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Jeddah - Yasmine El Tohamy - Bank of America analyst says Solana could take market share from Ethereum: Crypto Moves
RIYADH: Bitcoin, the leading cryptocurrency internationally, traded higher on Sunday, rising by 0.28 percent to $43,131 at 12:14 p.m. Riyadh time.
Ether, the second most traded cryptocurrency, was priced at $3,317, up by 0.03 percent, according to data from Coindesk.
Bank of America published a research note on cryptocurrency this week arguing that Solana could take market share away from Ethereum.
Analyst Alkesh Shah said that Solana “produces a blockchain optimized for consumer use cases by prioritizing scalability, low transaction fees and ease of use,” citing Solana Foundation member Lily Liu.
He added that its ease of use and low cost make the crypto optimized for micropayments, gaming, and non-fungible token (NFTs).
“Solana could become the Visa of the digital asset ecosystem,” Shah said.
Solana is the fifth-largest cryptocurrency with a market capitalization of about $46 billion, according to Bitcoin.com.
Russia has dismantled ransomware crime group Revil at the request of the United States in an operation in which it detained and charged the group's members, the FSB domestic intelligence service said on Friday.
The US welcomed the arrests, according to a senior administration official, adding “we understand that one of the individuals who was arrested today was responsible for attack against Colonial Pipeline last spring.”
A May cyberattack on the Colonial Pipeline that led to widespread gas shortages on the US East Coast used encryption software called DarkSide, which was developed by Revil associates.
Police and FSB operation searched 25 addresses, detaining 14 people, the FSB said, listing assets it had seized including 426 million roubles, $600,000, 500,000 euros, computer equipment and 20 luxury cars.
The group members have been charged and could face up to seven years in prison, the FSB said.
A source familiar with the case told Interfax the group's members with Russian citizenship would not be handed over to the US.
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