$100 billion asset manager VanEck says Solana has the potential to reach 50% of Ethereum's market cap.

@newsontheblockchain, 26/09/2024

Confidence in Knowledge. Providing daily news to make sure you're up to date!

Daily quote:

Daily market overview:

The global cryptocurrency market cap currently stands at $2.24 trillion, marking a slight decrease of 0.08% over the past 24 hours. In terms of trading activity, the total crypto market volume for the last day is $66.06 billion, showing a significant 10.31% drop compared to the previous day. Within this, the total volume in decentralized finance (DeFi) is approximately $4.03 billion, accounting for 6.10% of the overall 24-hour crypto market volume.

Meanwhile, stablecoins are playing a dominant role in the market with a total volume of $60.45 billion, representing an overwhelming 91.51% of the total crypto market’s 24-hour trading activity.

Focusing on Bitcoin, its market dominance currently sits at 56.12%, experiencing a marginal decline of 0.13% compared to the previous day. This suggests that while Bitcoin remains a significant player in the market, there’s a slight shift in attention toward other cryptocurrencies.

Top 5 Coins by Niches/Sectors:

Cryptocurrencies

1. Bitcoin (BTC) - Price: $63,790.74 | 24h %: 0.03% | Volume: $25,206,745,245

2. Ethereum (ETH) - Price: $2,619.64 | 24h %: 0.20% | Volume: $14,624,619,162

3. Tether (USDT) - Price: $0.9999 | 24h %: 0.01% | Volume: $51,287,643,862

4. BNB (BNB) - Price: $593.92 | 24h %: 0.47% | Volume: $1,797,103,348

5. Solana (SOL) - Price: $150.75 | 24h %: 0.33% | Volume: $1,959,689,766

Exchanges

1. Uniswap (UNI) - Price: $6.98 | 24h %: (N/A) | Volume: (N/A)

2. Bittensor (TAO) - Price: $546.83 | 24h %: (N/A) | Volume: (N/A)

3. OKB (OKB) - Price: $39.88 | 24h %: (N/A) | Volume: (N/A)

4. KuCoin Token (KCS) - Price: $8.12 | 24h %: (N/A) | Volume: (N/A)

5. GateToken (GT) - Price: $8.78 | 24h %: (N/A) | Volume: (N/A)

Community Tokens

1. Shiba Inu (SHIB) - Price: $0.00001684 | 24h %: 12.44% | Volume: $651,482,007

2. Dogecoin (DOGE) - Price: $0.1134 | 24h %: 4.02% | Volume: $933,160,756

3. Pepe (PEPE) - Price: $0.00 | 24h %: (N/A) | Volume: (N/A)

4. FLOKI (FLOKI) - Price: $0.00 | 24h %: (N/A) | Volume: (N/A)

5. Bonk (BONK) - Price: $0.00 | 24h %: (N/A) | Volume: (N/A)

Products (Utility/Services)

1. Chainlink (LINK) - Price: $12.16 | 24h %: 1.25% | Volume: $310,782,289

2. Filecoin (FIL) - Price: $4.08 | 24h %: (N/A) | Volume: (N/A)

3. Aave (AAVE) - Price: $167.21 | 24h %: (N/A) | Volume: (N/A)

4. The Sandbox (SAND) - Price: $0.28 | 24h %: (N/A) | Volume: (N/A)

5. Arweave (AR) - Price: $22.65 | 24h %: (N/A) | Volume: (N/A)

Heat Map:

Fear and Greed Index:

News for today:

Solana: VanEck Says SOL Can Reach 50% of Ethereum’s Market Cap

• VanEck, a $100 billion asset manager, recently stated that Solana (SOL) has the potential to reach 50% of Ethereum's market cap, with a possible price target of $330. Solana, often called the ‘Ethereum Killer,’ has gained attention due to its fast transaction speeds, low costs, and growing integrations with companies like Franklin Templeton, Citigroup, PayPal, and Coinbase.

• A VanEck research report highlights that Solana processes 3,000% more transactions than Ethereum, has 1,300% more daily active users, and offers transaction fees nearly 5 million percent cheaper than Ethereum. While institutional investment in Solana has lagged behind retail interest, VanEck suggests that both sectors are now recognizing Solana's advantages, positioning the network for a significant role in the crypto market’s development.

SEC Says Crypto Mining Devices are Securities

• The US Securities and Exchange Commission (SEC) has declared that crypto mining devices are considered securities, following a federal court ruling in its lawsuit against Green United. The SEC had sued Green United in March 2023, alleging an $18 million fraud scheme through the sale of unregistered Bitcoin mining rigs known as "Green Boxes." Green United disputed the SEC's security designation, but US District Court Judge Ann Marie McLff Allen upheld the SEC's stance, ruling that these crypto mining devices, coupled with a hosting agreement, qualified as investment contracts.

• The court stated that Green United misled investors into believing the mining rigs would generate a digital token called GREEN on a "Green Blockchain," which could increase in value, but the devices actually mined Bitcoin without transferring it to investors. This decision reflects the SEC's continued enforcement actions within the evolving regulatory landscape for digital assets.

BlackRock has purchased 359,279 Bitcoin worth over $23 billion since January 2024.

• In January 2024, the US SEC approved the first crypto-based ETF, with BlackRock, a $10 trillion asset manager, being one of the most notable issuers of a Spot Bitcoin ETF. As of September 2024, BlackRock has acquired 359,278 BTC, valued at over $22.9 billion, through its iShares Bitcoin Trust ETF (IBIT). This figure is expected to grow as BlackRock’s ETF remains one of the most successful in the market.

• The company's CEO, Larry Fink, has emphasized his confidence in Bitcoin, referring to it as "digital gold," which aligns with Bitcoin's rising prominence in the financial sector this year. Additionally, recent data shows a significant influx of $99 million worth of Bitcoin into BlackRock’s ETF over the past 24 hours, suggesting that the firm's BTC holdings could continue to rise well into 2025.

PayPal Enables US Businesses to Buy, Sell, and Hold Cryptocurrency

• PayPal has officially enabled U.S. businesses to buy, sell, and hold cryptocurrency directly through their PayPal business accounts, expanding its involvement in the digital asset sector. This functionality is now available in 49 states, excluding New York. PayPal's Senior Vice President of Blockchain and Crypto, Jose Fernandez da Ponte, stated that the move responds to increased demand from business owners who want the same cryptocurrency capabilities available to consumers.

• Additionally, PayPal now allows merchants to transfer cryptocurrency on-chain to third-party wallets. This development represents a significant step towards broader cryptocurrency adoption among U.S. businesses.

China’s Financial Tactics Unleash the Next Crypto Bull Run?

• QCP Capital predicts that China's upcoming financial measures could significantly impact the cryptocurrency market, potentially igniting a bullish trend. Despite recent positive economic responses to China's policies, cryptocurrencies like Bitcoin have remained relatively stable, hovering around $63,000. QCP Capital suggests that global financial liquidity, encouraged by central banks such as the People’s Bank of China (PBoC), could create favorable conditions for rapid and substantial price increases in cryptocurrencies.

• While there are currently no independent crypto market drivers, macroeconomic indicators, including the expanding yield spread between 2-year and 10-year US Treasury notes and China's robust economic recovery, support this optimistic outlook. Recent data indicates China's aggressive economic strategies are boosting investor confidence, with the SSE Composite Index rising by 4.15%. QCP Capital believes that if these trends continue, they could trigger a significant bullish phase for Bitcoin and other cryptocurrencies.

South Korea Green Lights Nonprofit to Safeguard Crypto Users

• South Korea's Financial Services Commission (FSC) has established a nonprofit organization, the Digital Asset Protection Foundation, to safeguard crypto assets and aid users in recovering funds from defunct exchanges, addressing concerns raised by the shutdown of 10 out of 22 local platforms. Set to launch in October, the foundation aims to provide actual cashbacks to affected users and will operate in coordination with financial institutions to manage and return assets securely.

• A committee comprising financial professionals and industry experts will oversee its activities to ensure compliance with the Virtual Asset User Protection Act. This initiative reflects the government's commitment to strengthening regulatory frameworks, further underscored by the postponement of a cryptocurrency tax until 2028 to better prepare the market.

Truflation Confirms Malware Attack Losing Up to 5.2 Million

• Truflation, a blockchain platform offering real-time economic data, confirmed it suffered a malware attack resulting in estimated losses between $4.95 million and $5.2 million, with hackers stealing approximately $3.89 million in its native token (TRUF), $1.07 million in Ether, and $236,000 in stablecoins from its Ethereum wallets. Fortunately, customer funds and staking resources remained unaffected.

• The Truflation team, backed by investors like Coinbase Ventures and Chainlink, is actively working with law enforcement to recover the stolen assets and has reached out to the hacker for potential negotiations, offering rewards for assistance. Following the news, the TRUF token price initially fell by 15.6% to $0.068 but has since recovered to $0.073, with a market cap of $12.8 million. Founded in December 2021, Truflation focuses on inflation tracking and is committed to improving security and transparency in the blockchain space.

Kamala Harris Pledges US Dominance in Blockchain & AI Technology

• In a recent speech at The Economic Club of Pittsburgh, U.S. Vice President Kamala Harris emphasized her commitment to establishing American dominance in blockchain, artificial intelligence, and quantum technologies to enhance global competitiveness. Supported by billionaire Mark Cuban and Congressman Ro Khanna, Harris's vision includes creating a favorable regulatory environment for digital assets while protecting consumers. Cuban praised her approach, suggesting potential changes at the SEC that could stimulate economic growth.

• Meanwhile, Khanna likened Bitcoin to "modern gold," advocating for a regulatory framework that fosters innovation without hindering progress. Harris's remarks coincided with the release of her extensive economic plan, highlighting the significance of emerging technologies for future U.S. leadership.

Mark Cuban Supports Kamala Harris’ Stand on Crypto Regulation Against Lawsuits

• In recent news, Mark Cuban publicly endorsed Kamala Harris's stance against regulating cryptocurrency through litigation, criticizing SEC Chair Gary Gensler for his vague responses about NFTs during a hearing. Cuban suggested that Harris's approach could foster a more innovation-friendly regulatory environment, contrasting with Gensler's focus on legal actions.

• He expressed disappointment in Gensler's leadership, stating it harms the tech community and may hinder economic growth. Cuban's support for Harris indicates a preference for policies that encourage crypto innovation without heavy regulations, reflecting broader concerns within the tech community about balancing regulation and growth in the rapidly evolving crypto landscape.

Celestia Lands $100M to Supercharge Blockchain Scalability with Modular Innovation

• Celestia has successfully raised $100 million in funding, led by Bain Capital Crypto, to enhance its modular blockchain technology aimed at surpassing Visa's transaction speeds through 1GB block sizes. This funding increases Celestia's total investment to $155 million and supports the expansion of its blockchain ecosystem, which has already seen 20 rollup chains deployed since its Mainnet Beta launch in October 2023.

• The platform's modular design separates consensus and data availability from execution, allowing developers greater flexibility and reduced operational costs. With a roadmap focused on increasing scalability while maintaining low latency and data verifiability, Celestia's innovative approach is set to revolutionize blockchain technology, enabling multiple high-throughput networks to operate in parallel and addressing the scalability challenges faced by traditional blockchains.

That’s all for today folks, see you tomorrow. 👋

Disclaimer

The information provided in this overview is based on our data findings and opinions. It is intended for informational purposes only and should not be considered financial advice. Cryptocurrency investments carry significant risk, and it is important to conduct your own research and consult with a qualified financial advisor before making any investment decisions. We are not responsible for any financial losses or gains you may incur as a result of using this information.