As reported Ambitthis Tuesday debuted the Ether ETFs in the traditional market“If we look at the differences with Bitcoin, it is clear that they are totally different uses,” he explains. José Luis del Palacioco-founder of Decrypto.
For the analyst, investment flow into Ethereum could reach approximately 20% of that seen in Bitcoin ETFs. “This suggests a progressive demand that could raise the value of ETH to the zone of US$4,500 or US$5,000 from the current US$3,500 in the coming months,” he says. Something that could generate a spillover effect on the altcoinslike SOL, and start a new “old season“.
Solana: growth and potential
Daniel Gonzalez, Crypto specialist in Bitsosaid regarding Solana’s entry into the traditional market that “the approval of this type of instrument may take a long time.” However, for the analyst, the expectation that the altcoin has generated in recent months is interesting.
González analyzes that “the recent approval of the ETFs of Bitcoin and Ethereum It is a sign of the strength that the crypto industry has gained in this time.” In the case of Solana, the growth it has had is also notable, as well as the ecosystem that has been generated around it due to all the uses of this network.All these factors make us wonder how it might continue to behave in the future.”.
That look matches that of another exchange, Fiwind. From the crypto house they assure this medium that they observe an increase in operations with Solana, “that despite its ups and downs, it managed to position itself as one of the networks and cryptocurrencies with the most weight during this ecosystem rally“. As a result of this, and given its similarities with Ethereum, “a Solana ETF could further benefit its growth,” they analyze.
Solana is offered as an environment in which developers can work on new solutions and tools for the entire web3 ecosystem, quickly and with low operating costs. However, Fiwind explains that a blockchain It doesn’t grow only because of its developers and solutionsbut also (and to a large extent) by those who decide to be part of it by promoting organic adoption.
Solana is a blockchain created in 2017, although its beta version was not launched until 2020, with the intention of offering solutions based on smart contracts. Thanks to the Proof of Stake (PoS) and Proof of History (PoH) protocols can support up to about 50,000 transactions per second.
Web3, DeFi and liquid staking: an increase of more than 700% in one year
With the rise of Web3 and decentralized applications (dApps), the Solana ecosystem gained greater strength due to the diversity of memecoins that have emerged, which has also strengthened SOL trading and its market value.
“The reasons for this growth are how well it is doing,” they say. Ambit from Goodbitanother crypto house in the city. Solana’s blockchain can process thousands of transactions per second at very low costs. “This makes its ecosystem very efficient and grows faster as a result of the projects and applications built on its network,” says the crypto broker.
And they point out that “today it is fifth in terms of market capitalization, it has risen many positions and can continue to do so.” “In the app of Goodbit “We see a growing interest in Solana, with more and more users buying and holding it. Currently, it is trading at the same volumes as ETH in the app,” the exchange says, in line with what was said above.
According to data from Bitso, by July 1, 2023, SOL had an approximate value of US$20, while on July 23, 2024, its price is US$176.45which represents a growth of more than 700% in dollars in one year, well above the growth of Bitcoin.
Solana is also a pioneer in Liquid stakingwhich combines the best of the performance obtained by staking with the advantage of not losing the asset’s liquidity, since there are no minimum redemption times. That is, users can block them to contribute to the PoS ecosystem and obtain returns for it, but at the same time, continue to have liquidity to operate.
A few days ago, Solana activated a new feature on its network: Blinks (links of blockchain), which allow donations, transactions, token purchases or votes to be made using a URL, which facilitates operations and improves the user experience, since it can be done without leaving websites or social networks such as X or Discord, when they are connected to a wallet.
For Gonzalez, “The growth of SOL and other altcoins keeps the crypto world in anticipation of a crypto summer that reflects all the growth the industry has had and the changes we have experienced in recent years.” The fact is that with the help of Web3, new use cases for many cryptocurrencies are emerging and continue to gain strength.
Source: Ambito
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