Author: The Daily Hodl

Solana (SOL) co-founder Raj Gokal is naming two blockchains that have a head start in the sovereign blockchains crypto sub-sector. At a TOKEN2049 panel discussion, Gokal says that Avalanche (AVAX) and Cosmos Hub (ATOM) are “the clear winners” with regard to sovereign blockchains. A sovereign blockchain is typically under the control of a single entity, unlike public blockchains such as Bitcoin (BTC) which are decentralized. According to Gokal, Cosmos Hub and Avalanche have some differences that set them apart. “Cosmos is an old-school project and it’s not that coordinated. I think Avalanche brings the coordination and the ability for developers…

Market intelligence platform Kaiko Analytics reports that new competitors are chipping away at Tether’s (USDT) stablecoin dominance. In a new report titled “Tether Loses Market Share,” Kaiko Analytics says that the stablecoin issuer’s market share over centralized exchange platforms (CEXs) has dipped 13% year-to-date (YTD) due to the growth of rival dollar-pegged digital assets, such as FDUSD and USDC. “Despite its dominant market position, USDT’s market share on CEXs has been trending downwards, declining from 82% to 69% YTD. This decrease can be partly attributed to growing competition from stablecoins like FDUSD which benefit from Binance’s zero-fee promotions. USDC has…

ARK Invest CEO Cathie Wood is reportedly raising her price target for Bitcoin (BTC) based upon an assumption of greater institutional investment in the top digital asset by market cap. According to a new report from Benzinga, Wood’s latest prediction is that Bitcoin will soar to $3.8 million by 2030 if institutions decide to allocate slightly more than 5% of their portfolios to BTC. The new Wood prediction, made at a New York Investor Day in March, increases her previous prediction by $2.3 million. Says Wood, “Last year we put out our bull case for Bitcoin. It was $1.5 million.…

A closely followed crypto strategist is warning that Bitcoin (BTC) may have already printed a bull market top. Analyst Ali Martinez tells his 60,700 followers on the social media platform X that realized profits, or gains converted to cash, have historically coincided with Bitcoin market tops. The analyst highlights that when Bitcoin hit a fresh all-time high of more than $73,000, realized profits soared to a new high and eclipsed levels witnessed during the 2018, 2021 and 2022 bull market tops. “Last month, when BTC hit $73,880, realized profits skyrocketed to $3.52 billion. This could signal a potential BTC market…

Asset management titan BlackRock is leading a new fundraising round for Securitize, a US company geared towards the tokenization of real-world assets. According to a new press release, Securitize has completed a $47 million funding round led by BlackRock, which has over $10 trillion of assets under its management and is the largest asset manager in the world. The investment includes appointing Joseph Chalom, BlackRock’s current global head of strategic ecosystem partnerships, onto Securitize’s board of directors. As stated by Chalom, according to the press release, “At BlackRock, we believe that tokenization has the potential to drive a significant transformation…

Bitcoin has started the month of May with another downward move, so far touching the $56,480 level after an already red April. The breakdown coincides with several whales – known and unknown – sending massive amounts of coins to crypto exchanges, presumably to sell on the open market. Initially spotted by blockchain tracking firm Lookonchain, one whale was seen depositing 1,225 BTC worth $70.26 million to crypto exchange Kraken early on Wednesday. Several days before, the same whale was spotted depositing a separate 1,225 coins, also to Kraken. According to Lookonchain, the whale had accumulated over 24,755 BTC worth about…

The top US crypto exchange Coinbase has announced that a stablecoin pegged to the Canadian dollar could soon be trading on its platform. Announcing via the social media platform X, Coinbase says it’s adding QCAD to its listing roadmap, which alerts customers that the company could soon add support for certain assets. QCAD was relaunched last year by digital asset company Stablecorp with the promise to maintain reserves at least equal to the amount of QCAD in circulation on public blockchains. QCAD is available for use on Ethereum (ETH), Stellar (XLM) and Algorand (ALGO) blockchains. Stablecorp CEO Alex McDougall said…

A closely followed crypto strategist is predicting one Ethereum (ETH) competitor could go on a massive rally following a market correction. Pseudonymous analyst Altcoin Sherpa tells his 215,600 followers on the social media platform X that Solana (SOL) may retest $120 before a parabolic rally to more than $500 later this year. “SOL: as long as the alt market continues to bleed, $120 might be the next area of interest. That said, I still strongly feel SOL is going to $500+ this year. Dollar-cost average and just be patient.” Solana is trading for $125 at time of writing, down nearly…

A Cardano (ADA) whale metric recently indicated the Ethereum (ETH) competitor could be primed for a price reversal, according to the crypto analytics firm Santiment. On Monday, Cardano whale transactions exceeding $100,000 in value surged to their highest number since November 8th. Explains Santiment, “These spikes in whale activity historically correlate with potential price reversals. ADA’s market cap has shrunk -43% since March 13th.” ADA is trading at $0.441 at time of writing. The 11th-ranked crypto asset by market cap is down nearly 4% in the past 24 hours, more than 12% in the past week and more than 32%…

Macro guru Lyn Alden thinks that Bitcoin’s (BTC) ascent to prominence en route to becoming a giant asset class will take more than 10 years. Speaking at an event organized by the What Bitcoin Did podcast, Alden says people tend to think that technologies like Bitcoin will immediately disrupt the incumbent system. However, Alden highlights that change happens over a long arc of time and that people are underestimating the potential impact of Bitcoin on the financial system. “It’s not a one-year, three-year, five-year story. It’s not even a 10-year story. That’s a multi-decade story. With technologies, people often overestimate…