New York, New York–(Newsfile Corp. – January 12, 2022) – News Reportz analysis of Top Cryptocurrencies: Ethereum, BNB, Polkadot, Solana, EGC, and Cardano. Ethereum (CRYPTO: ETH) was trading at the price of $3218 with a 24-hour trading volume of $16 billion. After the recent crypto crash, Ethereum’s price has shown considerable strength as it bounced off the weekly support level at $3,061. Since its inception, Ethereum’s shift towards a layer 2 centric roadmap in 2021 is one of the most significant decisions for Ethereum’s network. In 2021, Solana, Avalanche, and the Binance Smart Chain attracted a ton of liquidity. Primarily because these layer 1 ecosystems use proof of stake (PoS) consensus mechanisms. POS allows for some pretty insane scale, however, proof of stake comes with an inherent decrease in security- This is evident from Solana, which has gone offline multiple times this year alone.
Ethereum, BNB, and Solana Major Updates
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Binance Coin BNB was trading at 470$ with a 5% increase over 24 hours. In just 4 years, Binance coin became the third biggest crypto after Bitcoin, Ethereum, and tether. Mainly due to its fast transaction speed and low fees. Binance Coin BNB started as an ERC20 token before migrating to its own blockchain. BSC has a deflationary burning strategy to ensure a finite coin supply. 20% of the profits will be used to buy back and burn BNB coins. The aim is to remove over 100 million Binance coins BNB from circulation. Binance Chain is incubating some of the fastest-growing DeFi projects. The growth of projects like EverGrow which executes thousands of transactions daily and tens of millions worth of BNB locked in liquidity on Pancakeswap is boosting BNB utility. EverGrow(EGC), reward its holders 8% from every transaction in BUSD, and in 3 months of launch, has distributed over $32 million BUSD to its 130K holders through millions of transaction which couldn’t have been possible on the Ethereum blockchain due to its low speed and high gas fee.
Solana, Cardano, and Polkadot are the top three names in the battle for supremacy. Solana experienced a 4.33% price change and its current price was trading at $142 with a 24 hours trading volume of $1.6 Billion. Solana has been dubbed an ‘Ethereum killer’ thanks to its underlying blockchain technology that has indeed provided the edge to its price. Solana is a highly active open source project that banks on blockchain technology’s permissionless nature to provide decentralized finance (DeFi) solutions. Solana’s hybrid protocol allows significantly decreased validation times for transaction and smart contract execution. While the idea and initial work on the project began in 2017, Solana was officially launched in March 2020 by the Solana Foundation. The Solana (SOL) blockchain network has continued to experience congestion issues being caused by high compute transactions. According to a Binance notice today, the network congestion on the Solana blockchain has reduced the throughput of the network to “several thousands of transactions per second.
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