Ether (ETH) continues to outperform bitcoin (BTC) following the Ethereum network’s Shanghai upgrade, which has proven to be bullish for much of the cryptocurrency market, with many altcoins following suit. Ether is up 6% on the day vs. bitcoin which gained 1%. Bitcoin did briefly cross $31,000 on Friday for the first time since June 2022, marking a 10% gain over the last 7 days. Ether rose 13% over the same time frame. Arbitrum (ARB) an Ethereum scaling solution, led gains this week, rising almost 30%.
According to Sheraz Ahmed, STORM’s managing partner, ARB is bouncing back from the overselling caused by its airdrop in March, which saw the Ethereum layer 2 distribute its long-awaited governance token to community members. The airdrop, however, was plagued with bugs and phishing scams. “The crypto markets are heavily emotionally driven, and we often see overbought/sold tokens based on over-reactions,” said Ahmed.
Tokenization is the process of putting ownership of tangible assets – precious metals being one example – on the blockchain, and thus offering the convenience of buying and selling these assets around the clock as the involvement of traditional brokers is not necessary. Bank of America sees this tokenization – which could also include commodities, currencies and equities –as a “key driver of digital asset adoption.” The tokenization of real-world assets gathers pace, Bank of America (BAC) said in a research report Thursday, which noted that the tokenized gold market surpassed $1 billion in value last month.
Solana Labs’ crypto-forward smartphone Saga will go on public sale May 8, the company behind the Solana blockchain said Thursday. Pre-ordered devices are shipping now. The Android smartphone is a gamble on mobile being imperative to the future of crypto, employees at Solana-focused companies told CoinDesk. It was nearly 10 months ago that Solana first teased the radical potential of a cellphone that doubled as a dedicated crypto hardware wallet, and the possibilities such a product could hold for its entire ecosystem. The new device from Solana Mobile costs $1,000 and is built on hardware from Bay Area smartphone company OSOM.
Phonemaker names both big and small – HTC and Sirin Labs among them – have previously failed in their efforts to create a crypto-forward smartphone, setting an ominous precedent for Solana, a device built for and marketed to a single crypto ecosystem. The chart shows bitcoin continuing to rally despite recent sideways action in Wall Street’s tech-heavy index Nasdaq. The 90-day correlation coefficient between the two rose to 0.9 early this month, signaling a strong positive relationship. “Follow the hot money,” analysts at The Market Ear newsletter said in a note to subscribers early Friday. “Imagine the pain should Nasdaq decide to catch up to the BTC break up move.”
In the past week, the cryptocurrency market has seen a surge in prices, with Ether leading the charge. This is due to the successful Shanghai upgrade of the Ethereum network. Altcoins have also seen a rise in prices, with ARB, an Ethereum scaling solution, leading the gains by almost 30%. However, Sheraz Ahmed, STORM’s managing partner, believes that the recent surge is due to overreactions and emotional trading.
Bank of America (BAC) has released a research report that states the tokenization of real-world assets is gaining pace. The report noted that the tokenized gold market surpassed $1 billion in value last month. Tokenization is the process of putting ownership of tangible assets on the blockchain, which allows for the buying and selling of these assets around the clock without the need for traditional brokers. Bank of America sees tokenization as a key driver of digital asset adoption and expects it to include commodities, currencies, and equities.
Solana Labs has announced the public sale of its crypto-forward smartphone, Saga, on May 8. The Android smartphone doubles as a dedicated crypto hardware wallet and costs $1,000. The device is built on hardware from Bay Area smartphone company OSOM. Solana Mobile is betting on mobile being imperative to the future of crypto, and the possibilities such a product could hold for its entire ecosystem. Phonemaker names, including HTC and Sirin Labs, have previously failed in their efforts to create a crypto-forward smartphone, setting an ominous precedent for Solana.
The cryptocurrency market has seen a recent surge in prices, with Ether outperforming bitcoin. The rise in prices is due to the successful Shanghai upgrade of the Ethereum network. Altcoins have also seen a rise in prices, with ARB, an Ethereum scaling solution, leading the gains by almost 30%. However, Sheraz Ahmed, STORM’s managing partner, believes that the recent surge is due to overreactions and emotional trading.
The tokenization of real-world assets is gaining pace, and Bank of America (BAC) sees it as a key driver of digital asset adoption. The report noted that the tokenized gold market surpassed $1 billion in value last month. Tokenization is the process of putting ownership of tangible assets on the blockchain, which allows for the buying and selling of these assets around the clock without the need for traditional brokers. Bank of America expects tokenization to include commodities, currencies, and equities.
Solana Labs has announced the public sale of its crypto-forward smartphone, Saga, on May 8. The Android smartphone doubles as a dedicated crypto hardware wallet and costs $1,000. The device is built on hardware from Bay Area smartphone company OSOM. Solana Mobile is betting on mobile being imperative to the future of crypto, and the possibilities such a product could hold for its entire ecosystem. Phonemaker names, including HTC and Sirin Labs, have previously failed in their efforts to create a crypto-forward smartphone, setting an ominous precedent for Solana.
Bitcoin has continued to rally despite recent sideways action in Wall Street’s tech-heavy index Nasdaq. The 90-day correlation coefficient between the two rose to 0.9 early this month, signaling a strong positive relationship. Analysts at The Market Ear newsletter said, “Follow the hot money. Imagine the pain should Nasdaq decide to catch up to the BTC break up move.”
