Značka: SOL

Price analysis 1/7: BTC, ETH, BNB, SOL, ADA, XRP, LUNA, DOT, AVAX, DOGE

Bitcoin (BTC) and the U.S. equity markets fell sharply on Jan. 5, reacting negatively to the minutes from the Federal Reserve’s December FOMC meeting, which showed that the members expect the balance sheet reduction to start after the Fed begins hiking interest rates in early 2022.Adding to the negative sentiment was the shutdown of the world’s second-biggest Bitcoin mining hub in Kazakhstan, where the internet has been shut down following massive protests by citizens. This caused a dip of about 13.4% in the Bitcoin network’s overall hash rate from 205,000 petahash per second (PH/s) to 177,330 PH/s.Daily cryptocurrency market performance. Source: Coin360According to Galaxy Digital Holdings CEO Mike Novogratz, the current decline was with low volumes and he believes that the markets will be volatile in the next few days. Novogratz suggests that a huge amount of “institutional demand” was waiting on the sidelines and he expects Bitcoin to bottom out in the $38,000 to $40,000 zone.Could Bitcoin and major altcoins continue to face selling or will they bounce off strong support levels? Let’s study the charts of the top 10 cryptocurrencies to find out.BTC/USDTThe range-bound action in Bitcoin resolved to the downside on Jan. 5 when bears pulled the price below the strong support at $45,456. This suggests that supply exceeds demand.BTC/USDT daily chart. Source: TradingViewThere was a meek attempt to defend the $42,500 support on Jan. 6 but sustained selling has pulled the price close to the next support at $39,600. This leg down has invalidated the positive divergence that was forming on the relative strength index (RSI). The downsloping moving averages and the RSI near the oversold zone suggest that bears are in control. If bears sink and sustain the price below $39,600, the BTC/USDT pair could nosedive to $30,000.On the contrary, if the price rebounds off $39,600, the bulls will again try to push the pair above the 20-day exponential moving average (EMA) ($46,811). Such a move will be the first indication that the downtrend could be ending.The bullish momentum could pick up on a break and close above the 50-day simple moving average (SMA) ($50,610).ETH/USDTEther (ETH) turned down from the 20-day EMA ($3,756) on Jan. 5 and plunged below the Dec. 4 intraday low at $3,503.68. This suggests that bears have reasserted their supremacy. ETH/USDT daily chart. Source: TradingViewThe downsloping moving averages and the RSI in the oversold zone suggest that bears are in command. If bears sustain the price below $3,250, the decline could extend to the support line of the channel.The bulls will attempt to defend this level and push the price to the resistance line of the channel. A break and close above the channel will signal a change in trend.Alternatively, if bears sink the price below the channel, the ETH/USDT pair could decline to the strong support at $2,652. BNB/USDTBinance Coin (BNB) broke below the strong psychological support at $500 on Jan. 5. Follow-up selling has pulled the price to the next support at $435.30.BNB/USDT daily chart. Source: TradingViewIf the price bounces off the current level, the BNB/USDT pair could rally to $500 where the bears are likely to mount a stiff resistance. The downsloping moving averages and the RSI in the oversold zone suggest that bears are in control.If the $435.30 support gives way, the pair could extend its decline to $392.20 and later to $320. This negative view will be negated if the price breaks and sustains above the channel. Such a move could open the doors for a possible move to $575. SOL/USDTSolana (SOL) plummeted below $167.88 and the Dec. 13 intraday low at $148.04 on Jan. 5. This indicated that bears have reasserted their dominance. SOL/USDT daily chart. Source: TradingViewThe selling has continued and the bears will now try to pull the SOL/USDT pair to the strong support at $116. This level could attract strong buying from the bulls but the relief rally is likely to face selling near the 20-day EMA ($170).Such a move will indicate that the sentiment remains negative and traders are selling on rallies. That could increase the likelihood of a break below $116. The next stop may be the support line of the channel.The buyers will have to push and sustain the pair above the resistance line of the channel to signal that the downtrend could be ending.ADA/USDT Cardano (ADA) turned down from the 20-day EMA ($1.33) on Jan. 5 and dropped to the strong support at $1.18. The bulls have successfully defended this level but have failed to push the price above the 20-day EMA.ADA/USDT daily chart. Source: TradingViewIf bears pull the price below $1.18, the ADA/USDT pair could drop to the critical support at $1. This is an important support to watch out for because if it cracks, the selling momentum could pick up and the pair could slide to $0.68.On the contrary, if bulls drive the price above the moving averages, the pair could rise to the resistance line of the channel. A break and close above the channel will signal a possible change in trend. The pair could then rally to $1.87.XRP/USDTRipple (XRP) broke below the $0.75 support on Jan. 5 but the long tail on the candlestick suggests that bulls purchased this dip. However, a minor negative is that the buyers have not been able to build upon the rebound.XRP/USDT daily chart. Source: TradingViewThe XRP/USDT pair formed a Doji candlestick pattern on Jan. 8 and the bulls are currently attempting to sink the price below $0.75. If that happens, the downtrend could resume and the pair may drop to $0.60.The downsloping moving averages and the RSI in the negative zone indicate that bears are in command. Contrary to this assumption, if the price rebounds off the current level, the bulls will attempt to push the pair above the moving averages.If they succeed, it will suggest that the selling pressure may be reducing. The pair could then rise to $1.LUNA/USDTTerra’s LUNA token plummeted below the 20-day EMA ($81) on Jan. 5, indicating that short-term traders may have booked profits after bulls failed to clear the hurdle at $93.81.LUNA/USDT daily chart. Source: TradingViewThe bears have pulled the price to the 50-day SMA ($69), which may act as a strong support. If the price rebounds off the current level, the bulls will try to push the LUNA/USDT pair to the downtrend line of the descending channel.A break and close above the channel will indicate that the correction may be over. The bulls will then try to push the price to $93.81. On the contrary, a break and close below the 50-day SMA could intensify selling and the pair may drop to the psychological support at $50.Related: Bitcoin and Ether heading $100K and $5K in 2022: Bloomberg IntelligenceDOT/USDTPolkadot (DOT) is range-bound in a downtrend. The price has been oscillating between $22.66 and $32.78 for the past few days. DOT/USDT daily chart. Source: TradingViewThe 20-day EMA ($28) has started to turn down and the RSI has dipped into the negative territory, suggesting that bears have the upper hand. If sellers sink and sustain the price below $22.66, the DOT/USDT pair could plunge to $16.81.Contrary to this assumption, if the price rebounds off $22.66, the bulls will try to push the pair to $32.78. A break and close above this level could signal a possible change in trend. The pair could first rise to $40 and later to $44.AVAX/USDTAvalanche (AVAX) broke below the $98 support on Jan. 5 and dropped to the uptrend line of the symmetrical triangle on Jan. 7. The bulls will attempt to defend this level and push the price back to the downtrend line.AVAX/USDT daily chart. Source: TradingViewThe 20-day EMA ($104) has turned down and the RSI is below 38, indicating that rallies are likely to be sold into. If the bounce off the current level turns down either from $98 or from the 20-day EMA, the possibility of a break below the triangle increases.The AVAX/USDT pair could then decline to the $75.50 support where the bulls will try to arrest the decline. This negative view will invalidate if the price turns up and breaks above the triangle. The pair could then rise to $128.DOGE/USDTDogecoin (DOGE) dipped below the $0.15 support on Jan. 5 but the long tail on the candlestick shows that bulls defended this level. That was followed by a Doji candlestick pattern on Jan. 6, indicating indecision among the bulls and the bears.DOGE/USDT daily chart. Source: TradingViewThe bears tried to resolve the uncertainty to the downside on Jan. 7 but the bulls are not willing to relent. However, unless buyers quickly push the DOGE/USDT pair above the 20-day EMA ($0.17), the risk of a break and close below $0.15 increases.If that happens, the pair could slide to $0.13 and then to $0.10. Alternatively, if bulls push the price above the 20-day EMA, it will suggest that buyers are attempting a comeback. The pair could then rise to $0.19 and if bulls clear this hurdle, the rally may extend to $0.22.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.Market data is provided by HitBTC exchange.

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Solana hit with another network incident causing degraded performance

The Solana blockchain has suffered a third incident in just a few months that clogged the network and caused transactions to fail, with users debating whether it was caused by another DDos attack or if it was just network issues.The scale and nature of the incident is hard to ascertain, with Coinbase, Wu Blockchain and Redditors reporting there had been an incident causing the network to slow and transactions to fail. However Solana Labs co-founder Anatoly Yakovenko denied there had been a DDoS on this occasion.The latest incident comes less than a month after a previous attack which saw reports the network was clogged with mass botting due to another Initial DEX offering (IDO) on Solana-based decentralized exchange platform Radium. According to Wu Blockchain, the Solana network went down for around four hours in the early morning of Jan. 4 UTC time as a result of an apparent DDoS attack. Solana.Status shows the network has been fully operational with 100% uptime over that period. Solana went down again at two o’clock in the morning (UTC+8) on January 4th. According to users of the official Telegram community, the attacker is suspected of using spam to conduct a DDoS attack.— Wu Blockchain (@WuBlockchain) January 4, 2022A post on the r/CryptoCurrency group on Reddit yesterday also shared several screenshots of Solana (SOL) users reporting issues with failed SOL transactions around the time of the potential DDoS and network downtime. Coinbase also provided an incident report over the past 24 hours on the Solana network’s “degraded performance” that resulted in failed withdrawals of SOL on the crypto exchange. “This is why you don’t use a service’s own status page to come to conclusions especially if it masquerades as a decentralized blockchain, but in reality is just a glorified database,” user u/Set1Less wrote. But other users responding to the r/CryptoCurrency post in the r/Solana community questioned the validity of the claims, with “NiftyMufti” stating that: “So instead of echoing random people’s opinions, why don’t you show the charts? A DDoS attack and downtime would have shown in the block explorers. I see no such signs. Prove me wrong. Which hours in which timezone was this supposed to have taken place?”Solana Labs co-founder Yakovenko echoed as such on Twitter earlier today, noting that the network issues weren’t related to a DDoS, and were just the “pain of getting a new runtime commercialized.”it’s not a ddos, just pain of getting a new runtime commercialized. $ solana ping— transaction statistics —8 transactions submitted, 8 transactions confirmed, 0.0% transaction lossconfirmation min/mean/max/stddev = 2119/3934/9387/2415 ms— anat◎ly (@aeyakovenko) January 4, 2022

In a separate Twitter thread, Yakovenko also stated that the “cost model for compute is still a [little] wonky, real fix to deal with this is in 1.9, where TXs have to specify all the resources they use upfront.” Related: Top crypto winners and losers of 2021In an interview with Cointelegraph on Dec. 22, Austin Federa, head of communications at Solana Labs said that developers are currently working to address the network’s issues, specifically in relation to improving transaction metering. “Solana’s runtime is a new design. It doesn’t use EVM [Ethereum Virtual Machine] and a ton of innovation was done to ensure that users have the cheapest fees possible, but there’s still work to be done on the runtime,” he said.

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Top crypto winners and losers of 2021

The year 2021 has undoubtedly been a bull market with Bitcoin (BTC) raising the all-time high price bar several times this year. But not all crypto assets have performed equally. There have been a number of losers in addition to the majority of winners in terms of price gains.Since the beginning of 2021, total crypto market capitalization has gained 190% from just under $800 million to over $2.3 trillion today. It hit an all-time high of just over $3 trillion in early November.Top 3 crypto gainers in 2021The crypto top-ten in terms of market capitalization looked a little different on Jan. 1, 2021, as it contained Litecoin (LTC), Chainlink (LINK), and Bitcoin Cash (BCH). These have dropped out and have given way to Solana (SOL), USDC, and Avalanche (AVAX) by the year’s end.Dogecoin (DOGE)Dogecoin has skyrocketed this year, driven primarily by Elon Musk’s surreptitious social media posts. On New Year’s Day, DOGE was priced at just $0.004 and largely ignored by the majority of crypto traders. DOGE had its first little spurt in February following the first of what would be a number of subsequent Elon pumps.DOGE prices really went on a wild ride in April and May when they surged more than 1,100% to an all-time high of $0.731 on May 8, pushing it up the crypto market cap charts to the fourth spot.Musk extolled the virtues of DOGE as a payments network in June, resulting in another round of FOMO for the memecoin. DOGE has been falling from that epic pump since May, both against Bitcoin and USD. But all of the additional mainstream media it has got, in addition to major trading platform listings, has still given the Shiba Inu-inspired joke coin a monumental gain of 3,800% so far this year. In BTC terms, DOGE has gained 2,100% on the year from 168 satoshis to 3,696 sats in mid-December.DOGE/USD YTD – coingecko.comStarting position by market capitalization on Dec. 15: 26 — Final position: 11Solana (SOL)The native token for the enterprise blockchain Solana has also had a bumper year in terms of gains. At the beginning of 2021, SOL was priced at just $1.52, at the time of writing it was trading for a little over $150. This is an epic gain of more than 9,800% in less than a year.SOL hit an all-time high of $260 in early November but has retreated as markets began correcting late in the year. The massive move has given SOL a fifth spot in the market cap charts after peaking at fourth. Against BTC, SOL has gained 6,473% over the year.Major investments and increased adoption in the wake of surging transaction prices on Ethereum have driven momentum for Solana, which has also been touted as an “Ethereum killer.” In June, Solana Labs raised $314 million via a private token sale led by Andreessen Horowitz and Polychain Capital.SOL/USD YTD – coingecko.comStarting position: 112 — Final position: 5Terra (LUNA)The native token for decentralized financial payment network Terra has also made it into the crypto top ten briefly. LUNA began the year trading at around $0.65 and was largely unknown to mainstream retail traders.Prices were lifted in March and May, but they didn’t really take off until August when a massive pump took LUNA to an all-time high of $77.73 on Dec. 5. At the time of writing, LUNA was trading up a whopping 8,515% since the beginning of the year. In satoshi terms, LUNA has increased up 5,815% this year against BTC.The rapid expansion of partners on the Terra ecosystem has been largely responsible for the bullish price action.LUNA/USD YTD – coingecko.comStarting position (CMC): 62 — Final position (CMC): 10A few others are also worth a mention for making impressive gains this year and they include Avalanche’s AVAX up 2,330% on the year, Polygon’s MATIC, which has surged more than 12,000%, and Binance Coin (BNB) making 1,271% this year.Top 3 crypto losers in 2021Internet Computer (ICP)Amid a world of hype, Dfinity’s Internet Computer project exploded onto the scene this year after 5 years of largely secretive development. It promised an internet revolution replacing the trillion-dollar legacy internet and IT industry by allowing developers to install their code directly on a “public internet” without having to rely on third-party hosting firms. Speculators in a frenzy for the next big thing in crypto loaded up on ICP tokens when they were listed on major exchanges in mid-May sending prices skyrocketing to a very quick all-time high of $700 on May 10.Since then, ICP prices have virtually collapsed sinking to an all-time low of $24.29 on Dec. 4, a painful 96% down from its peak just 7 months prior. It has also lost 93% against Bitcoin in terms of satoshis.ICP/USD YTD – coingecko.comStarting/Highest position: 8 — Final position: 37EOS (EOS)The once darling of crypto that many touted would kill Ethereum has actually done very little in terms of price movements this year while those around it have surged.EOS had already fallen out of the market cap top ten on Jan. 1 and it continued to fall down the charts all year. EOS prices have only gained a paltry 15% over the year when others were in thre and 4 figures so we would consider that a loser in the grand scheme of things.Block.one’s once-hyped token was trading at $3.25 at the time of writing, having slumped to the 50th spot by market cap. It is currently 86% down from its April 2018 all-time high of $22.71 and has lost 22% against BTC over the year.In early November, members of the EOS ecosystem voiced their dissatisfaction with the direction the network was heading.EOS/USD YTD – coingecko.comStarting position: 15 — Final position: 50Monero (XMR)The privacy-focused cryptocurrency Monero has also fallen heavily down the market cap charts this year as a number of major exchanges delisted digital assets that offer anonymity.XMR prices have mustered just 17% this year and have come nowhere near their January 2018 all-time high of $524. Currently trading at around $183, XMR has slumped 66% from that peak resulting in a fall to 49th in the coin cap tables. Monero has lost 30% against Bitcoin since the beginning of the year.XMR/USD YTD – coingecko.comStarting position: 16 — Final position: 49To put these gains and losses into perspective, Bitcoin is up 67.5% year-to-date (YTD) year while Ethereum gained 440%.

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Hong Kong NFT project Monkey Kingdom loses $1.3M in phishing hack, launches compensation fund

On Tuesday, Solana nonfungible token (NFT) project Monkey Kingdom, which has received notable backing from American DJ Steve Aoki, announced via Twitter that hackers made off with $1.3 million of the community’s crypto funds through a security breach on Discord. According to its developers, the hack first occurred with the breach of Grape, a popular solution for verifying users on Solana. Hackers then used the exploit to take over an administrative account, which posted a phishing link in the Monkey Kingdom Discord’s announcement channel. Users who followed the link connected their wallets expecting they would receive an NFT but instead were drained of their SOL tokens by the scammer.Announcement on the discord hack pic.twitter.com/1r7svjlZcB— Monkey Kingdom (@MonkeyKingdom_) December 21, 2021Tragically, the hack took place when users were lining up for the project’s second drop. The Monkey Kingdom consists of 2,222 algorithmically generated NFTs centered around Sun Wukong, otherwise known as “The Monkey King” in Chinese folklore. All proceeds from the initial sale of the NFTs were to go to a charity of choice, with the intent of supporting Asian communities worldwide. It was one of the most successful NFT projects to have originated in Asia. Guys I got drained 650 $SOL.It is one my biggest mistake.I am always recommending people using burner but I was nervous and fomo the Monkey Kingdom Mint. Never thought it was not a legit mint link in official discord.It is important money to my family: my wife, my son. pic.twitter.com/rtWbCu81Ga— commenstar (@commenstar) December 21, 2021

Related: Beeple’s Discord compromised, timed to coincide with Christie’s auctionOne Twitter user, who goes by the name of “commenstar,” claims to have lost 650 SOL, worth roughly $120,400, due to the scam. But all was not lost. The staff at Monkey Kingdom has set aside a compensation fund for victims and is on track to fully reimburse those affected. The timeline and process for distributing the funds has not yet been disclosed.Phishing attacks are nothing new for the crypto industry. Over the past year, scammers have been repeatedly targeting Discord users and exploiting the platform itself to orchestrate such NFT hacks. Monkey Kingdom community, we have your back! We have begun processing compensation requests and will be contacting individuals starting today. Thank you for your patience! Once you receive your compensation, please kindly share the news with the community. For the Kingdom!! pic.twitter.com/TVbuSqdKtq— Monkey Kingdom (@MonkeyKingdom_) December 22, 2021

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