Blockchain News

ADA Rises on Bullish Comments, While SOL Struggles Despite Shopify Partnership

Despite a lackluster performance in significant cryptocurrencies such as Bitcoin and Ether, Charles Hoskinson’s bullish comments have lifted Cardano’s ADA, establishing it as a top gainer. On the other hand, Solana’s SOL could have done better despite its launch with Shopify. Many predict a lively autumn for cryptocurrency following a relatively quiet summer.

Bitcoin, the first cryptocurrency, fell 0.12% to US$26,050.51 at 07:00 a.m. Hong Kong time. It saw a modest decline after reaching an early morning high of US$26,198.58. Ether, its peer, fell 0.40%, resulting in a price of US$1,650.23 and a weekly deficit of 0.99%.

The CEO of MN Trading in Amsterdam, Michael van de Poppe, feels the market has absorbed the typical setbacks of August and September. He expects a positive trend to emerge soon. JPMorgan Chase & Co. echoed this optimism, forecasting a modest fall in the cryptocurrency market. The diminishing number of unsettled Bitcoin-linked futures contracts on several exchanges is one striking conclusion, signaling a slowing in the negative price direction.

Van de Poppe anticipates a likely price jump due to greater scarcity of Bitcoin due to the upcoming Bitcoin halving event in April 2024. He also mentions upcoming US employment data releases and purchasing managers’ index readings as potential catalysts for a Bitcoin price increase.

With the SEC set to rule on Bitcoin ETF applications from investment titans like BlackRock and Fidelity as soon as Saturday, the results are eagerly anticipated.

Among non-stablecoin cryptocurrencies, ADA led the way with a 1.46% increase and a price of US$0.2669. During a recent visit at the Rare Evo conference in Denver, its founder, Hoskinson, predicted that ADA would overtake Bitcoin and Ether. ADA is now the seventh-largest cryptocurrency, with a market cap of $9.36 billion.

Despite cooperating with e-commerce giant Shopify, Solana’s SOL fell by 1.35% and settled at US$20.50. The cooperation, which allowed USDC stablecoin payments for online purchases without intermediate fees, temporarily boosted the token’s value but quickly retracted.

Matrixport’s Benjamin Stani believes that, while the Solana-Shopify integration is a step forward, it will not substantially impact markets. Drawing a connection with PayPal’s PYUSD, Stani believes that while this is a step forward for Solana, it could be more groundbreaking.

As the crypto world evolves, market movements are driven by expert opinions, technological advancements, and regulatory decisions.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.