Blockchain
Ether Market Cap Adds Close to an Entire Solana Blockchain in a Single Day
The market capitalization of Solana’s programmable blockchain token, Sol (SOL), could potentially surpass Ethereum’s ether (ETH) during the next bullish cycle, according to a crypto observer in December.
However, this week demonstrated the difficulty of such a feat: On Monday, ether’s price surged over 19%, adding $70 billion to its market cap, reaching a total of $439 billion, based on data from TradingView. This single-day gain is almost 90% of SOL’s total market value.
The surge was driven by renewed optimism about the approval of a spot ether exchange-traded fund (ETF) in the U.S. Analysts believe the gap between ether and competitors like SOL will widen in the coming months as a potential spot ETF could attract mainstream institutional investment. Currently, only bitcoin enjoys this advantage.
As of the latest data, ether is the second-largest digital asset globally, with a market cap of $453 billion, second only to bitcoin’s $1.38 trillion. In contrast, Sol ranks fifth with a market value of $82 billion.
“The near-term outlook for ETH is incredibly bullish. Let’s not overcomplicate it,” Ilan Solot, co-head of digital assets at Marex Solutions, commented via email. “The ETF announcement is almost a black swan event for most investors. The market is significantly short or underweight ETH, much of its liquidity is locked in staking, and the macro backdrop is favorable.”
Since its inception in 2015, Ethereum has led the way as the world’s premier smart contract blockchain, supporting over 4,000 decentralized applications. It hosts key decentralized finance protocols like Uniswap and AAVE, and initiatives like BlackRock’s BUIDL tokenization. Additionally, Ethereum has never faced an outage like Solana has.
Nonetheless, there have been instances, particularly during bullish periods, when traders shifted to Solana to avoid Ethereum’s network congestion and high transaction costs. For example, Solana’s share of global trading volume on decentralized exchanges increased earlier this year during the meme coin frenzy, sparking discussions about SOL potentially overtaking ETH.
Given the speculation around the ETH ETF and recent price movements, such talks seem premature.
Source: tradingview.com
The post Ether Market Cap Adds Close to an Entire Solana Blockchain in a Single Day appeared first on HIPTHER Alerts.
Blockchain
Locus Chain, Creta Platform’s strategy and vision were introduced upon invitation from Lloyd Capital and Mike Pompeo in New York City
Blockchain
EBUEY: In-Depth Review of Multi-Layered Security and Innovative Trading Tools—EBUEY Reviews
2024-DNA Fund, the Financial Institution of the future in high-ticket emerging tech and web3 investments, has announced its acquisition of Coral Capital Holdings LLC, an established investment management firm that has previously managed millions in the DNA founders’ personal funds.
As early-stage investors in established Web3 brands and founders of some of the sector’s most notable projects, DNA and its founders have invested in or founded projects such as Tether, EOS, Mastercoin, Bancor, and Hedera Hashgraph. The acquisition will see the DNA Fund manage an additional AUM of over $50 million, which includes Coral’s high-yielde hedge funds and venture funds focused on DeFi, Al, blockchain, and other emerging technology sectors. Some of Coral’s top-performing investments include Near Protocol and Atmos Labs.
Thomas L. McLaughlin, Coral’s Chief Investment Officer, will continue in his role, managing the funds with a unique focus and strategy aimed at maximizing investor returns.
Regarding the acquisition, Christopher Miglino, CEO of DNA Fund, said. “By bringing Coral Capital under our umbrella, we are not only expanding our investment capabilities but also enhancing our ability to offer unique, high-growth opportunities to our clients. Our combined expertise allows us to navigate the complexities of the digital asset landscape and continue delivering value to our investors.”
Thomas L. McLaughlin, CIO of Coral Capital Holdings, added, “Joining forces with DNA Fund is an exciting new chapter for Coral. Our shared vision for leveraging technology to drive financial growth is perfectly aligned. Together, we are set to redefine what’s possible in digital asset investments and deliver superior results for our investors.”
Since its inception in 2021, Coral has delivered consistent returns with innovative strategies, delivering high multiples on the benchmark of the overall market cap of digital assets. Coral’s Flagship fund, initially started as a market-neutral vehicle, was rebranded in 2023 as a discretionary liquid token, surviving a number of high-volatility events, including FTX and Terra.
With a 61.6% return (net of fees) and a maximum annual drawdown of only 11.6% in FY 2022. these funds have outperformed the broader digital asset market. Over a similar period, Bitcoin returned 36.7%.
Through this acquisition, DNA Fund also aims to capitalize on the growing interest from institutional investors and expand into several new verticals over the coming year, including a Bitcoin & Ether Yield Fund, as well as more speculative funds focused on Al, memecoins and microcaps.
The post DNA Fund Acquires Coral Capital; Adds $50M AUM in Web3 & Emerging Tech appeared first on HIPTHER Alerts.
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