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Peter Davis

An writer at FOMOdrive

  • Dec 22, 2023
  • 4 min read

Solana: SOL rally gains momentum

The active addresses on the Solana network have experienced a dramatic increase of 400%.

Support for Solana and SPL tokens has been added to Trezor.

In the past three days, the price of SOL has increased by a third and is now close to $100. On Friday, Solana surged to the fourth spot on CoinMarketCap's list of cryptocurrencies by market capitalization.

If the ETF is approved, it is possible that Bitcoin could reach $50,000 by the end of January.

It is anticipated by QCP Capital that Bitcoin will drop to $36,000 before entering a new period of expansion.

Matrixport has observed an increase in confidence among market participants in regards to the SEC's potential approval of applications for spot Bitcoin ETFs. If the ETF is given the green light, it is predicted that the value of Bitcoin could reach $50,000 by the end of January.

CryptoQuant predicts that a combination of catalysts, combined with past trends, could drive Bitcoin to a price of $160,000 in a bull market by 2024. In the near future, the demand for BTC from several US spot ETFs, the upcoming halving, and the increase in stock markets due to the US interest rate cut could push the asset's value to a minimum of $54,000.

Experts at the investment fund QCP Capital believe that Bitcoin may drop to $36,000 before beginning a new period of growth. They are confident that the Securities and Exchange Commission (SEC) will approve several applications to launch spot ETFs investing in BTC in the beginning of January.

Hashdex, an asset manager awaiting SEC approval of a Bitcoin ETF, has released a promotional video for the product. On December 18th, Bitwise began advertising its Bitcoin ETF with visual content.

CryptoQuant reported that Bitcoin miners have achieved a record-breaking total of fees as trading activity in the Bitcoin Ordinals protocol has increased due to heightened demand for block space. This overall rise in transaction fees has also had an effect on mining revenue.

Trezor, a hardware wallet manufacturer, has added support for the Solana (SOL) cryptocurrency and SPL tokens to their Model T and Safe 3 devices, which cost $179 and $79 respectively. SPL is a token standard based on the Solana blockchain, similar to the ERC-20 token standard for Ethereum.

Amid the ongoing cryptocurrency rally, Solana (SOL) has been integrated into popular hardware wallets. The digital asset has been renewing highs over the past 20 months and is now close to reaching the $100 mark.

Binance Coin was pushed aside on Friday as Solana rose to fourth place in the CoinMarketCap ranking by capitalization.

According to Messari, the average daily number of active addresses on the Solana network saw a 400% increase in the fourth quarter of 2023, while the number of Ethereum addresses participating in daily transactions only rose by 3%.

The Cardano Foundation has declared a collaboration with Petrobras, a Brazilian energy company backed by the government, to carry out educational programs on blockchain and its further implementation.

A US appeals court has officially ordered the confiscation of 69,370 BTC from the now-defunct darknet marketplace Silk Road. The assets were seized by the US Department of Justice in November 2020.

According to a report by PricewaterhouseCoopers (PwC), by 2023, 42 countries around the world had implemented initiatives in the area of digital asset regulation.

Between 2020 and 2023, the 50 largest airdrops of DeFi projects saw the distribution of tokens to users amounting to a total of $26.6 billion, as reported by CoinGecko. The biggest airdrop of 2023 was conducted by the L2 project Arbitrum, with a value of $4.56 billion.

ScamSniffer reports that since March 2023, over 63,000 victims have had their cryptocurrency wallets emptied by the creators of a malicious script, resulting in a total loss of more than $58 million. The attackers used phishing pages to lure users, which they promoted through Google search and X advertising. In total, they created more than 10,000 fake sites.

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