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Bitcoin and Ether Will be Outperformed by Solana in 2022: deVere CEO

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Solana - Investors King

Cryptocurrency Solana is likely to again outperform both Bitcoin and Ethereum, the world’s two biggest digital currencies, in 2022, according to the CEO of a $12bn financial giant.

The bullish prediction from Nigel Green, chief executive and founder of deVere Group, one of the world’s largest independent financial advisory, asset management and fintech organisations, comes amid another sharp bearish dip for leading cryptocurrencies on Friday.

Bitcoin, Ethereum and Solana were down around 5.7%, 6.8%, and 8.9% respectively over the previous 24 hours of trading.

Mr Green says: “End of the week trading was hit by negative sentiment of high-growth stocks, which went on to impact Bitcoin, the world’s largest cryptocurrency by market cap which, in turn, weighed on the wider crypto market.

“Despite this current volatility, crypto investors who have consistently stayed in the market have generally had a positive year. Year-to-date Bitcoin is up 46%, Ether 376%, and Solana around 13,000%.

“Savvy investors – both retail and institutional – know that crypto is the future of money. In times of volatility, in which there are lower entry points to top up portfolios, they typically continue to drip-feed money into the digital assets market.”

He continues: “I’m confident that a key one to watch in 2022 is Solana, currently the fifth largest crypto by market cap. It started off the year trading at around $2, now it’s changing hands on the deVere Crypto app for about $200.

“It’s likely it will outperform both Bitcoin and Ethereum again next year.

“Why? Because of its masterful technology and its cost-effectiveness.”

Mr Green explains: “Solana is a blockchain platform that has superior high transaction speeds, processing over 2,500 transactions per second – main rival Ether’s is 15 – and at a lower cost and without compromising decentralisation.

“Like Ether, it supports smart contracts, which are algorithms that are designed to operate automatically based on predefined agreements on blockchain technology.

“This revolutionary tech will ultimately change the way almost all business and financial services are delivered in the future. As such, a growing number of decentralized finance (DeFi) applications are moving to Solana.

“They’re also attracted by the considerably cheaper fees compared to Ether, whose prices have exploded in recent months.”

In September, the Solana network went down for about 17 hours. At the time, on Twitter, Solana explained a large jump in transaction load to 400,000 per second overwhelmed the network.

“It’s a young network still and this was just a temporary glitch,” comments Nigel Green.

He concludes: “In-the-know investors are watching it with interest.

“There’s no reason why it shouldn’t again outperform headline grabbers Bitcoin and Ethereum next year if the current momentum continues.

“It’s a momentum driven by a booming DeFi space as retail investors seek alternative funding opportunities and institutional investors continue to pile in.

“2022 will be Solana’s breakout year.”

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Cryptocurrency

$430 Million Worth of Bitcoin Traded Amidst CBN’s Restrictions

Paxful has said it has 1.5 million cryptocurrency traders/investors in Nigeria despite the Central Bank of Nigeria (CBN) restrictions.

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bitcoin to Nigerian Naira - Investors King

Paxful, one of the major peer-to-peer (P2P) cryptocurrency exchange platforms in the world with a strong presence in Nigeria and Africa as a whole, has said it has 1.5 million cryptocurrency traders/investors in Nigeria despite the Central Bank of Nigeria (CBN) restrictions.

According to the exchange platform, Nigerians have traded over $1.5 billion in cryptocurrency volume on the platform up until 2021. This, the company said Bitcoin accounted for $420 million, adding that the number jumped by 23% between February 2021 and March 2021. Just after the CBN restricted banks from facilitating cryptocurrency payments for traders and investors in Nigeria.

Last year February, the central bank of Nigeria made a statement saying “Further to earlier regulatory directives on the subject, the bank hereby wishes to remind regulated institutions that dealing in cryptocurrencies or facilitating payments for cryptocurrency exchange is prohibited.

However, Paxful revealed that;

“Nigeria is leading in cryptocurrency, and we expect this growth to only continue. To share some stats:

  • Nigeria is our largest market, with 1.5 million users and over $1.5 billion volume to date (since 2015) 
  • Compared to last year – we are on pace to have 23% more bank transfer trades in Nigeria on the platform than last year
  • Compared to last year – we are on pace to have 36% more bank transfer volume in Nigeria on the platform than last year
  • Looking at YoY data from end of June 2020/2021, we see increases in Bitcoin trading volumes of 57% in Nigeria 
  • Looking at YoY data from end of June 2020/2021, we see increases in user numbers of 83% in Nigeria 
  • To date, in 2021, we’ve seen over $430M in USD traded in BTC alone in Nigeria 
  • From Feb 2021 to March 2021 (after CBN restrictions were placed), trade volume increased over 23% on Paxful in Nigeria
  • As of April 2021, Bitcoin P2P trading in Nigeria has surged by 27% since restrictions were introduced by CBN”

Asides from Paxful, there are other P2P platforms that focus on buying and selling bitcoins and other digital currencies in Nigeria.

Binance, Bybit, Kucoin, etc are some of the known cryptocurrency exchange platforms in Nigeria, one of the largest participating nations. However, there are no available figures to authenticate their transaction volume or value like Paxful.

Since the CBN restricted banks from dealing in cryptocurrencies, Nigerians now rely on P2P platforms like Paxful, Binance and others for their cryptocurrency transactions.

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Cryptocurrency Crash: It’s Not All Doom and Gloom

Research into cryptocurrency capital inflows has shown that about $140 billion is sitting in four of the leading stablecoins.

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Dollar Cryptocurrency - Investors King

Despite the cryptocurrency crash and rising global uncertainty, research into cryptocurrency capital inflows has shown that about $140 billion is sitting in four of the leading stablecoins as institutional investors that have been backing the cryptocurrency space in recent months assess happenings.

Capital inflow into dollar-pegged Tether’s USDT, Circle’s USDC, Binance’s BUSD, and MarkerDAO’s DAI has risen from $7 billion in the last 2 years to $147 billion in 2022, suggesting that cryptocurrency investors are not withdrawing their funds or converting to U.S. Dollar but sitting on the sideline for possible re-entry.

“The amount of money sitting on the digital sideline has never been greater and points to an abundance of patient investors ready to pounce on discounted digital assets,” Stated Digital Asset Investment Management (DAIM) analysts. “That means the ecosystem has an additional $140 billion ready to be deployed into bitcoin and altcoins.”

According to Louis Schoeman, managing director at broker comparison site Forex Suggest, we are currently experiencing the biggest crypto crash in history, with the crypto Fear and Greed index having slipped into “extreme fear” category.

However, it’s not all doom and gloom. Coins such as Bitcoin, Ethereum and Solana gained in their prices in the last 24 hours. Equity markets, too, recorded some gains including Nasdaq, the S&P 500 and Dow Jones Industrial Average.

“It’s worth noting that various coins including Bitcoin were heavily inflated in a bubble over the last 2 years, so a crash of this enormity was bound to happen. With investors dumping assets in response to high inflation and the semi-collapse of the Celsius network driving the downward spiral, I think only the best fundamentally strong crypto projects will survive this bear market, as is proving to be.

This is a cleansing process of note as we believe between 80% – 90% of the crypto projects will not survive this period especially if Bitcoin falls below $20,000 again.

But, it also serves as a massive opportunity for many no-coiners to enter the crypto market for the 1st time ever.

Fortune favours the brave in crypto right now.”

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Cryptocurrency

Binance, the World’s Largest Cryptocurrency Exchange, is 5 Years Old Today

Binance, the world’s leading blockchain ecosystem and cryptocurrency infrastructure provider, is celebrating its 5th anniversary by eliminating trading fees on a wide range of bitcoin spot trading pairs.

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Binance - Investors King

Binance, the world’s leading blockchain ecosystem and cryptocurrency infrastructure provider, is celebrating its 5th anniversary by eliminating trading fees on a wide range of bitcoin spot trading pairs. While Binance has long maintained one of the lowest spot trading fees in the industry, it is establishing itself as the global leader in pricing with this latest move.

From July 8, users will be able to enjoy fee-free trading on thirteen stablecoin and fiat combinations including BTC/USDT, BTC/BUSD, BTC/USDC, BTC/EUR, BTC/TRY, and more. The new trading fees will be in effect until further notice, allowing Binance users globally to enjoy the fee-free feeling beyond the two weeks of anniversary celebrations.

Binance Founder and CEO “CZ” (Changpeng Zhao) said: “In line with our user-first philosophy, Binance has always strived to provide the most competitive fees in the industry. At its core, Binance is an inclusive platform with accessibility in mind. Eliminating the trading fees on selected BTC spot trading pairs is another move towards that direction.”

“Within the span of five years, Binance has amassed an amazing community that believes in us and supports our vision. Our growth and achievements would not have been possible without them. We hope to give back to the community by providing them with the world’s best products and services,” added CZ.

Binance launched in July 2017 as a crypto-to-crypto exchange and within six months, became the world’s largest crypto exchange. Today, Binance is a global blockchain ecosystem spanning across trading services, infrastructure solutions, educational resources, research, social good and charitable programs, investment and incubation initiatives, and more. By providing access to broad financial tools while maintaining one of the lowest fees in the business, Binance is making crypto accessible to everyone in Africa and beyond.

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