{"id":12313,"date":"2024-04-05T17:47:59","date_gmt":"2024-04-05T14:47:59","guid":{"rendered":"https:\/\/forklog.com\/en\/bitcoin-resilience-uniswaps-2-trillion-milestone-and-solanas-ongoing-woes-a-market-overview\/"},"modified":"2024-04-05T17:47:59","modified_gmt":"2024-04-05T14:47:59","slug":"bitcoin-resilience-uniswaps-2-trillion-milestone-and-solanas-ongoing-woes-a-market-overview","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/bitcoin-resilience-uniswaps-2-trillion-milestone-and-solanas-ongoing-woes-a-market-overview\/","title":{"rendered":"Bitcoin Resilience, Uniswap&#8217;s $2 Trillion Milestone, and Solana&#8217;s Ongoing Woes: A Market Overview"},"content":{"rendered":"<p>Bitcoin shows resilience amid bearish selling, while Solana faces transaction processing difficulties. ForkLog compiles the latest news and expert opinions on the market situation.<\/p>\n<h2 class=\"wp-block-heading\"><strong>Bitcoin&#8217;s Strength<\/strong><\/h2>\n<p>The leading cryptocurrency holds steady at $66,000-$67,000 despite trader pressure. Sellers have failed to trigger a classic bull market correction in this cycle, according to analyst Checkmate.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Still my favourite <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> chart of this cycle.<\/p>\n<p>Market is absorbing hundred million dollar sell-side days, and the bears still haven&#8217;t managed a 20% pullback.<a href=\"https:\/\/t.co\/y9FSJ128xh\">https:\/\/t.co\/y9FSJ128xh<\/a> <a href=\"https:\/\/t.co\/LjY6fLwtCE\">pic.twitter.com\/LjY6fLwtCE<\/a><\/p>\n<p>\u2014 _Check\u0271ate ??\u26a1\u2622\ufe0f?\ufe0f (@_Checkmatey_) <a href=\"https:\/\/twitter.com\/_Checkmatey_\/status\/1776052143616876824?ref_src=twsrc%5Etfw\">April 5, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;[Bitcoin] is absorbing hundred million dollar sell-side days, and the bears still haven&#8217;t managed to pull it back by more than 20%,&#8221; the expert noted.<\/p>\n<\/blockquote>\n<p>According to Checkmate&#8217;s chart, during the previous bull cycle of 2019-2021, there were two major pullbacks of approximately 50% and 60%.<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-eu.googleusercontent.com\/-IYhWUp20CmeWrOZHVxC_7nTzQYIw1MP-dc0vgy503Lt85M2gu7BMaMybL9T3pYwxjtLf-n4D0yn5hXgndEtd5LvwU255NDqrDxQ_90-bfflbMW7Tzu38bI_rhVurEaAHLfez7SAwqFzEkzkZunQr8A\" alt=\"Bitcoin Resilience, Uniswap's $2 Trillion Milestone, and Solana's Ongoing Woes: A Market Overview\"\/><figcaption class=\"wp-element-caption\">Bull market correction chart. Data: X.<\/figcaption><\/figure>\n<p>The current market has significantly changed with the arrival of institutional investors and the launch of spot Bitcoin ETFs in the US. According to <a href=\"https:\/\/heyapollo.com\/bitcoin-etf\">Apollo<\/a>, issuers of exchange-traded funds based on digital gold hold 513,630 BTC (~$34.3 billion at the time of writing).<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-eu.googleusercontent.com\/lymEn3xcu5LfrfXQIohxplYnx8VcX-VsQyjgRiGuOA_h2c7uWe7QFItXtwOR_OsDM19BW36MqLa26U6MH-Y3whT5GlpS0IXfyFFXvjDoTcs8Fi1VcLO9EjPRJQlpWx5sMpaRt2fCMda50uYWJPmw0qc\" alt=\"Bitcoin Resilience, Uniswap's $2 Trillion Milestone, and Solana's Ongoing Woes: A Market Overview\"\/><figcaption class=\"wp-element-caption\">Volume of Bitcoin under management by Bitcoin ETF issuers. Data: Apollo.<\/figcaption><\/figure>\n<p>Besides asset managers, mining and other companies hold significant reserves of the first cryptocurrency. MicroStrategy controls about 214,000 BTC (~$14.2 billion), while Tether, the issuer of USDT, holds 75,000 BTC (~$5 billion).<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-eu.googleusercontent.com\/Jpo2jkW_9xgjRLYTjcyS7_hHHs8vrkUUeuCAsZiwHGALYVCdYl6ZawLuwSjh7tQlvY5xsm-sqqsAIKb3MRVdNZWZfvs9hzPGPchrWGqedwjR2AnlIK8IrWAzz22ZpeaLV7cnmaqDbzIVIM-MUtt64HU\" alt=\"Bitcoin Resilience, Uniswap's $2 Trillion Milestone, and Solana's Ongoing Woes: A Market Overview\"\/><figcaption class=\"wp-element-caption\">Volume of Bitcoin under management by various entities. Data: Apollo.<\/figcaption><\/figure>\n<p>As for short-term prospects, trader Skew highlighted a key resistance level at $69,000.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/search?q=%24BTC&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$BTC<\/a> Binance Spot<br \/>Above here spot supply increases considerably<\/p>\n<p>Structurally $69K is important; overall trend fight occurs here<br \/>\u2014 Above bulls push for control<br \/>\u2014 bears will try fight here imo<\/p>\n<p>Key flow points will be how significant passive sell pressure is (limit selling) &#038; how\u2026 <a href=\"https:\/\/t.co\/mgCpcWlVgR\">pic.twitter.com\/mgCpcWlVgR<\/a><\/p>\n<p>\u2014 Skew \u0394 (@52kskew) <a href=\"https:\/\/twitter.com\/52kskew\/status\/1775949950624612587?ref_src=twsrc%5Etfw\">April 4, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;Here, a trend battle occurs: bulls above strive for control, bears will try to resist. Key flow points will depend on passive sell pressure (limit selling) and the resilience of spot rates,&#8221; he explained.<\/p>\n<\/blockquote>\n<p>At the time of writing, the leading cryptocurrency is trading at $66,960. Its market capitalization <a href=\"https:\/\/www.coingecko.com\/en\/coins\/bitcoin\">stands at $1.31 trillion<\/a> with a trading volume of $42.7 billion.<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-eu.googleusercontent.com\/8AtjUKCOnsOrXIABZ8JulLlnZpzWt_XzSZxFDreArbd8lgVA4Yum6MNh-nvsojyyJb_PEcuYzpX1X39ESTSOQaS72Ndk4AG8839qtoRspL6PybKyQiCR3YshqETFRxMOWhe1wRI1cK3bPsNuUtT142A\" alt=\"Bitcoin Resilience, Uniswap's $2 Trillion Milestone, and Solana's Ongoing Woes: A Market Overview\"\/><figcaption class=\"wp-element-caption\">15-minute BTC\/USDT chart on Binance. Data: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSDT\/\">TradingView<\/a>.<\/figcaption><\/figure>\n<h2 class=\"wp-block-heading\"><strong>Solana&#8217;s Classic Struggles<\/strong><\/h2>\n<p>According to the <a href=\"https:\/\/dune.com\/gammastrategies\/Uniswap-v3-Volume-and-Fees-Collected\">Dune<\/a> dashboard, on April 4, 76% of all Solana transactions (excluding votes) were not included in blocks, marking the highest rate in history.<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-eu.googleusercontent.com\/q8ltCDDNY0Pt1dlGBjtPpUzSVBX126BK_LYf61m5iwB6DtcfGvjFzEQDtspQS-L51Gkg40Xc5k2GWFdBGA80YDUh_G-mz3PSiqj3PUk5kKHdZl2Acewdb5t2vAorNHvqomgfSHjF5FKJ2YwqNnaaa1U\" alt=\"Bitcoin Resilience, Uniswap's $2 Trillion Milestone, and Solana's Ongoing Woes: A Market Overview\"\/><figcaption class=\"wp-element-caption\">Ratio of successful to failed Solana transactions. Data: Dune.<\/figcaption><\/figure>\n<p>Meanwhile, many users continue to complain about ecosystem failures. Trader Altcoin Sherpa pointed out transactions stuck in the network.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">cant do anything on the chain, no tx going through<\/p>\n<p>\u2014 Altcoin Sherpa (@AltcoinSherpa) <a href=\"https:\/\/twitter.com\/AltcoinSherpa\/status\/1775986349654385021?ref_src=twsrc%5Etfw\">April 4, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;As much as I consider Solana the retail network of this cycle, the [user] experience is severely lagging,&#8221; he noted.<\/p>\n<\/blockquote>\n<p>Amid these issues, blockchain co-founder Anatoly Yakovenko lamented the difficulties in addressing protocol congestion problems.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">dealing with congestion bugs sucks so much more than total liveness failure. the latter is one and done, bug is identified and patched and chain continues. the former has to go through the full release and test pipeline. shipping fast is impossible ???<\/p>\n<p>\u2014 toly ?? (@aeyakovenko) <a href=\"https:\/\/twitter.com\/aeyakovenko\/status\/1776068458742223143?ref_src=twsrc%5Etfw\">April 5, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>  <\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;Dealing with congestion bugs is much worse than a total liveness failure. The latter is straightforward, the bug is identified and fixed, and operations continue. The former requires going through the full release and testing pipeline. Fast integration is impossible,&#8221; he stated.<\/p>\n<\/blockquote>\n<p>However, Solana advocate and Helius CEO Mert Mumtaz noted that the statistics on Solana&#8217;s failed transactions are &#8220;misleading.&#8221;<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">there is a stat going around CT about failed transactions on Solana<\/p>\n<p>it is misleading and 90% of the people using it don&#8217;t know what it means<\/p>\n<p>I will explain (for non-technical folks only)<\/p>\n<p>first, an example of how a usual interaction in web2 works:<\/p>\n<p>\u2014 you go on twitter and click\u2026 <a href=\"https:\/\/t.co\/SBcZRDOkD5\">pic.twitter.com\/SBcZRDOkD5<\/a><\/p>\n<p>\u2014 mert | helius.dev (@0xMert_) <a href=\"https:\/\/twitter.com\/0xMert_\/status\/1771700602629730795?ref_src=twsrc%5Etfw\">March 24, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;This is usually not a big issue for users, as your wallet simulates [the transaction] and informs you in advance that it will be executed,&#8221; he emphasized.<\/p>\n<\/blockquote>\n<p>According to him, 95% of transactions in this statistic are trading bots &#8220;failing in arbitrage.&#8221;<\/p>\n<p>Mumtaz added that due to increased spam activity, manually increasing fees does not help. Users will only waste extra money without speeding up the transaction, the expert warned.<\/p>\n<p>The Helius head noted the need for &#8220;network fixes&#8221; but doubted that the upcoming Solana 1.18 network update would solve these issues.<\/p>\n<p>Over the past 24 hours, SOL has fallen by about 7% \u2014 from $190 to $175. Its market capitalization is <a href=\"https:\/\/www.coingecko.com\/en\/coins\/solana\">$78 billion<\/a>.<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-eu.googleusercontent.com\/eruDDtXUC2z3ItdhtwPBP6dqNJvEIwQQ1tx-NsUQZttBPMbCuf2JPFZGiQyvoWLl_OzloV3lEksmBdqqgCC3dEbn8CgJXbVICfGFWFBJAIC3Lcm8yqlwhZ8tDPH-Mvth6Bc5W3bZr7vDNHscvtB9j_A\" alt=\"Bitcoin Resilience, Uniswap's $2 Trillion Milestone, and Solana's Ongoing Woes: A Market Overview\"\/><figcaption class=\"wp-element-caption\">15-minute SOL\/USDT chart on Binance. Data: <a href=\"https:\/\/www.tradingview.com\/symbols\/SOLUSDT\/\">TradingView<\/a>.<\/figcaption><\/figure>\n<h2 class=\"wp-block-heading\"><strong>DeFi&#8217;s Strength<\/strong><\/h2>\n<p>The total trading volume of the decentralized exchange (DEX) Uniswap has surpassed $2 trillion.<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-eu.googleusercontent.com\/1IENNECQPfP0FK4xFeUhJm4SulMPlF4a8UObxNQ88Is1Ja38DTwWTWJ4ymlA7KlmeVlAcrx_sKgKGmS3wDCiDDG3VnT6EvdGepFjVc-rlTYJ3CQ1bZYnGOzvDp6ayi-Gl0oXlF2pw-RDt9Z28lkrrZU\" alt=\"Bitcoin Resilience, Uniswap's $2 Trillion Milestone, and Solana's Ongoing Woes: A Market Overview\"\/><figcaption class=\"wp-element-caption\">Data: <a href=\"https:\/\/dune.com\/mud2monarch\/countdown-to-two-trillion-united-states-dollars\">Dune<\/a>.<\/figcaption><\/figure>\n<p>The platform achieved this milestone in five and a half years since its launch in November 2018.<\/p>\n<p>Data was sourced from several blockchains supporting Uniswap, including Ethereum, Polygon, Optimism, Arbitrum, Celo, BNB Chain, Base, Blast, and Avalanche.<\/p>\n<p>For comparison, Uniswap&#8217;s trading volume <a href=\"https:\/\/www.worldometers.info\/gdp\/gdp-by-country\/\">exceeds<\/a> the gross domestic product of Australia, Brazil, and South Korea \u2014 a measure of the market value of finished goods and services produced within a country.<\/p>\n<p>Uniswap remains the largest DEX by trading volume, accounting for <a href=\"https:\/\/dune.com\/hagaetc\/dex-metrics\">about 54%<\/a> of the total decentralized exchange turnover. Over the past week, its volume reached $21.5 billion.<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-eu.googleusercontent.com\/Gfue_cT9CPiVPxROwBPMPY0xPxLPA_yGX_vg4B6XAl9gq6GdxVGSq9JmmYw2H-ID7HSoVtQA_zhMK-XucHHa5cstXr-iVoIxig1jXN2oK4P1DPE4khKsdbbILKdEjm1LXcDom9rIks4zdk4VX1QR9rA\" alt=\"Bitcoin Resilience, Uniswap's $2 Trillion Milestone, and Solana's Ongoing Woes: A Market Overview\"\/><figcaption class=\"wp-element-caption\">DEX comparison. Data: Dune.<\/figcaption><\/figure>\n<p>PancakeSwap ranks second with a weekly volume of $9.1 billion (23%), followed by Curve at $1.7 billion.<\/p>\n<p>According to <a href=\"https:\/\/defillama.com\/\">DeFi Llama<\/a>, since the beginning of the year, the total volume of funds locked in DeFi protocols has grown by 94%, from $56 billion to $94 billion.<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-eu.googleusercontent.com\/snbej0RyUafSVgIWXuDvxBxKvuuoOATK4UbHZ6-tE8vMGe4imtjsDIXX4rd1mFI0NxbdS8WZUgxN1jpmRvoqBBufLtP7o6wgyjOycYyRYsuFiRKQh0Xa7BatH0is1vEW0qRaJC6Nh3lq9fE7-WBHW04\" alt=\"Bitcoin Resilience, Uniswap's $2 Trillion Milestone, and Solana's Ongoing Woes: A Market Overview\"\/><figcaption class=\"wp-element-caption\">TVL of DeFi protocols. Data: DeFi Llama.<\/figcaption><\/figure>\n<p>The top three are Lido Finance (~$30.8 billion), EigenLayer (~$11.9 billion), and Aave (~$10.4 billion).<\/p>\n<p>In late March, tokenized &#8220;real-world&#8221; assets began gaining popularity. The cumulative capitalization of the sector <a href=\"https:\/\/u1f987.com\/en\/news\/rwa-tokens-surge-81-in-a-week\">increased by 81%<\/a> over seven days to $8 billion.<\/p>\n<p>Santiment identified the most popular tokens that &#8220;reflect market sentiment and spark discussions.&#8221; The list includes Wormhole (W), Ethena Labs (ENA), and Waves (WAVES).<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin shows resilience amid bearish selling, while Solana faces transaction processing difficulties. ForkLog compiles the latest news and expert opinions on the market situation. Bitcoin&#8217;s Strength The leading cryptocurrency holds steady at $66,000-$67,000 despite trader pressure. Sellers have failed to trigger a classic bull market correction in this cycle, according to analyst Checkmate. Still my [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":12312,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[18,1145,1150,1159,1391],"class_list":["post-12313","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin","tag-market-analysis","tag-news-plus","tag-solana-sol","tag-uniswap-uni"],"aioseo_notices":[],"amp_enabled":true,"views":"29","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/12313","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=12313"}],"version-history":[{"count":0,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/12313\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/12312"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=12313"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=12313"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=12313"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}