Weekly Roundup 03.11

The Solana Firedance: Up 80% in the last 30-Days

Just 12 months ago, Solana was a mere US $8 token, as it crawled out from the FTX wreckage. Fast forward to today, and it’s experiencing a resurgence with an impressive 80% gain over the past 30 days, with a 30% surge in just the last week. 

The “Ethereum Killer” has faced scrutiny, primarily regarding network outages, but the release of the long-awaited Firedancer testnet in the past week, and the forthcoming Mainnet in early 2024, promises to address these concerns. 

Anatoly Yakovenko, Solana Labs’ founder, emphasised that this upgrade aims to enhance speed, reliability, and validator diversity, and it’s no surprise that the market is buzzing with excitement over this crucial development. 

This recent growth is also spilling over into Solana’s ecosystem, as evidenced by the substantial flow of funds into projects associated with this high-flying blockchain, as seen on DefiLlama.

Market’s bullish signals: Is US $40k next?

As we bid farewell to “Uptober,” a month that propelled Bitcoin from US $26,900 on October 1 to US $34,465 on October 31, we’re entering Bitcoin’s historically strongest performing month. 8 out of the previous 13 Novembers, eight of them finished positive.

Q4 typically records the highest performance, and November is currently leading the pack, suggesting the potential for another robust month akin to “Uptober.” 

The imminent approval of the BTC ETF adds to the optimism, likely fueling investors’ appetite for this digital asset. Additionally, a continued uptick in derivatives market activity could continue its surge from October which is worth noting, reinforcing the bullish sentiment.

With these indicators amongst others not mentioned US $40,000 could just be the next major destination by the end of November.

Bitcoin’s 15th White Paper Anniversary

Where has time gone? This week marked the 15th anniversary of Bitcoin’s legendary white paper. Let’s raise a glass to this significant milestone! 

Emerging during the financial turmoil of late October 2008, when major financial institutions were collapsing and government bailouts were the order of the day, Bitcoin’s white paper quietly made its debut on October 31, 2008. 

At the time, amid the chaos in the financial system, many in traditional finance, including the white paper’s author, Satoshi Nakamoto, failed to grasp the future significance of this event.

Bitcoin embarked on its journey with humble beginnings, including the infamous pizza purchase. However, it evolved into a powerhouse cryptocurrency, reaching a market capitalization of over a trillion dollars and gaining recognition worldwide.

After years of resistance, Wall Street of 2023 and traditional finance have finally entered the conversation, exploring blockchain technology and the trading of “digital assets,” signalling their growing interest in cryptocurrencies. The digital child of the white paper released all those years ago is just getting started, with a truly promising future ahead.