Bitcoin miners are transforming into large-scale enterprises as the crypto market continues to evolve. In October, Solana’s SOL outpaced other top crypto assets with a 50% gain, making it a standout performer. Year-to-date, SOL has surged over 250%, showcasing impressive growth after last year’s downturn. The Solana community is currently hosting its annual conference, Breakpoint, in Amsterdam, which highlights the blockchain’s promising future.
According to a growth report by Messari, for Solana’s growth story to continue, there needs to be a constant stream of new experiments and successful product market fits. This is essential for maintaining the momentum and attracting more users and investors to the platform.
Bitcoin also had a positive month in October, witnessing a 23% gain after reaching a 16-month high of $35,000 on October 23. On the other hand, Ether had a less impressive month, only gaining 3%. Chainlink’s LINK followed Solana closely with a 42% uptick over the same period.
In the ongoing trial of FTX founder Sam Bankman-Fried, his attorneys are making another attempt to introduce the role of English law in governing FTX’s terms of service. They hope that this argument may lead to a “not guilty” verdict on some of the fraud charges faced by the exchange founder. The proposed jury instruction would emphasize that FTX’s relationship with its customers was governed by the Terms of Service, which are “governed by… English law.” The defense has also provided examples of similar cases from the U.K.
As Bitcoin miners evolve into large-scale enterprises, North America is gaining market share over China, according to a research report by broker Bernstein. The report highlights Riot Platforms as a preferred choice, giving it an outperform rating and a $15.60 price target. CleanSpark is also rated outperform, with a $5.30 price target. These miners are seen as market share consolidators, benefiting from a strong operational edge, low production costs, high liquidity, and solid balance sheets.
The total value locked in layer 2 scaling solutions has reached a new record high of nearly $12 billion, surpassing the previous peak of $11.8 billion. Layer 2 networks accounted for two-thirds of transactions on Ethereum in the third quarter. This growth in layer 2 solutions indicates that the Ethereum ecosystem is evolving to handle increased demand and improve scalability.
In conclusion, the crypto market is witnessing significant growth and transformation. Solana’s SOL has performed exceptionally well, while Bitcoin and Chainlink have also seen impressive gains. The ongoing trial of FTX founder Sam Bankman-Fried brings attention to the legal aspects of the crypto industry, and Bitcoin miners are becoming large-scale enterprises, with North America gaining market share over China. Layer 2 scaling solutions are also experiencing growth, indicating that the Ethereum ecosystem is adapting to increased demand.
As the market continues to evolve, it is essential for investors and users to stay informed about the latest developments and trends. The growth of Solana, Bitcoin, and other crypto assets highlights the potential for further expansion and innovation in the industry. As Bitcoin miners and other market players continue to grow and adapt, the future of the crypto market remains promising.
