Solana experienced correction above 10 percent for a week, this is the reason

Solana experienced a seven-hour blackout over the weekend. The incident marked the seventh time this year Solana had experienced a blackout. Between January 6-12, 2022, the network was plagued with an issue that caused a partial blackout of between 8 and 18 hours.

The Proof-of-Stake network was overwhelmed with a record-breaking four million transactions per second that overcrowded the network and caused validators to lose consensus. As a result, Solana went dark at around 8:00 p.m. UTC on Saturday.

Launching Coinmarketcap , Tuesday (3/5/2022), the bot is hoarding a popular app used by the Solana NFT project to launch a collection called Candy Machine. In a Metaplex post on Twitter, the company confirmed traffic from bots on their app was partly to blame for the network crash.

Solana Labs co-founder Anatoly Yakovenko was accused of being MIA (missing in action) after being silent during the crisis. As a result of the blackout, SOL plummeted more than 10 percent in a matter of hours on Saturday night when the chaos broke out. It even hit a low of USD 82.91.

Although the price has recovered, the SOL value has fallen 10 percent over the past seven days. Making it the worst performer among the top 10 cryptocurrencies by market cap.

Repeated blackouts put Solana’s reputation as an ‘Ethereum killer’ in doubt. Some traders warn the outage means the network is too unreliable.

Solana was the second network to come under pressure from key NFT-related transaction volumes over the weekend.

Ethereum transaction fees jumped to an average of over USD 450 due to the release of 55,000 NFTs by Yuga Labs with some users paying up to 5 Ether (ETH), or USD 14,000, in gas fees for transactions and more for printing one of the NFTs.

Crypto Prices Tuesday Morning 3 May 2022

Previously, the price of bitcoin and other top cryptocurrencies was mixed in Tuesday morning trading, May 3, 2022. Previously, crypto prices had strengthened in trading earlier this week.

Based on data from Coinmarketcap , Tuesday, May 3, 2022, bitcoin (BTC) as the crypto with the largest market capitalization is still in the green zone in the last 24 hours.

The price of bitcoin rose 0.37 percent and is currently traded at USD 38,607.52 or around IDR 560.67 million (assuming an exchange rate of IDR 14,522 per US dollar). However, the price of bitcoin fell 4.64 percent in the week.

The price of ethereum has gained 1.12 percent in the last 24 hours. However, during the week, the price of ethereum fell 5.05 percent. Currently, the price of ethereum is traded at USD 2,863.25 or around IDR 41.57 million.

Then the price of Binance Coin (BNB) edged up 0.03 percent in the last 24 hours. Currently, the price of BNB is traded at USD 390.08 or around Rp. 5.66 million. During the week, BNB prices fell 3.65 percent.

Meanwhile, the price of XRP climbed 1.12 percent in the last 24 hours. During the week, the price of XRP fell 11.67 percent. The price of XRP is now trading at USD 0.6143.

Cardano price

Solana prices have weakened in the last 24 hours. Solana’s price was traded at USD 87.78. During the week, the price of solana shrank 13.37 percent.

Likewise Cardano (ADA) prices slipped 0.56 percent in the last 24 hours. In a week, ADA prices fell 12.76 percent. Currently, the price of ADA is traded at USD 0.7835.

The price of Terra (LUNA) increased 2.7 percent in the last 24 hours. During the week, the price of Terra fell 13.21 percent. Now the price of Terra is traded at USD 84.39.

The price of TerraUSD (UST) is up 0.04 percent in the last 24 hours. The UST price was traded at USD 1. During the week, the UST price rose 0.08 percent.

Stablecoins such as Tether edged down 0.01 percent to the USD position in the last 24 hours. During the week the price of Tether tends to be in the red zone. Likewise the price of USD Coin which has fallen 0.05 percent in the last 24 hours. The USD Cpin price slumped 0.03 percent for the week. The price of USD Coin is now traded at USD 0.9999.

This Crypto Company CEO Predicts Bitcoin Can Touch USD 96.954,11 in a Year

Previously, CEO of crypto lending company Nexo, Antoni Trenchev revealed his predictions for the largest cryptocurrency by market cap, Bitcoin recently.

Trenchev predicts, the price of Bitcoin can touch USD 100,000 within 12 months.

He said he was concerned about Bitcoin’s near-term outlook, given the many sentiments suggesting the price would fall as traditional financial markets, the Federal Reserve began to roll back its massive monetary stimulus program.

However, according to Trenchev, this did not last long, because sooner or later the crypto and bitcoin markets will improve again.

“A crash in stocks likely means the US central bank will eventually return to easing in a short period of time. That provides further impetus for crypto,” Trenchev said, quoted by CNBC, written Monday (2/5/2022).

If Trenchev’s forecast is correct, it means the price of Bitcoin will more than double this year. Previously, in January 2020 Trenchev predicted the price of Bitcoin would reach USD 50,000 by the end of that year. However, many people do not believe and laugh at him.

Crypto Market Barriers

Trenchev’s 2020 prediction did not come true. Bitcoin only managed to hit a high of over USD 29,000 that year. However, the cryptocurrency finally surpassed that $50,000 in February 2021.

Crypto advocates often say the crypto market has matured, and there is plenty of liquidity now that major Wall Street institutions like Jump Trading and Jane Street are starting to flock to digital assets.

Meanwhile, crypto “whales” such as Do Kwon, co-founder of blockchain firm Terra Labs, have purchased millions of dollars worth of Bitcoin in the belief it could become a “reserve” currency in the future.

Despite that, Trenchev said there are some barriers to the crypto market. For example, the global regulatory environment remains fragmented and the crypto market remains volatile.

In particular, Bitcoin remains highly correlated with the stock market, specifically the Nasdaq index. While stocks remain volatile, so does Bitcoin.