathematicians, cryptographers, cypherpunks, and engineers”:Documenting Bitcoin also shared a screenshot of the graph drawn by the Bitcoin educator and marketing advisor Dan Held in 2021, while he narrated the origins of Bitcoin. Held stressed on the graph that “Bitcoin’s prehistory” has been a story of “40 years of research, development and demand”.Prehistory of BitcoinOn June 17, 2021, Dan Held shared a Twitter thread incorporating the sketch of Bitcoin’s history, along with the link to his blog post originally published in 2018, under the title “Planting Bitcoin- Soil (3/4)”. The post pictured the journey of Bitcoin since 1974 when the software developers Vinton Cerf and Robert Kahn designed the software code, becoming the precursors of the digital world.Held has acknowledged a wide range of individuals who stood paving the way to the inception of Bitcoin in 2008. Adam Back, the inventor of “hashcash” the PoW system, Nick Szabo, the designer of “bitgold”, Wei Dai, the inventor of “b-money”, and David Chaum, the founder of “DigiCash” are some among the many who have been addressed by the Bitcoin executive.While thanking those people, Held referred to a previous statement of the Bitcoin developer Satoshi Nakamoto, when he said, “Bitcoin is an implementation of Wei Dai’s b-money proposal… and Nick Szabo’s Bitgold proposal”. The post Open-Source Bitcoin Project is a Result of 50 Years of Research appeared first on Coin Edition.See original on CoinEdition More

Most cryptocurrencies printed gains over the past 24 hours of trading, and as a result, the global market cap saw an increase of 1.91% over this period of time. The last 24 hours were also kind to the top 10 cryptos by market cap, and one of the biggest gainers was the Ethereum-killer Solana (SOL).Data from CoinMarketCap indicated that SOL was trading hands at $21.24 after a 24-hour price increase of more than 5%. This price boost was, however, not enough to pull SOL’s weekly performance back into the green as SOL was down 6.26% over the past seven days.SOL’s success throughout the past day did allow it to strengthen against the market leaders, Bitcoin (BTC) and Ethereum (ETH), by about 3.87% and 3.22% respectively. On the other hand, the altcoin’s 24-hour trading volume experienced a 6.94% drop, and stood at $366,983,467.4-hour chart for SOL/USDT (Source: TradingView)SOL’s price was able to break above the 9 and 20 EMA lines on its 4-hour chart in the past 24 hours. As a result, the altcoin’s price recently reclaimed a position above the $21 support level, where it continued to trade at press time.Notably, the 9 EMA line on the 4-hour chart crossed bullishly above the longer 20 EMA line this morning. This signalled that SOL’s price had entered into a short-term bullish cycle and may continue to rise in the following 24 hours. Traders and investors may want to take note of the 4-hour RSI line, however, as the indicator had established a peak. This could be a sign that SOL’s positive price move in the last 24 hours has come to an end, and the trend will change direction soon. This bearish thesis will be invalidated if the current 4-hour candle closes above the aforementioned $21 mark. On the other hand, a close below $21 will result in SOL’s price dropping to the next key support level at $20.45.Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.The post Solana (SOL) Records Impressive Gains Amidst Market Recovery appeared first on Coin Edition.See original on CoinEdition More

Many cryptos printed gains in the past 24 hours according to CoinMarketCap. As a result, the collective crypto market cap stood at approximately $1.12 trillion, which was a 2.23% increase. The market leader Bitcoin (BTC) was no exception and had increased 1.67% during this same period. This boosted BTC’s price to $26,749.68 at press time.4-hour chart for BTC/USDT (Source: TradingView)This 24-hour gain does not tell the whole story of the significant amount of volatility that BTC experienced in the past day. The crypto’s woes started when its price lost the support of the key $27K level on Thursday evening. In the 8 hours that followed, BTC’s price had attempted to reclaim the support level but failed to do so.Its price then continued to drop around 1.07% yesterday morning to a low of $26,100. Fortunately, BTC was able to make a slight comeback to close the morning’s session off at $26,311. It then consolidated up until yesterday evening. Shortly thereafter, BTC’s price made a strong +1.7% move up to retry a challenge at the crucial $27K mark.BTC’s price was able to reach a high of $26,994 in the early hours of this morning – missing the price point by a measly $6. Since then, bears have reintroduced themselves and were forcing BTC’s price back down at press time.Technical indicators on BTC’s 4-hour chart indicated that this latest attempt at breaking above $27K had lost some of its momentum. This is evident by the peak established in the RSI line on the 4-hour chart. Nevertheless, BTC’s price was able to reclaim the support of the 9 EMA line on the 4-hour chart, which was keeping bears at bay.Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.The post BTC Makes a Comeback After Recently Losing the $27K Support Level appeared first on Coin Edition.See original on CoinEdition More

According to recent data from Glassnode, a well-known market tracker, the most popular crypto, Bitcoin (BTC), has hit a 10-month low in terms of the number of Bitcoin outputs that have been spent after being dormant for one to two years.The metric, known as “Number of Spent Outputs with Lifespan 1y-2y (7d Moving Average (MA)),” measures the number of Bitcoin outputs that have been spent within the past seven days after being dormant for at least one year and two months.According to Glassnode data, the metric reached a low of 164.214 on May 13, 2023, the lowest level since July 13, 2022. Notably, a decline in this metric can be interpreted as a sign that long-term holders are becoming less active in the market or a shift in trading patterns.Also, it suggests that long-term holders are selling or transferring their coins, indicating a lack of confidence in Bitcoin’s long-term growth prospects among some investors. Additionally, it can be interpreted to mean some investors are choosing to hold their BTC for more extended periods rather than engage in short-term trading.According to data from the popular market tracking site, CoinMarketCap, Bitcoin is down by over 9% in the last seven days, putting its current price around $26,800. Crypto traders bought and sold only $16 billion worth of BTC in the last 24 hours, a 16% decrease from what was obtainable in the past day.Last month, Coin Edition reported that the percentage of unmoved Bitcoins reached an all-time high of 53% over the previous two years. The figure implies that at least one of every two BTC in circulation has not been traded since 2021.The post Data Shows Long-term BTC Holders Have Become Less Active in Market appeared first on Coin Edition.See original on CoinEdition More

A spokeswoman for the company told Cointelegraph on May 12 that the decision was “part of our regular coin listing review process,” and added that:Continue Reading on Coin Telegraph More

Congressional records showed Idaho Senator James Risch and New Jersey Senator Bob Menendez introduced “a bill to require reports on the adoption of cryptocurrency as legal tender in El Salvador” on May 11. The legislation appeared to be a second attempt at the Accountability for Cryptocurrency in El Salvador Act, which Risch introduced in February 2022, mere months after El Salvador’s Bitcoin Law went into effect.Continue Reading on Coin Telegraph More

The information was published on WIPO’s global database for intellectual property on May 11. According to WIPO’s documentation, a patent application is published 18 months after the filing date or the priority filing. Based on this timeline, LG’s application was submitted in November 2021. The next steps include substantive examination, followed by granting or refusing legal protection to the invention. Continue Reading on Coin Telegraph More