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Binance Coin [BNB] remains green despite minimal buying activity

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After attaining an impeccable surge, almost every asset witnessed a drop. Binance Coin [BNB], Bitcoin [BTC], Ethereum [ETH], and an array of assets noticed a major plummet. However, they didn’t take too long to recover. While Bitcoin dropped from $52K down to $44K, all the others did not garner that big of a loss. BTC dipped both with regard to price as well as market cap.

Even though the market cap of BTC dropped down below $900 billion, the overall market cap of the crypto-verse managed to stay above $2 trillion.

Certain assets stayed untethered by the temporary bear invasion. Solana [SOL] and Cardano [ADA] were seen bagging significant profits. SOL even managed to surge over $200. The fairly new coin beat XRP and took over its position as the sixth-largest cryptocurrency.

At the time of writing, Binance Coin [BNB] was trading for $417 with a dainty rise of 1.62%. However, the altcoin lost up to 15.32% throughout the week. With assets like Solana surging in terms of market cap, BNB’s position was put at risk. However, the altcoin’s market cap rose to $70 billion. This further allowed BNB to retain itself as the fourth-largest cryptocurrency.

However, Tether [USDT], the largest stablecoin was at $68 billion, during press time. Therefore, the chances of Binance Coin being overhauled were intact.

Binance Coin [BNB] one-hour price chart

Binance Coin
Binance Coin [BNB] remains green despite minimal buying activity 2

The short-term or one-hour price chart of BNB noticed signs of bull. The MACD line remained over the signal line for the longest time forming a bullish crossover. Even though the distance between the two was faint, the asset persisted its bullish crossover. The Awesome Oscillator indicator laid out small green closing bars and announced the presence of the bull in the BNB market.

Furthermore, the Relative Strength Index [RSI] indicator was seen standing still on the 50 median which indicated minimal buying or selling activity.

Solana [SOL] positions itself as the 6th-largest crypto-asset after surpassing XRP

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Solana [SOL] has emerged as one of the hottest cryptocurrencies of late. The abrupt plunge in Bitcoin’s [BTC] price dragged the entire market into a sea of red. A sentiment of uncertainty has engulfed the crypto world. Investors expect bearishness in the next couple of trading sessions as top alts flashed sell signals. But not Solana.

SOL managed to weather the storm and record massive weekly gains of 78.88%. As a matter of fact, the crypto-asset was up by 35.64% over the past day alone. It was now trading at $208.5, according to the latest data on CoinMarketCap. Boasting a total market cap of $60.84 billion, SOL even blasted past XRP and was now the sixth-largest cryptocurrency. This comes just a day after it surpassed popular meme-coin Dogecoin [DOGE] to position itself on the 7th rank by market cap.

Among the top 10 cryptocurrencies, Solana was the best-performing asset as it decoupled from Bitcoin. XRP and DOGE, on the other hand, have failed to no impressive rallies as they continued closely mimick the price action of the king coin.

SOL 1M graph coinmarketcap
Solana [SOL] positions itself as the 6th-largest crypto-asset after surpassing XRP 4

NFT boom backing Solana’s rally?

With a massive parabolic run-up, SOL’s price continued to exceed all expectations. One of the main drivers is the thriving sector of non-fungible tokens of NFTs. A major chunk of NFT-related transactions occurs on the Ethereum blockchain. However, the network suffers from higher congestion and inflated gas fees which has paved the way for alternative layer one solutions to take the stage.

Solana is one of them. Owing to its public base-layer blockchain protocol that aims to address inefficiencies and eliminates Ethereum’s performance bottlenecks, the SOL ecosystem and its reduced gas fees have catalyzed its case as an emerging player in the NFT space. Additionally, Solana’s integration with the NFT marketplace of the prominent crypto derivatives platform FTX has further strengthened its position in the industry.

Solana’s [SOL] hot-streak persists as bulls camp in its market

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Despite attaining massive gains, the crypto market still witnessed a fall. However, Solana [SOL] kept sprinting ahead.

Bitcoin [BTC] hit a high of $52K and stunned the crypto community. While the king coin has called back to the $51K zone, the asset’s efforts to move on to $52K were still on. $1 trillion market cap wasn’t too far off either for BTC. Ethereum [ETH] stayed stagnant within the $4K zone. Almost every other asset was seen painted in red.

Solana [SOL] has been proving its worth throughout the month. The fairly new coin was seen running while all the other assets were jogging. The altcoin fast-tracked from less than $100 to an all-time high of $194 in a short period of time.

At the time of writing, the altcoin was trading for $185.47 with a surge of $29.29% over the last 24-hours. SOL even bagged gains of about 53% during the previous seven days.

Additionally, with regard to its market cap, SOL overshadowed an array of assets and plunged towards the top. The asset with a market cap of $54 billion, stood as the seventh-largest cryptocurrency.

Solana [SOL] one-day price chart on Binance

Solana
Solana's [SOL] hot-streak persists as bulls camp in its market 6

The one-day price chart of SOL was quite clearly with the bull. The bulls were seen setting out camps in the SOL market. The Parabolic SAR indicator has been the same since the 26th of August. The indicator set out dotted lines below the candlesticks and has maintained the same. This line further acted as a barricade against any possible downward breakout.

The Awesome Oscillator indicator rolled out green closing bars and affirmed the presence of the bull in the SOL market. This further indicated that the chances of the asset hitting $200 were high.

Furthermore, the Relative Strength Index [RSI] indicator announced that Solana [SOL] was being overbought as the marker was at 90 median.

FTX spammed with ‘fishes’ after NFT marketplace launch; “Test” Sells for $270K

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With the crypto derivatives platform, FTX’s very own non-fungible token [NFT] marketplace, its CEO Sam Bankman-Fried has turned into a digital artist. The exec’s first-ever NFT was a hand-written word “Test” on a graphic editor program and was sold for a whopping $270,000. This evidenced the soaring NFT boom that shows no signs of slowing down anytime soon.

Earlier, the crypto exchange had enabled users to mint custom NFTs on their platform. As a result, the new NFT marketplace was spammed with an enormous amount of pictures of fish following the launch. In a bid to reduce spam, FTX changed its NFT submission fee to $500.

The billionaire exec’s tweet regarding the same read,

“Due to the massive number of submissions, too many of which were just a picture of a fish, we are now charging a one-time $500 fee to submit NFTs. Hopefully, this will reduce spam.”

The community reacted strongly against it pointing out that the massive fee structure would deter struggling artists from using the NFT platform. As a response to this, the fee was reduced to $10 just hours later.

FTX’s NFT ecosystem

NFTs have been in there since as early as 2017. However, it managed to generate an astonishing speculative bubble this year, with some pieces selling for tens of millions of dollars. To capitalize on the thriving sector’s parabolic growth, FTX enabled the ability to mint NFTs directly on the exchange. According to the CEO, all the NFTs will be cross-chain, across the Ethereum and Solana blockchains.

On the other hand, Bankman-Fried also revealed that the deposits and withdrawals are expected to be rolled out in the coming weeks, which could initiate the capability of depositing external NFTs onto the platform.

FTX isn’t the only crypto exchange to diversify its offerings into this space. Its rival Binance had earlier launched its own NFT marketplace after teaming up with the likes of singer-songwriter Lewis Capaldi and artist Trevor Jones in addition to soccer players Michael Owen and Alphonso Davies.

Solana [SOL] rises over Dogecoin in ranking as its price inches closer to $150

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A mixed sense of emotions was seen in the crypto market. Solana [SOL] was once again seen stealing the show. After witnessing consecutive highs, Solana seemed to be reaching out to the moon. Just last week, the altcoin moved over $100 and proved its caliber. At the time of writing, SOL noted another boost as it was seen trading for $138 with a 20.50% surge in the last 24-hours. With a whopping 68.59% rise in the previous seven days, SOL was on cloud nine.

Furthermore, in terms of market cap, SOL climbed up the crypto ladder. The altcoin rose above prominent assets like Dogecoin [DOGE], Polkadot [DOT] as well as Uniswap [UNI]. Solana was settling down in the seventh position with a market cap of $40.56 billion.

Additionally, Bitcoin [BTC] had hit $50K and was striving to move towards $51K. Ethereum [ETH] sprinted towards $4K while Cardano [ADA] experienced a slight push back below $3.

The global crypto market cap was at $2.27 trillion and noticed no major changes over the last day. However, with BTC aiming for $1 trillion, the chances of a surge in the overall numbers were high.

Solana [SOL] one-day price chart on Binance

Solana
Solana [SOL] rises over Dogecoin in ranking as its price inches closer to $150 8

The one-day price chart of SOL was solely focused on prolonging the stay of the bull in the market. The Chaikin Money Flow [CMF] indicator was inclined towards the bull. The CMF marker remained over the zero median and was accommodated by the bull. The Awesome Oscillator indicator followed this path as it laid out sturdy green closing bars further announcing the presence of the bull.

This could mean that SOL would receive a much-anticipated push towards $150.

The Relative Strength Index [RSI] indicator noted major buying activity. The RSI marker was over the 80 median further indicating a buyers’ market.

BitPay to facilitate Shop.com’s Bitcoin-friendly move

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A prominent US-based e-commerce platform was steering towards the crypto-verse and BitPay aims to aid this move.

Bitcoin [BTC] has come a long way and has emerged as a widely accepted asset. With its value and popularity surging to the moon, more and more platforms have started to shelter the asset. From being widely rejected and denounced to being loved by many, Bitcoin has struggled long and hard. While the king coin moves up to $50K, during press time, it has managed to garner a spot on a prominent e-commerce platform, Shop.com.

Payment service provider, Bitpay revealed that it would facilitate this move of the e-commerce platform.

BitPay to aid in accepting BTC payments

Shop.com joined hands with Bitpay in order to accept payments in an array of cryptocurrencies. Users of the e-commerce platforms had an option to pay with Bitcoin [BTC], Ether [ETH], Dogecoin [DOGE], Wrapped Bitcoin [WBTC], Litecoin [LTC] as well as Bitcoin Cash [BCH]. The platform also allows payments in stablecoins.

Even though the platform is based in the US, this Bitpay integration would be made available in several countries. This list includes Canada, Australia, Taiwan, Hong Kong, Malaysia, Singapore along with the United Kingdom.

Bitpay’s chief commercial officer, Sonny Singh, spoke about this latest partnership and stated that Shop.com and its parent company, Markert America were “great brands.” Noting the platforms’ international presence, Singh suggested that they were a global brand.

He further added,

“In countries like Taiwan, Thailand, Argentina, Brazil, and Indonesia, it’s very hard to make payments. Credit cards are not everywhere and in those countries, Bitpay and crypto is the cheapest, quickest payment option to accept Bitcoin and to receive crypto payment options as well.”

The CEO of Market America, JR Ridinger thanked Shop.com’s, Steve Ashley for bringing about this idea of crypto assets. The inclusion of crypto into its system has widened the platform’s horizons

Hodlnaut increases Bitcoin interest rate to 7.5% APY; 2021 roadmap packed with updates with iOS App launch and token swap feature

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The cryptocurrency market’s rate of growth has required companies to keep up in terms of updates and developments. Singapore-based Hodlnaut managed to keep up with the pace and made a name for itself by releasing sought-after features that align with customer interests. Hodlnaut’s competitive interest rates make it stand out from the rest of the cryptocurrency lending platform, asserting its presence in the digital asset ecosystem.

The Singapore Fintech Association has certified Hodlnaut as a Fintech company, and this credential is recognized by the Monetary Authority of Singapore. Hodlnaut customers are asked to complete a Know-Your-Customer (KYC) process before they are allowed to deposit crypto to maintain the highest standards of user safety.

Priding itself on its convenience, Hodlnaut pays out the earned interest directly to the users’ wallets every Monday. Users can choose their payout in the preferred cryptocurrency of their choice. For those tired of contract-based partnerships, Hodlnaut is ideal as there is an absence of a lock-in period. The platform’s stellar interest rates make Hodlnaut a customer favorite amongst cryptocurrency lending platforms.

Hodlnaut’s annual compounded interest rates allow users to earn up to 12.73% APY in interest. Bitcoin (BTC) and Ethereum (ETH) hodlers can earn up to 7.46% interest while the interest rate shoots up even more for stablecoins. Holders of USD Coin (USDC) and Tether (USDT) have the option to earn up to 12.73%.

Hodlnaut Banner MediaKit 1
Hodlnaut increases Bitcoin interest rate to 7.5% APY; 2021 roadmap packed with updates with iOS App launch and token swap feature 11

Their token swap service was launched in early 2021. This feature allows Hodlnaut users to swap between supported asset pairs which include BTC, ETH, WBTC, DAI, USDC, and USDT. Users can make use of this feature and directly manage their trading pairs without a two-step process and additional trading fees.

Just recently, Hodlnaut welcomed the launch of its iOS application. Users are able to deposit, withdraw and check interest statements in the palm of their hands. The company also plans to launch the Android application by the end of 2021.

Hodlnaut Rates August2021
Hodlnaut increases Bitcoin interest rate to 7.5% APY; 2021 roadmap packed with updates with iOS App launch and token swap feature 12

“Our much-awaited iOS App will enable fast and transparent transactions while giving users the required information at their fingertips, enhancing the user experience of our platform,” said Juntao, CEO and Co-Founder of Hodlnaut. 

Hodlnaut’s iOS App is built by developers dedicated to providing the best application experience to its valued users. Download Hodlnaut’s iOS Application via Apple AppStore.

Cardano’s new milestone catalyzes ADA’s rally to fresh ATH above $3

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Cardano network has gained tremendous traction this year. So far, ADA has proved its skeptics wrong and FUDsters at bay after rallying amid market-wide stagnancy. In yet another development, IOHK announced that the much-anticipated smart contract integration going live on the testnet.

The blockchain technology company behind the development of the Cardano network’s official tweet regarding the same read,

“So there we have it. Since c. 20:20 UTC today, the Cardano Testnet now officially supports Plutus smartcontracts. Final testing & integrations ahead. SPOs will now upgrade their mainnet nodes. Then next stop… mainnet upgrade. Still on track for 12 September. Onward! ADA.”

The Alonzo Purple rollout phase kickstarted months ago that saw several important upgrades to facilitate smart contract functionality to the network. This marked the opening of the new Goguen era. Besides, the next major milestone for the blockchain is the mainnet upgrade that is slated for the 12th of September.

Cardano [ADA] Breaks $3 for the first-time ever

ADA 7D graph coinmarketcap
Cardano's new milestone catalyzes ADA's rally to fresh ATH above $3 14

The latest development gave ADA a much-needed push which was trading sideways at the beginning of the week. The third-largest crypto-asset by market cap was now trading at $3.03 after a surge of 6.90% over the last 24-hours alone. As a result, ADA amassed weekly gains of nearly 20%.

The recent developments on the network side have stirred the traders who were betting big on the native token. ADA had a stellar week despite delays and FUDs. The coveted Alonzo upgrade is heralded as crucial because it would enable smart contracts to be built on the network. This, in turn, would transform the Cardano blockchain into a more lucrative network by making it accessible to a broader array of users.

The “Ethereum killer” narrative has been around for a long time. But the subsequent developments on its ambitious roadmap could, in fact, put the network on the contender list.

Solana [SOL] to move on over $120 untethered, bulls affirm

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The crypto-verse has encountered an array of emotions over the last couple of weeks. With the week just starting, most of the assets were seen residing in the bearish realm. However, Solana [SOL], Polkadot [DOT], Uniswap [UNI], and Ethereum [ETH] were the only assets riding the bullish wave.

Dainty and big changes, every other cryptocurrency was painted red. Bitcoin [BTC] was stuck at $47K while its market cap slumped down below $900 billion. Despite this drop, the global crypto market cap remained over $2 trillion.

Solana [SOL] has been under the crypto limelight for the longest time now. The altcoin pushed past several barricades and moved beyond $100. The asset managed to repeatedly hit all-time highs over the last few days. At the time of writing, SOL was trading for $119.99 with a daily surge of 20.77%. Additionally, over the course of the previous seven days, SOL accumulated gains of up to 55.61%.

Furthermore, the market cap of the coin remained at $34.83 billion which allowed the asset the 8th rank. Solana was definitely not too far from overtaking Dogecoin [DOGE]. DOGE’s market cap was at $36 billion and it had taken over the seventh position. SOL’s next target could be DOGE.

Solana [SOL] one-day price chart on Binance

Solana
Solana [SOL] to move on over $120 untethered, bulls affirm 16

In the one-day price chart of SOL on the cryptocurrency exchange, Binance noted that the bulls were in the asset’s market for the long run. The Awesome Oscillator indicator laid out green closing bars. These long sturdy bars alerted the presence of bulls in the SOL market. This was then followed by the Chaikin Money Flow [CMF] indicator residing in the bullish arena. The CMF marker was sky-high way over the zero median.

The Relative Strength Index [RSI] mirrored the ongoing notion and revealed that SOL was being overbought. The RSI marker was seen over 80 median.

NFT marketplace OpenSea continues to break records

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Prominent NFT marketplace OpenSea is on fire and has again broken the daily volume record with a whopping $302 million. OpenSea saw tremendous growth as it rode the NFT mania that continues to sway the market to new heights. The total incoming value to OpenSea’s rose by 516% from a mere $49 million registered at the beginning of the month.

Notably, a huge chunk of the NFT platform’s trading volume surge was observed to have happened after June 2021. As the wider cryptocurrency market resumed uptrend in August, the capital entering the marketplace’s smart contract also saw a major spike. The latest consolidation has had little effect on the figures which started to climb higher after breaking previous records.

Opensea2
NFT marketplace OpenSea continues to break records 18

As a matter of fact, since the beginning of the year, the trading volumes on the peer-to-peer non-fungible token marketplace have surged by over 12,000%, according to the latest chart compiled by DappRadar. With respect to transactions, OpenSea has processed more than 1.12k transactions as of August 29. The number of users on the platform was also at the highest level at 40.71K, increasing over 217% in the last 30 days.

Devin Fizner, Co-founder and CEO at OpenSea, had earlier spoken about the growth of OpenSea in an interview and stated,

“Our infrastructure and platform team in particular have had to deal with levels of service and website traffic that we had never handled before. All of these things have been a huge effort over the last 12 months, as we’ve gone from about $1 million in GMV to now, over $2 billion in GMV in probably one of the shortest time horizons for any consumer marketplace”

NFT marketplace wants to expand its team

OpenSea’s head had Nate Chastain recently took to Twitter and disclosed that the popular marketplace consists of only 37 staff members despite all the outrageous NFT volumes. According to the exec’s tweet, the handful of staff members are currently handling 98% of all NFT volumes.

https://twitter.com/natechastain/status/1431970803055271936

Besides, OpenSea also happens to be the largest consumer of Ethereum network fees, as per the data on EtherScan. It has produced over 22% of the total transaction fees for Ethereum in the past day alone, which totalled almost $6 million, way more than Uniswap DEX and Tether combined.