Altcoins
Reasons For A $1 Zilliqa ZIL Price Prediction
The crypto-markets have gone against the grain after the SEC made the announcement that they will need more time to consider the rule change on the CBOE sponsored Bitcoin ETF. Many crypto traders and enthusiasts, had expected the worst which included BTC falling to levels of $5,800. But the opposite happened and the King of Crypto is now testing new levels of $6,700. XRP has also ridden the wave of glory and peaked briefly at $0.80 from levels of $0.27 only a few days ago.
$1 ZIL Price Prediction Due to A Market Recovery
It is therefore with the market events of the past few days that we can conclude that a market recovery is slowly becoming a reality. Ex-hedge fund manager and Billionaire, Michael Novogratz, confidently stated on the 12th of September, that Bitcoin had reached a bottom when it touched $6,200 on that day.
At first, his words were received with a lot of skepticism in the crypto-verse, but the market action witnessed in the last few days is enough evidence to agree with Mr. Novogratz and perhaps even call him a soothsayer.
As soon as this market recovery is confirmed in the next few weeks, the $1 ZIL price prediction can slowly become a reality.
Bakkt Factor
Before we get to the technical developments that would lead to Zilliqa getting to $1, there is the additional groundbreaking Wall Street firm of Bakkt that aims at making Bitcoin and other digital assets mainstream investment instruments. The firm intends on doing this by using already existing regulations and infrastructure to make this possible.
The firm clarified on their vision via twitter as follows, “Bakkt uses the existing, time-tested, regulated futures market infrastructure to introduce physically delivered Bitcoin and warehousing to global markets. All aspects of the existing futures market will, for the first time, be part of physical delivery and warehousing of Bitcoin.”
ZIL Technical Developments
With an existing Testnet, the Zilliqa team is carrying out final touches for the Mainnet launch that has been scheduled for somewhere between the end of this year and early next year. Once live, the team at Zilliqa has promised the following:
- Running on a scalable system that can support a high number of transactions per second (high throughput) without network clogging
- More secure platform by using Scilla, our safe-by-design smart contract language
- Low transaction fees
- To maintain decentralization
The existing testnet has showcased that it can handle a throughput of 2,828 transactions per minute with only 6 active shards. Therefore, it is exciting imagining what the Mainnet will accomplish in terms of throughput once fully functional.
DApps and Initiative With Mindshare
The team at ZIL recently updated on their joint initiative with Mindshare which is a global media and marketing services company. The firm has over 7,000 employees and $34.5 Billion in annual revenue. Through project Proton, both Mindshare and Zilliqa will work together to evaluate the ZIL protocol and how best it solves major issues in the advertising industry.
The Zilliqa team also plans on hitting the ground running once the Mainnet is launched. They have a running grant program that is meant to cater to start-ups that want to create DApps on the platform. They are constantly looking for great ideas and developers to bring them to fruition.
In conclusion, the Zilliqa project is a very promising project in terms of giving a fresh new platform for secure smart contracts and decentralized apps. Once the Mainnet goes live and with a crypto market recovers, the $1 ZIL price prediction can become a reality.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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Solana price performance in recent times has been remarkable, surpassing Ripple and Binance Coin to become the fourth-largest cryptocurrency by market cap. The SOL price breached the critical level of $100 for the first time since April 2022 over the weekend to imbue optimism among investors. However, the altcoin has corrected by 7%, suggesting that the market is overheated. At the time of writing, the ‘Ethereum killer’ was trading slightly lower at $111.60.
SOL Outlook
Solana price has made a significant recovery over the past few weeks, climbing above the psychological level of $100. The altcoin has been one of the best-performing assets this year, extending its year-to-date gains to more than 1,025%, with more gains recorded in the past month alone. However, even with such growth, analysts have noted that Solana has a bleak chance of topping its ATH of $260.
The reason behind this is the increase in supply relative to its value. In November 2021, when the Solana price hit its all-time high of $260, its total market capitalization was around $78 billion. Despite the value of the crypto asset being less than half of what it was at the top, its market cap is currently hovering near $50 billion.
This has been brought about by the increase in the Solana supply by more than 100 million SOL over the past two years. According to some analysts, for the altcoin to retest $260, its…
Solana price has noted significant gains over the past few weeks, climbing to its highest level since April 2022. The ‘Ethereum Killer’ almost topped the crucial level of $100 on Friday, before pulling back slightly. The asset’s recent surge has catapulted Solana’s total market cap to $39.6 billion, ranking 5th after and above BNB and XRP, respectively. Solana has jumped by more than 22% in the past week and more than 80% in the month to date. At the time of writing, SOL price was trading 0.90% lower at $93.10.
Catalysts Behind SOL’s Rally
Solana price has been on a strong bull run over the past few days, rocketing to its highest level in 20 months as the network benefits from the substantial activity and strong interest in memecoins. The SOL token, the native digital asset of the high-performance blockchain platform Solana, has shown some serious strength over the past few weeks, outperforming all the altcoins in the market.
The recent surge in the Solana price has been linked to heightened on-chain activities on the Solana blockchain. Notably, the ongoing hype for the blockchain’s speedy transactions, cheap fees, and a lottery of meme coin issuances has buoyed SOL’s on-chain activity. Metrics have revealed that Solana has been the strongest draw among on-chain traders, with trading volumes and network fees outperforming Ethereum- the largest altcoin by market cap.
Cited figures provided by DeFi aggregator DeFiLlama…
Solana price has jumped more than 8% over the past week, breaching the important level of $60. At the time of writing, Solana was trading 3% higher at $61.07. The asset’s total market cap has climbed to $25.9 billion over the past week, ranking it the 6th largest cryptocurrency after XRP. The total volume of SOL traded over the last day has declined by 8%.
SOL’s Bullish Cues
Solana’s price has been among the best-performing cryptocurrencies this year amid continuous growth. The “Ethereum killer” has consistently impressed investors throughout the year on the back of a resurgence in bullishness, which saw SOL’s price climb more than 513% in the year to date. Institutional investors have also shared the bullish sentiment, making Solana their most preferred altcoin.
In the week ending November 24, Solana recorded inflows worth nearly $3.5 million, significantly more than the other altcoins’ inflows combined. The asset’s monthly inflows were higher at $40.2 million, lower than Ethereum’s $99.6 million inflows in the same period. Other altcoins, including Litecoin and Ethereum, noted significant outflows, making Solana nearly half of the home for DeFi. This implies that when it comes to institutions, Solana is currently the best-performing altcoin with the potential of a long-term rally much higher than other digital assets.
Notably, the Solana DeFi ecosystem accomplished a significant milestone earlier this week. Its Total Value Locked (TVL) hit a new yearly peak of over $655 million,…
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