Merry Christmas crypto investors. Before you continue your holiday celebrations, let us present you with some of the latest and most exciting news in the Altcoin space. Solana’s face melting rise is the talk of the town and thus our holiday edition is heavy with this layer 1 chain. Welcome back to Altcoins at a Glance.
Solana Flips Other Blue Chip Altcoins
- Solana (SOL) has surprised the crypto space by flipping rivals XRP and BNB. It is now the fourth-largest cryptocurrency in terms of market capitalization
- SOL currently has a market cap of more than $48 billion beating BNB’s $41 billion and XRP’s $33 billion.
- Solana’s market share and value dropped as a result of the fallout from the FTX collapse.
- Its price dropped to as low as $8 a year ago. It is now trading at $113, representing a more than 14 times increase from the bear market low.
- Tokens on the Solana ecosystem are showing a strong bullish momentum
Spot Bitcoin ETFs Ads Drops
- First, Bitcoin is not an altcoin, but the king of all crypto. However, we are putting it here because anything that happens to Bitcoin affects altcoins.
- The whole crypto space is expecting the approval of pending Bitcoin spot ETFs soon.
- Issuers of these ETFs are now rolling out advertisements.
- This signifies the increase in marketing efforts to promote the ETFs which could affect the whole space.
- One of the commercials was released by Bitwise – which describes Bitcoin as “interesting”
Solend Expands to Sui Blockchain
- Solend is a top lending and borrowing protocol on the Solana network.
- It has announced that it will be expanding to the Sui blockchain.
- The move is expected to expand Solend’s community base outside of the Solana ecosystem.
- Solend has $140 million in total value locked and over 170,000 users.
- The integration with Sui highlights Solend’s confidence in the technology of its new partner.
BitMex Co-founder View on Altcoins – Prefers ETH over SOL
- Bitmex co-founder Arthur Hayes announced on Twitter that he is dumping SOL in favor of Ethereum.
- He even describes Solana as “Sam coin POS”, in reference to FTX ‘s Sam Bankman-Fried.
- He also described ETH’s co-founder as “Archangel Vitalik.
- This is in stark contrast to his announcement last month that he has invested in SOL
- His post did not explain the exact reason for his decision.
- However, he predicts that Ethereum will reach $5,000
PAXOS Expand to Solana
- PAXOS, the most regulated stablecoin issuer, is expanding to the Solana Network.
- PAXOS plans to offer USDP on the Solana chain. The stablecoin was previously offered exclusively on the Ethereum Network.
- USDP on Solana is expected to be offered on January 17, 2024.
- Paxos said, “The Solana blockchain offers users rapid transaction rates and lower transaction fees, which makes it a compelling network for US dollar stablecoins and payments”.
- Like all PAXOS stablecoins, the USDP on Solana will be backed 1:1 by the US dollar.
Thanks for spending some time with us. Enjoy your holiday weekend.
The information presented in this article is for informational purposes only and should not be construed as financial advice. This article does not constitute an offer to buy or sell any financial instruments, or a solicitation to engage in any investment activity. Investing involves risk, and you could lose money. You should consult with a qualified financial professional before making any investment decisions.
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