Crypto Headlines for Nov 10

  1.  Solana is now the fourth-biggest cryptocurrency in the world as it doubles down on gaming in the crypto universe 

The rally in Solana’s price comes after the platform’s investment arm, Solana Ventures, announced its participation in a new $100 million fund to boost blockchain gaming. Solana, seen as a competitor to Ethereum, hit an all-time-high of $260 on November 7, to become the fourth-biggest cryptocurrency in the world. Solana flipped Cardano on November 2 and has been continuing its upwards trajectory ‘to the moon’, aiming for Ether — the token which powers the Ethereum blockchain. However, there is still a $526 billion market value difference between the two.

Social networking platform Reddit seems to be catching up with the crypto culture and is likely to join contemporaries like Facebook on the next chapter of the Internet revolution. Karma Points are awarded to Reddit users if their post threads gather votes. By transforming these Karma Points into ERC-20 tokens, the platform aims to move its 500 million users onto the Web3.0 – which is the progression of the Internet we know today. The platform is planning to offer Ethereum-based crypto tokens to people with specific numbers of Karma Points.

Blockchain gaming refers to games that are created with blockchain technology or placed on the blockchain in such a way that not just a single entity, but the whole cluster of systems playing the game owns a copy of it. We’ll need a Smart Contract, which is a form of digital agreement that controls actions on the blockchain, to do this. You can go to this website to find the greatest blockchain-based NFT games. Gamers can then share an item with others, trade it on a virtual currency marketplace, or utilize it in a different game environment. Cross-game compatibility is considered a huge chance to keep gamers interested for extended periods of time, as it allows virtual currency. 

Popular NFT marketplace OpenSea has achieved a new milestone after surpassing $10 billion in its all-time sales volumes. According to data from analytics platform DappRadar, OpenSea’s total sales volume is currently standing at $10.33 billion, miles ahead of its competitors. While OpenSea’s average in terms of the individual asset price is not the highest, it boasts of the highest volumes. It has also dominated Ethereum burn rankings, with the average number of ETH burned at 58,924 Ethers. The analytics platform noted that over two-thirds of the total NFT volume is handled by the top three marketplaces – OpenSea, Rarible, and SuperRare.

AMC Entertainment Holdings Inc., the world’s largest theater chain, is exploring the creation of its own cryptocurrency in a fresh nod to the meme investors who have sent its stock soaring over 2,000% this year. With AMC’s shares surging thanks to an army of day-trading small investors, Chief Executive Officer Adam Aron  has seized on the company’s sudden popularity. He’s engaged with shareholders on social media, polled them for new business ideas and last week said he’ll sell popcorn-to-go from mall-based stores. The company is also talking with Hollywood studios about creating commemorative nonfungible tokens, or NFTs, related to major films.

Data from Cointelegraph Markets Pro and TradingView shows that in the last two weeks, Kadena’s (KDA) price has rallied 1,124% to a new record high at $25.94 on Nov. Most protocols have now shifted to proof-of-stake, but Kadena, a scalable layer-one blockchain protocol, is still operating on the old PoW model. According to the project, the network is capable of processing up to 480,000 transactions per second thanks to the use of “braided chains.” The reasons for KDA price breakout include Kadena joins the DeFi brigade, NFT projects launch on Kadena and receiving support from crypto exchanges.

A tweet from Jason Citron, the founder and CEO of Discord, has resulted in a flurry of Nitro users canceling their subscriptions with the popular messaging service. The Discord feedback forum is filling up with messages from Nitro subscribers who have canceled their subscriptions based on a recent Twitter post by Jason Citron , CEO of Discord. Many responses to the tweet and posts on the Discord community forum have been against the idea of Discord/crypto integration, with some concerned about the energy use cost inherent to transactions while others are worried about the pyramid/Ponzi scheme.

Number of rumors circulating Loopring regarding a potential partnership with GameStop on an upcoming NFT marketplace, some people are buying into the existing cryptocurrency. Loopring (LRC) is an Ethereum-based token that describes itself as “an open-sourced, audited, and non-custodial exchange protocol.” It aims to allow anyone to build non-custodial, order book-based exchanges on Ethereum by leveraging zero-knowledge proofs. It possible that Loopring will only be licensing technology to GameStop if the two entities actually are working together, so the over 500% gain of the cryptocurrency in the past month might be a bit too fast and too furious.

Web3 refers to a potential new iteration of the internet that runs on public blockchains, the record-keeping technology best known for facilitating cryptocurrency transactions. Web3 theoretically protects user privacy better, because it’s these authorities and intermediaries that are doing most of the data collection. The appeal of Web3 is that it is decentralized, so that instead of users accessing the internet through services mediated by the likes of Google, Apple, or Facebook, it’s the individuals themselves who own and control pieces of the internet.

  1.   Pepperstone head of research: ‘Fast money’ is behind Bitcoin and Ether rally 

According to Pepperstone’s head of research Chris Weston, the inflow of capital into crypto is driving prices higher as demand explodes.

“Crypto is where the fast money is at. Ethereum is trending like a dream and I’d be long and strong here,” Weston told Reuters on Tuesday. Bitcoin’s surge above $68,000 and Ethereum’s run to a new all-time high above $4,800 is down to the influx of new money. Ethereum is primed for $5k and Bitcoin could soon hit $70,000. This week, upward momentum has been accelerated by inflation fears across the stock market, with money flowing into safe-haven assets.