Altcoin
Anatoly Yakovenko Explains The “Fundamental” Difference Between Solana And Ethereum
Anatoly Yakovenko, Solana’s co-founder, recently pointed to a deep divergence in how Solana and Ethereum see resource satiation and price discovery.
He explained that once a global resource becomes saturated on Solana, the current pricing mechanisms begin to be suboptimal. While Solana’s implementation of congestion is much more elegant than most cryptocurrencies, Yakovenko clarified that the hardware underneath still needs to scale to handle the new demand efficiently.
The discussion of Ethereum and Solana has kept individual investors salivating and institutions champing at the bit. While generally doing much better than its sister cryptocurrency Ethereum on many performance metrics, one very important question that begs for an answer is: Why hasn’t the institutional adoption of Solana taken center stage over Ethereum yet?
Solana’s Yakovenko Challenges Ethereum’s Scaling Model
Anatoly Yakovenko, one of Solana’s founders, recently outlined an essential difference in vision between Solana and Ethereum regarding resource saturation and price discovery.
Fundamental difference I think between solana’s vision and ethereum’s is that for solana when a global resource is saturated, price discovery isn’t good.
While it’s a graceful way to handle congestion, fundamentally the hardware needs to scale up to handle the new demand. If…
— toly 🇺🇸 (@aeyakovenko) October 18, 2024
He made the critical point that if some global resource on Solana becomes saturated, the current pricing mechanisms do not work as expected. In other words, while Solana may have a rather elegant way of dealing with congestion compared to many other cryptocurrencies, Anatoly Yakovenko said the hardware has got to scale to handle the new demand.
If demand cannot be satisfied by allowing validators to scale up their hardware capacities, the system will fail. He mentions that only local contention—issues that cannot be mitigated—should actually influence user fees. This point of view highlights Solana’s focus on scaling and efficiency regarding network congestion versus Ethereum’s approach.
With the increase in Solana price agrees Macro Researcher Axel Adler Jr. who recently said SOL could benefit from the overall positive market sentiment expected post-halving.
Recently, Orderly Network announced via social media its integration with Solana, marking a significant milestone as it becomes the first full-chain order book platform to support both Ethereum Virtual Machine (EVM) and non-EVM ecosystems. This integration allows users across different public chains to trade perpetual contracts using Orderly Network’s unified cross-chain shared order book, enhancing trading capabilities and accessibility.
The move is seen as a strategic effort to broaden the user base and liquidity options for traders in the Solana ecosystem.
Energy Consumption Key to Bitcoin vs. Ethereum Battle
Just recently, Anatoly Yakovenko drew everybody’s attention by comparing the discourse between Ethereum and Bitcoin. He put these two giants on the same scale, especially considering energy consumption and capital expenditure. In that discussion, he told everybody how Ethereum and Bitcoin resemble each other, yet their energy uses cause significant differences in the cost structure.
According to him, Bitcoin works on the Proof-of-Work model and, therefore, requires enormous energy because of the miners’ computational powers. By contrast, Ethereum moved to a Proof-of-Stake model, drastically reducing its energy consumption and thus essentially reducing capital expenditures.
In response to users’ questions about Ethereum’s potential to reach a higher market value than the leading cryptocurrency, Anatoly Yakovenko also said, “If it turns out that Ethereum is adopting more slowly than Bitcoin, then perhaps expected price growth could be unjustified.” Ethereum remains the largest decentralized smart contract platform. However, it has not seen the same real-world adoption or dramatic increase in price as Bitcoin, especially in recent times when macroeconomic conditions began to change.
Analysts are expecting SOL price to nearly 10x from the current level and hit the triple-digit territory and they say there are 3 reasons why SOL has overtaken ETH.
Contrary to expectations after the transition of Ethereum to PoS, the price performance was somewhat lagging compared with Bitcoin. This raised discussions within the community concerning further price developments and the competitive viability of Ethereum and Bitcoin. Such a discussion would underpin the nature of competition in the cryptocurrency space as regards sustainability and investment viability.
Teuta
Teuta is a seasoned writer and editor with over 15 years of experience in macroeconomics, technology, and the cryptocurrency and blockchain industries. Starting her career in 2005 as a lifestyle writer for Cosmopolitan in Croatia, she expanded into covering business and economy for several esteemed publications like Forbes and Bloomberg. Influenced by figures like Don Tapscott and Bruce Dickinson, Teuta embraced the blockchain revolution, believing crypto to be one of humanity’s most crucial inventions. Her fintech involvement began in 2014, focusing on crypto, blockchain, NFTs, and Web3. Known for her excellent teamwork and communication skills, Teuta holds a double MA in Political Science and Law, enjoys punk rock, chablis, and has a passion for shoes.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Crypto analyst Egrag Crypto has again provided a bullish outlook for the XRP price. This time, he alluded to historical trends to explain why the altcoin can hit a new all-time high (ATH) in 90 to 120 days.
Why The XRP Price Can Hit ATH In 90 To 120 Days
In an X post, Egrag Crypto alluded to historical patterns to explain why the XRP price can hit a new ATH in the next 90 to 120 days. He noted that the RSI chart shows important historical patterns and stated that the altcoin usually has two peaks during its bull runs.
The crypto analyst further revealed that in 2021, the second peak occurred after 90 days, while in 2017, it occurred after 120 days. Based on this, Egrag Crypto affirmed that this historical timeframe provides market participants with a potential for a “great opportunity,” hinting at the altcoin hitting a new ATH.
In another post, he raised the possibility of the XRP price reaching a new ATH of $3.9 by May. This came as he identified an Inverse Head and Shoulder pattern, which was forming for the altcoin. The crypto analyst stated that the measured move is $3.7 to $3.9.
For now, an XRP analysis has shown that the altcoin is struggling at $2.15 amid regulatory uncertainty over SEC Chair nominee Paul Atkins. In his update on this Inverse Head and Shoulder pattern, Egrag Crypto remarked that a close above $2.24, the Fib 0.888, is the next minor target. He affirmed that the pattern is still unfolding as anticipated.
Ripple’s Native Token Could Still Drop Below $2
Crypto analyst Dark Defender has predicted that the XRP price could still drop below $2 before the next leg up. In an X post, he stated that Ripple’s native token is in the 4th Wave of the Monthly Elliott Wave structure.
His accompanying chart showed that XRP could drop to as low as $1.88 on this Wave 4 corrective move. Once that is done, the altcoin will witness its next leg up, rallying to as high as $5.8, which would mark a new ATH.
Dark Defender assured that Wave 4 will end soon and that XRP will continue to reach its targets. The crypto analyst recently affirmed that the altcoin is the “one” and explained why it would dominate Bitcoin and Ethereum.
Crypto analyst CasiTrades also suggested that XRP could further decline before its next leg to the upside. She noted that after the drop to $2.27, the altcoin showed no bullish RSI divergence, which signaled that the drop wasn’t quite done yet.
She added that the coin is now likely heading down to test the 0.618 golden retracement at $2.17, or possibly the golden pocket at $2.15 for a final low before “lift-off.” However, CasiTrades also mentioned that RSI is starting to build the bullish divergence and that the selling pressure is exhausting.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across several topics and niches. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover, a traveler and a part-time degen.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Gemini, the crypto exchange founded by the Winklevoss twins, is promoting its previously launched XRP cashback program, which offers crypto rewards to users. This initiative allows eligible participants to earn rewards on their XRP transactions. Here’s a look at the program details and the steps required to join.
Gemini Founder Unveils XRP Cashback Rewards
On March 27, Tyler Winklevoss reminded the XRP community and Ripple army on X (formerly Twitter) that they can earn rewards in the token whenever they use the Gemini Credit Card for purchases. The Gemini credit card, launched in partnership with Mastercard in 2021, allows users to choose cryptocurrencies from Bitcoin, Ethereum, XRP, and over 50 other digital assets for cashback.
Since adding XRP to its long portfolio of crypto cashback offerings in August 2023, Gemini has continued to support the third-largest cryptocurrency as an option for crypto enthusiasts. The Credit Card reward information announced by Winklevoss was well received by the XRP community.
He explained that the Gemini Credit Card allows users to earn crypto back each time they spend fiat. He clarified that this feature is only available to residents in the United States (US) currently. The Gemini founder also revealed that he has been using the Credit Card for years and has had a great experience accumulating significant crypto rewards from the cashback program.
Gemini’s Credit Card offers tiered cashback rates depending on the purchase categories. A 4% XRP cashback is offered on gas and EV charging, with up to $200 monthly. A 1% XRP cashback is available for fuel and EV charging after exceeding the monthly limit. Finally, a 3%, 2%, and 1% XRP cashback is provided for dining, groceries, and other purchases, respectively.
As XRP continues to push for widespread adoption, this Gemini cashback reward program strengthens its utility and encourages greater usability and investments.
Notably, Gemini isn’t the only crypto exchange embracing XRP in its rewards programs. Platforms like WhiteBIT and Bit2Me have also introduced similar programs. By offering an XRP cashback, Gemini and other crypto exchanges can make crypto more accessible, encourage faster adoption, and reinforce XRP’s role as a digital payment solution.
How To Participate In Gemini’s XRP Cashback
Gemini has specified that users interested in earning XRP rewards from Gemini’s cashback program must first qualify for the exchange’s Credit Card, which depends on their credit score. Approved applicants must secure their cards by June 30, 2025, to participate in the promotional offer.
The crypto exchange also stated that new cardholders could earn up to $200 in XRP cashback if they spend at least $3,000 within the first 90 days. Once earned, the XRP reward will be automatically deposited into their trading accounts on Gemini, enabling users to hold, trade, or sell whenever they wish. The Credit Card also comes with no extra annual, exchange, or foreign transaction fees, allowing crypto users to grow their portfolios continually.
Featured image from SCMP, chart from TradingView
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
Ethereum price has tumbled below $1,900 in a correction driven by a slew of factors. Outside of the technicals, one expert is pinning the blame on Ethereum’s failure to lead and innovate in the Web 3 space.
Ethereum Price Continues Its Steep Decline
According to CoinMarketCap data, technicals for Ethereum’s price are grim, with the second-largest cryptocurrency slipping below $1,900. At press time, Ethereum (ETH) is trading at $1,828 and shows no signs of reversing the grim trend.
A look at Ethereum’s chart does not indicate any signs of an uptrend or a short bounce to stoke embers of optimism. According to pseudonymous analyst Gum, Ethereum signals “relentless downward price action” that could see the asset fall below $1,800.
Over the last day, Ethereum has fallen by nearly 4% while its seven-day chart indicates a decline of nearly 8%. The decline of Ethereum price follows a broader market correction with the global crypto market capitalization losing nearly 3% of its valuation.
On the fundamentals side, things are equally grim for the Ethereum price. Unconfirmed reports of a potential Binance delisting ETH threaten to send Ethereum price to $1,500. Standard Chartered has slashed its ETH prediction for 2025 by 60%, projecting $4,000 as a potential price point by the end of the year.
Expert Says Network Has Itself To Blame
Ryan Watkins, co-founder at Syncracy Capital has taken swipes at Ethereum over its failure to keep pace with its peers. Watkins notes that a failure to capitalize on previous momentum during the last two market cycles is haunting Ethereum’s price.
Ethereum has fallen down the pecking order to new blockchains with Solana and Bitcoin tipped to have the upper hand over the network. An inflow of bridged funds from Ethereum to Solana is accentuating the network’s worrying metrics.
“No one wants to own a growth stage product that’s falling behind technologically superior competitors and bleeding market share,” said Watkins.
Watkins says the only for Ethereum to pull itself from the rut is to “deliver generational leadership and growth.” However, with the Pectra upgrade around the corner, enthusiasts are optimistic that Ethereum can reach $10,000. Hardcore community members are poking holes in Solana’s rise, attributing it a memecoin craze compared to Ethereum’s neck-deep foray into decentralized finance (DeFi).
Aliyu Pokima
Aliyu Pokima is a seasoned cryptocurrency and emerging technologies journalist with a knack for covering needle-moving stories in the space. Aliyu delivers breaking news stories, regulatory updates, and insightful analysis with depth and precision. When he’s not poring over charts or following leads, Aliyu enjoys playing the bass guitar, lifting weights and running marathons.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
3 Token Unlocks for April: Parcl, deBridge, Scroll
Whales Accumulate 470,000 Ethereum In One Week – Bullish Momentum Ahead?
Analyst Reveals Why The XRP Price Can Hit ATH In The Next 90 To 120 Days
Gold Keeps Outperforming Bitcoin Amid Trump’s Trade War Chaos
Ethereum Analyst Eyes $1,200-$1,300 Level As Potential Acquisition Zone – Details
Bitcoin (BTC) Whales Accumulate as Market Faces Uncertainty
2.52 Million Altcoins Are Ruining Crypto’s Future
Animoca Brands Valuation Tanks 75% In Two Years, Here’s Why
Crypto exchange BingX hacked for $43 million
Are The Big Players Losing Interest?
Hong Kong’s Securities Association Tips Authorities On Crypto Self-Regulation
Coinbase cbBTC Set to go Live on Solana
2.52 Million Altcoins Are Ruining Crypto’s Future
Animoca Brands Valuation Tanks 75% In Two Years, Here’s Why
Crypto exchange BingX hacked for $43 million
Are The Big Players Losing Interest?
Hong Kong’s Securities Association Tips Authorities On Crypto Self-Regulation
Coinbase cbBTC Set to go Live on Solana
-
Market22 hours agoGRASS Jumps 30% in a Week, More Gains Ahead?
-
Market21 hours agoONDO Whales Retreat as Price Risks Dropping Below $0.70
-
Altcoin21 hours agoPepe Coin Whale Sells 150 Billion Tokens, Price Fall Ahead?
-
Market20 hours agoXRP Falls 12% in a Week as Network Activity Declines
-
Ethereum19 hours agoEthereum Bulls Disappointed As Recovery Attempt Fails At $2,160 Resistance
-
Market23 hours agoVitalik Buterin Promotes Ethereum Layer 2 Roadmap
-
Altcoin23 hours agoExpert Predicts Listing Date For WLFI’s USD1 Stablecoin, Here’s When
-
Bitcoin21 hours ago8,000 Dormant Bitcoin Suddenly Move: What’s Next For The Market?
✓ Share: