Crypto Market Capitalisation Hits $2.4 Trillion
Bitcoin (BTC) Continues to Attract Institutional Money
Ethereum (ETH) Hits Historic High Above $2700
After witnessing a major landslide over the last weekend, the cryptocurrency market has bounced back above the $2 trillion market cap with Bitcoin (BTC) and Ethereum (ETH) renouncing strongly.
Dropping under less than $48,000 last Friday, the Bitcoin (BTC) price has surged more than 15% since then claiming levels above $55,000. At press time, Bitcoin is trading at a price of $54,804 with a market cap of $1.024 trillion.
The recent Bitcoin price recovery comes amid strong on-chain fundamentals along with continued interest shown by institutions and corporations. However, there has been some twist of events taking place over the last few days.
On Monday, April 26, automobile giant Tesla announced that it has liquidated 10% of its Bitcoin holdings during the first quarter of 2021. The company announced that it has netted a total “positive impact” of $101 million in profits from the proceeds of its $272 million in Bitcoin sales.
On the other hand, Japanese gaming giant Nexon announced that it has purchased 1717 Bitcoins for a total of $100 million from its reserve cash. The company announced that it has invested around 2% of its reserve cash in hands buying Bitcoins at an average price of $58,226.
Owen Mahoney, President and CEO of Nexon said: “Our purchase of bitcoin reflects a disciplined strategy for protecting shareholder value and for maintaining the purchasing power of our cash assets. In the current economic environment, we believe bitcoin offers long-term stability and liquidity while maintaining the value of our cash for future investments.”
Ethereum (ETH) Hits An All-Time High Above $2700 With European Investment Bank Issuing Ethereum-based Digital Bonds
Along with Bitcoin, the world’s second-largest cryptocurrency Ethereum (ETH) is showing massive strength smashing past new record highs. Earlier today, the Ethereum price moved past $2700 hitting a new all-time high.
This price spike comes as the European Investment Bank (EIB) announced issuing $121 million worth of digital bonds on the Ethereum blockchain network. As per the Reuters report, EIB shall be issuing a two-year 100-million-euro digital bond led by some of the top banking giants like Banco Santander, Goldman Sachs, and Societe Generale.
On the other hand, several on-chain indicators point towards a positive price rally for ETH. For e.g. the number of whale addresses holding over 10K-plus ETH coins just reached an all-time high of 1311 over the last weekend.
Ethereum-ETH-Whale-Addresses (Courtesy: Santiment)
On the other hand, one of the major relief points for Ethereum investors has been that the average gas fee for ETH has dropped to a three-month low under $10. As per data from Santiment, the average ETH gas fee dropped to $8.14 on Tuesday, April 27, thereby allowing investors to move their coins more confidently without paying a heavy transaction fee.
Ethereum-ETH-Average-Gas-Fee (Courtesy: Santiment)
On the other hand, the amount of Ethereum active supply at the exchanges has now touched an eight-month low as per data on Glassnode. Also, the total number of Ethereum coins staked with the Ethereum 2.0 Deposit Contracts has surged past $10 billion.
Apart from Ethereum (ETH), other altcoins showing strong performances are Binance Coin (BNB) and DogeCoin (DOGE). The Binance Coin (BNB) continues to maintain its levels around $570 bouncing back over 15% from under $500 over the last weekend.
On the other hand, the Shiba-Imu-based memecoin DOGE continues to hold its position as the seventh most powerful cryptocurrency in the market. Today, DOGE price has surged another 15% after Elon Musk’s “Dogefather” tweet.
Top Cryptocurrency News In the Market
On Tuesday, April 27, cryptocurrency exchange Gemini announced its crypto rewards system in partnership with payments giant Mastercard. As per the press release, Gemini aims to offer 3% rewards in Bitcoins on credit card spends and will extend this facility to 30 other cryptocurrencies supported by the exchange.
As Turkey grapples with massive inflation, there’s a massive rush of citizens opting for cryptocurrencies to protect their savings. However, two major local exchanges in Turkey have gone closed their operations citing financial constraints and strong regulatory action.
Crypto exchange Binance announced that it will be launching its own NFT (non-fungible token) marketplace ahead this year in June. Thus, users shall be able to create, buy and sell digital collectible items directly on their platform.
“Our aim is to provide the largest NFT trading platform in the world with the best minting, buying and exchanging experience, by leveraging the fastest and cheapest solutions powered by Binance blockchain infrastructure and community,” said Helen Hai, head of Binance’s NFT project.
- $51 + 2.4%
- $51 + 2.4%