Ethereum
5 Ethereum Rivals Turn $10,000 Crypto Wallet Into $1 Million
The crypto market is full of potential, especially with five Layer 1 challenging platforms Ethereum. Solana (SOL), Cardano (ADA), Toncoin (TON), Sui (SUI), and Injective (INJ) are some of the Ethereum rivals with remarkable growth indicators.
Their significant return potential makes them attractive investments, turning a $10,000 portfolio into $1 million. Approval of a spot ETH The ETF would also be a major step, providing regulated access to major altcoins, similar to these layer 1 platforms.
1. Ethereum Rivals – Solana (SOL)
Solana (SOL), a layer-one blockchain project, uses the permissionless nature of blockchain to provide decentralized finance (DeFi) solutions. Solana improves scalability by integrating Proof of History (PoH) with the main Proof of Stake (PoS) consensus.
During the last 24 hours, the Solana Price jumped more than 2%, reaching $179 despite market fluctuations. This rise follows steady growth, pushing SOL beyond the critical threshold of $170.
Solana Price Chart
Over the past year, Solana’s price has soared over 790%, making it one of Ethereum’s main rivals. This push turned a $10,000 investment into $1 million. Over the past week, SOL has risen from $150 to over $170, marking a weekly increase of over 23%.
2. Cardano (ADA)
Cardano (ADA), the leader in third-generation blockchains, uses a proof-of-stake (PoS) system for greater energy efficiency compared to older proof-of-work models. Ranked 10th on CoinMarketCap, Cardano has a market capitalization of $17.18 million.
Over the past 24 hours, Cardano price has surged over 7%, posting a 15% gain over the past week. Lama DeFi reports a significant increase in total value locked (TVL), indicating growing investor interest. Currently priced at $0.5011, Cardano is experiencing upward pressure on its price.
3. Toncoin (TON)
Toncoin (TON), created by Telegram, is revolutionizing the blockchain space with its advanced layer 1 technology. Known for its scalability and usability, Toncoin is designed for mass user adoption. It features minimal transaction fees and fast processing times.
Currently, Toncoin costs $6.13, reflecting an increase of 1% over the past 24 hours and 4% over the month. This upward trend signals strong bullish sentiment. Ranked 9th on CoinMarketCapTON’s market capitalization reached $22.21 billion.
Toncoin’s growth over the past year has been impressive, up 242%. This remarkable increase highlights Toncoin’s potential as a top investment choice, suggesting that it could be a leading layer 1 altcoin for significant returns.
4. Sui (SUI)
Sui (SUI), a leading layer 1 blockchain and smart contract platform, is attracting attention due to its focus on fast, secure, private and accessible management of digital assets. Recently, the Next price ” jumped to $1.14, marking an increase of more than 4% in 24 hours.
This rise signals a robust buying trend despite a slight decline over the past month. This progress highlights the growing confidence in Sui as a leading altcoin, potentially making a $10,000 investment very profitable.
5. Injective (INJ)
Injective (INJ) is revolutionizing the financial industry with its advanced, open source Layer 1 blockchain. This platform sets new standards by supporting the next wave of decentralized finance (DeFi) applications. It facilitates decentralized trading for spot and derivatives markets, prediction markets, and lending protocols.
Injective pricing table
Amid the recent surge in the cryptocurrency market, Injective has seen significant growth. THE Injective price is currently at $28, reflecting an 8% rise over the past day. This boost signals growing investor confidence, positioning Injective as one of Ethereum’s top competitors. Such developments suggest that an investment of $10,000 in these altcoins could generate substantial returns.
Conclusion
Solana, Cardano, Toncoin, Sui and Injective present substantial opportunities for investors in 2024. Their impressive growth indicators and potential returns make them prime candidates for a profitable crypto portfolio.
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Ethereum
QCP sees Ethereum as a safe bet amid Bitcoin stagnation
QCP, a leading trading firm, has shared key observations on the cryptocurrency market. Bitcoin’s struggle to surpass the $70,000 mark has led QCP to predict Selling pressure is still strong, with BTC likely to remain in a tight trading range. In the meantime, Ethereum (ETH) is seen as a more promising investment, with potential gains as ETH could catch up to BTC, thanks to decreasing ETHE outflows.
Read on to find out how you can benefit from it.
Bitcoin’s Struggle: The $70,000 Barrier
For the sixth time in a row, BTC has failed to break above the $70,000 mark. Bitcoin is at $66,048 after a sharp decline. Many investors sold Bitcoin to capitalize on the rising values, which caused a dramatic drop. The market is becoming increasingly skeptical about Bitcoin’s rise, with some investors lowering their expectations.
Despite the continued sell-off from Mt. Gox and the US government, the ETF market remains bullish. There is a notable trend in favor of Ethereum (ETH) ETFs as major bulls have started investing in ETFs, indicating a bullish sentiment for ETH.
QCP Telegram Update UnderlinesIncreased market volatility. The NASDAQ has fallen 10% from its peak, led by a pullback in major technology stocks. Currency carry trades are being unwound and the VIX, a measure of market volatility, has jumped to 19.50.
The main factors driving this uncertainty are Value at Risk (VaR) shocks, high stock market valuations and global risk aversion sentiment. Commodities such as oil and copper have also declined on fears of an economic slowdown.
Additionally, QCP anticipates increased market volatility ahead of the upcoming FOMC meeting, highlighting the importance of the Federal Reserve’s statement and Jerome Powell’s subsequent press conference.
A glimmer of hope
QCP notes a positive development in the crypto space with an inflow of $33.7 million into ETH spot ETFs, which is giving a much-needed boost to ETH prices. However, they anticipate continued outflows of ETHE in the coming weeks. The recent Silk Road BTC moves by the US government have added to the market uncertainty.
QCP suggests a strategic trade involving BTC, which will likely remain in its current range, while ETH offers a more promising opportunity. They propose a trade targeting a $4,000-$4,500 range for ETH, which could generate a 5.5x return by August 30, 2024.
Ethereum
Ethereum Whale Resurfaces After 9 Years, Moves 1,111 ETH Worth $3.7 Million
An Ethereum ICO participant has emerged from nearly a decade of inactivity.
Lookonchain, a smart on-chain money tracking tool, revealed On X, this long-inactive participant recently transferred 1,111 ETH, worth approximately $3.7 million, to a new wallet. This significant move marks a notable on-chain movement, given the participant’s prolonged dormancy.
The Ethereum account in question, identified as 0xE727E67E…B02B5bFC6, received 2,000 ETH on the Genesis block over 9 years ago.
This initial allocation took place during the Ethereum ICOwhere the participant invested in ETH at around $0.31 per coin. The initial investment, worth around $620 at the time, has now grown to millions of dollars.
Recent Transactions and Movements
The inactive account became active again with several notable output transactions. Specifically, the account transferred 1,000 ETH, 100 ETH, 10 ETH, 1 ETH, and 1 more ETH to address 0x7C21775C…2E9dCaE28 within a few minutes. Additionally, it moved 1 ETH to 0x2aa31476…f5aaCE9B.
Additionally, in the latest round of transactions, the address transferred 737,995 ETH, 50 ETH, and 100 ETH, for a total of 887,995 ETH. These recent activities highlight a significant movement of funds, sparking interest and speculation in the crypto community.
Why are whales reactivating?
It is also evident that apart from 0xE727E67E…B02B5bFC6, other previously dormant Ethereum whales are waking up with significant transfers.
In May, another dormant Ethereum whale made headlines when it staked 4,032 ETHvalued at $7.4 million, after more than two years of inactivity. This whale initially acquired 60,000 ETH during the Genesis block of Ethereum’s mainnet in 2015.
At the time, this activity could have been related to Ethereum’s upgrade known as “Shanghai,” which improved the network’s scalability and performance. This whale likely intended to capitalize on the price surge that occurred after the upgrade.
Disclaimer: This content is informational and should not be considered financial advice. The opinions expressed in this article may include the personal opinions of the author and do not reflect the opinion of The Crypto Basic. Readers are encouraged to conduct thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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Ethereum
Only Bitcoin and Ethereum are viable for ETFs in the near future
BlackRock: Only Bitcoin and Ethereum Are Viable for ETFs in the Near Future
Bitcoin and Ethereum will be the only cryptocurrencies traded via ETFs in the near future, according to Samara Cohen, chief investment officer of ETFs and indices at BlackRock, the world’s largest asset manager.
In an interview with Bloomberg TV, Cohen explained that while Bitcoin and Ethereum have met BlackRock’s rigorous criteria for exchange-traded funds (ETFs), no other digital asset currently comes close. “We’re really looking at the investability to see what meets the criteria, what meets the criteria that we want to achieve in an ETF,” Cohen said. “Both in terms of the investability and from what we’re hearing from our clients, Bitcoin and Ethereum definitely meet those criteria, but it’s going to be a while before we see anything else.”
Cohen noted that beyond the technical challenges of launching new ETFs, the demand for other crypto ETFs, particularly Solana, is not there yet. While Solana is being touted as the next potential ETF candidate, Cohen noted that the market appetite remains lacking.
BlackRock’s interest in Bitcoin and Ethereum ETFs comes after the successful launch of Ethereum ETFs last week, which saw weekly trading volume for the crypto fund soar to $14.8 billion, the highest level since May. The success has fueled speculation about the next possible ETF, with Solana frequently mentioned as a contender.
Solana, known as a faster and cheaper alternative to Ethereum, has been the subject of two separate ETF filings in the US by VanEck and 21Shares. However, the lack of CME Solana futures, unlike Bitcoin and Ethereum, is a significant hurdle for SEC approval of a Solana ETF.
Despite these challenges, some fund managers remain optimistic about Solana’s potential. Franklin Templeton recently described Solana as an “exciting and major development that we believe will drive the crypto space forward.” Solana currently accounts for about 3% of the overall cryptocurrency market value, with a market cap of $82 billion, according to data from CoinGecko.
Meanwhile, Bitcoin investors continue to show strong support, as evidenced by substantial inflows into BlackRock’s iShares Bitcoin Trust (NASDAQ: IBIT). On July 22, IBIT reported inflows of $526.7 million, the highest single-day total since March. This impressive haul stands in stark contrast to the collective inflow of just $6.9 million seen across the remaining 10 Bitcoin ETFs, according to data from Farside Investors. The surge in IBIT inflows coincides with Bitcoin’s significant $68,000 level, just 8% off its all-time high of $73,000.
Ethereum
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