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AI-Related Cryptos Lead Altcoin Surge, Leaving Bitcoin Far Behind
Sep 24, 2024
Artificial intelligence-focused cryptocurrencies led a market rally on Monday. Altcoins outperformed Bitcoin, the largest cryptocurrency by market capitalization. They were the top performers in the CoinDesk 20 Index. The index, a broad market benchmark, rose 1.5% during the same period. And the AI tokens were surging all the way. Near and Render, two AI-related tokens, posted gains of 18-20% over 24 hours. Bittensor, a decentralized machine learning protocol, saw its token climb 17%. Livepeer also made significant gains. Barry Silbert, CEO of Digital Currency Group, called it an "under the radar crypto AI play" on social media. Celestia, a blockchain data availability project, saw its token rise 12%. This followed news of a $100 million investment in its ecosystem development organization. The investment was led by Bain Capital Crypto. Democratic nominee Kamala Harris reportedly expressed support for innovative technologies at a fundraiser event. She mentioned AI and digital assets specifically. This may have contributed to positive sentiment in the crypto market. Meanwhile, Bitcoin struggled to reclaim the key 200-day moving average. It hovered just below $64,000, up less than 1%. Ethereum showed relative strength, it posted a 3.5% return over the same period. Traditional markets also showed strength. Gold hit new record prices, while stocks continued to rise following the Federal Reserve's interest rate cut - the Fed lowered rates by 50 basis points on Wednesday. Chicago Fed President Austan Goolsbee suggested more cuts may follow. "Over the next 12 months, we have a long way to come down to get the interest rate to something like neutral," Goolsbee said. The Fed's projections indicate a neutral rate close to 3%. This turn of events may lead to a further strengthening of the market.
Tron Has a More Sustainable Business Model Than Solana: Analyst Names a Compelling Reason
Sep 19, 2024
Tron, a smart contracts platform, is carving out a unique niche in the blockchain space. An analyst argues it could be one of the most important layer-1 networks. The platform now functions primarily as a transactional layer, similar to Bitcoin. Tron's evolution has been noteworthy. Initially known for hosting gaming dapps, it has shifted focus. Michael Nadeau, founder of The DeFi Report, posting on X, claims Tron now plays a crucial role in banking the unbanked in developing economies. The platform has prioritized processing trustless peer-to-peer (P2P) transactions. This approach diverges from competitors like Solana, Avalanche, and Ethereum. These platforms focus on trading and DeFi. Tron's strategy has yielded results. It now leads in stablecoin transfers and international remittance, especially in emerging markets. The platform dominates USDT transfers. TronScan data from September 18 shows over $61 billion USDT held on Tron. The nature of Tron's transactions sets it apart. Artemis data reveals a stark contrast with other networks. On Ethereum, its layer-2s, Solana, and other layer-1 networks, most stablecoin transactions stem from trading. Tron's stablecoin transfers are primarily P2P. The numbers are striking. Only 5% of stablecoin transfers on Tron over the past year were attributed to MEV bots on exchanges. This means approximately 95% of Tron's USDT and stablecoin transfers were genuine P2P transactions. The scale of Tron's stablecoin activity is significant. As of mid-September 2024, its stablecoin volume exceeds $3.3 trillion. This volume dwarfs that of many competitors. Solana provides a clear contrast. Most of its stablecoin volumes result from trading activities. This difference highlights the distinct use cases and business models of each platform. Tron is not resting on its laurels. Last week, it partnered with Tether and TRM Labs. They formed the T3 Financial Crime Unit. This initiative aims to combat financial crime on the network. The analyst's assessment suggests Tron's model may be more sustainable than some competitors. Its focus on real-world transactions, rather than speculative trading, could provide a stable foundation for growth. As the crypto landscape evolves, Tron's unique approach may position it well for the future.
FTM Outpaces Leading Cryptos with 40% Monthly Gain: What's Driving the Surge?
Sep 17, 2024
Fantom (FTM) has seen a remarkable price surge of 40% over the past month. The cryptocurrency reached $0.51 on September 16, marking a significant rebound since August 6. What is going on? Data shows FTM climbed from $0.26 on August 5 to an intraday high of $0.53 on September 16. That's a whopping 103% increase. This performance is striking when compared to major cryptocurrencies: Bitcoin dropped 4% in the same period, Ethereum fell by 12.6%. The total crypto market cap shrank by 2.5% to $2.02 trillion. FTM's rally has made it one of the top gainers among the top 100 cryptocurrencies by market cap. Crypto trader "Mister Crypto" attributes this to "a lot of development behind the scenes." The upcoming Sonic upgrade is the biggest buzz, as it is set to supercharge Fantom's network performance. The upgrade introduces a new Fantom Virtual Machine, an optimized consensus mechanism, and improved storage. Sonic's launch is planned for late 2024. It aims to boost transaction speed from 30 to over 2,000 per second. Finality time will drop to about one second, and that's a game-changer for the network. The upgrade will also slash storage needs by up to 90%. This makes node operation cheaper and more accessible. But what's even more important it's fully compatible with existing Ethereum tools and contracts too. Despite the price pump, Fantom's DeFi ecosystem is still in recovery mode. Total value locked (TVL) stands at $86.5 million, that's a far cry from its $7.93 billion peak in March 2022. But there are signs of life, as TVL has grown 22% since August 8. Daily active addresses have jumped 67% this month, from 203 to 346. Technically, FTM is flirting with a bullish pattern. It's trading just below the neckline of an inverse head-and-shoulders formation. A breakout could target $0.81, a 56% upside from current levels.
These Two Altcoins Poised to Skyrocket by 300% Next Year, Analysts Say
Sep 16, 2024
Two unlikely crypto contenders are turning heads in the market. Analysts are hyping up Sui and Mpeppe for potential triple-digit gains, Bitcoinist points out. Sui, a Layer-1 blockchain, is making waves with its recent upgrades. It's slashed transaction times to a mere 390 milliseconds. That's lightning-fast in the crypto world. Mpeppe, on the other hand, is killing it in the casino ICO space. It's already sold 80% of its presale tokens. Investors are chomping at the bit for more. The numbers being thrown around are eye-watering. Analysts predict a 300% rally for both tokens by 2024. But that's not all. They're forecasting a whopping 500% increase by 2025. Sui is currently trading between $0.731 and $1.171, experts reckon it's on the verge of a breakout. If it pushes past $1.171, we could see a quick 37% jump. Mpeppe has become a real surprise in the gambling world. It's leveraging blockchain tech to shake up online casinos. Some optimistic souls are even talking about 150x gains post-launch. The bullish sentiment isn't just hot air. Both projects have solid fundamentals backing them up. Sui's tech advancements are no joke. Mpeppe's focus on the booming gambling industry is smart. For investors, it's a tempting combo. Sui offers blockchain innovation, Mpeppe brings the excitement of casino gaming. Together, they're a potent mix. But let's keep it real. Crypto is volatile, and these predictions are ambitious. There's always risk involved. Do your homework before jumping in. That said, the potential is undeniable. If you're looking to spice up your portfolio, Sui and Mpeppe might be worth a punt. Just don't bet the farm on it.
Cardano Blockchain Heads for Its Biggest Upgrade in Two Years: The 'Chang Hard Fork'
Aug 30, 2024
Cardano is gearing up for its biggest upgrade in two years. The "Chang hard fork" will reshape the network's structure. It'll introduce on-chain governance features. Cardano launched in 2017. Ethereum co-founder Charles Hoskinson created it. Now the biggest upgrade of the network was set for this week. But Hoskinson pushed it back to September 1. "The magic of deadlines is that people who aren't taking upgrades seriously suddenly say damn we got to get moving," Hoskinson wrote on X. Some exchanges needed more prep time. Binance was one of them. The delay's got folks talking. Cardano's not the biggest player in town. It ranks 30th by DeFILlama's standards. But crypto circles keep a close eye on it. Hoskinson's a bit of a celebrity in the space. He's all over videos and podcasts. A hard fork's a big deal in blockchain. It invalidates older versions. Sometimes it causes drama. Often it's planned. This one's bringing major changes for users and devs. The upgrade's main gig? On-chain governance. ADA token holders will elect representatives. They'll vote on proposals and technical changes. It's a whole new ballgame. "This will mark the first step towards a minimum-viable community-run governance structure," the Cardano Foundation said. They're pretty stoked about it. Cardano's got a history of taking its sweet time. It added smart contracts back in 2021. That was a game-changer. Now, it's pushing the envelope again. The project's been a dark horse in crypto. Some call it the "Ethereum killer". Others say it's all hype. But Cardano's stuck to its guns. It's focused on peer-reviewed research and gradual development. This upgrade's part of the Voltaire Era. It's the final stage of Cardano's roadmap. The goal? A self-sustaining system. No training wheels needed. CIP-1694's at the heart of it all. It's introducing new governing structures. There's a Constitutional Committee, delegate reps, and stake pool operators. Once it's live, the community's in charge. Cardano's aiming to shake things up. It wants to prove that slow and steady wins the race. The Chang fork could be its make-or-break moment. For the crypto market, Cardano's move is significant. It's pushing the boundaries of decentralized governance. If it works, other projects might follow suit. But it's not all smooth sailing. Critics say Cardano's too academic. They argue it's lost ground to faster-moving competitors. The project's betting big on this upgrade to silence the naysayers. In the end, it's a bold move. Cardano's putting its fate in the community's hands. It's either gonna be a massive flop or a game-changer for the whole industry. Only time will tell.

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