Bitcoin (BTC) and Crypto Market Surge 6% Defying Equity Market Trend
DeFi Token UniSwap Enters Top-Ten List
Defying the equity market trend, Bitcoin (BTC) and the broader cryptocurrency market have shot over 7% today with DeFi crypto token Uniswap entering the top-ten list.
As of writing this story, Bitcoin is back above $54,000 reclaiming its $1 trillion market cap after a long consolidation period. The latest price rally in BTC comes amid the broader cryptocurrency market showing a 7.85% surge with the overall crypto market cap clocking $1.66 trillion.
Last week, Bitcoin was under pressure as it moved down to $47,000 twice during this period. However, Bitcoin (BTC) managed to form strong support at $46,500 levels while consolidating just under $50K for some time.
Today’s Bitcoin (BTC) rally comes just at a time when the global equity market remains under pressure with the 10-year Treasury yields surging higher. The equity market is showing a jittery performance along with hedge assets like Gold showing weakness and trading at a 38-week low of $1730.
Bitcoin (BTC) has shown an exemplary resilience to the market movement considering the fact that crypto and stock markets have been moving in tandem for a while now.
The latest Bitcoin price rally comes soon after the U.S. Senate approved the $1.9 trillion from the Biden administration. It looks like investors are cheering up with additional liquidity in the market. On the other hand, corporates continue to suck up Bitcoin liquidity from the market.
Companies from Asia and Europe are now joining the Bitcoin (BTC) bandwagon. On Sunday, March 7, Chinese software company Meitu announced its fresh purchase of Bitcoin (BTC) and Ethereum (ETH) from its balance sheet thereby committing a total of $40 million. This made Meitu the first public listed Chinese firm to openly declare its Bitcoin holding despite the crypto ban in China.
On the other hand, European energy giant Aker ASA has pledged a $58 million investment into Bitcoin on Monday, March 8. The investment will happen through Aker’s newly floated firm Seetee that will see investments in the Bitcoin space and the overall blockchain ecosystem. This continuous flooding of money by the big corporates is providing strong support to the BTC price.
Let’s look at some of the on-chain Bitcoin metrics supporting the price rally. As per the latest details from Glassnode, the Bitcoin network has settled more than $10 billion in average daily transactions.
Bitcoin-Network-Daily-Settlement-2021 (Courtesy: Glassnode)
Also as per “the UTXO Realized Price Distribution, the on-chain support level at $47,173 is the largest since prices were $11k”. Glassnode notes that there has been a significant and sustained transaction volume between $45.5k and $48.9k.
Bitcoin-BTC-UTXO-Price-Distribution (Courtesy: Glassnode)
On the other hand, Bitcoin (BTC) liquidity on the exchanges continues to fall every other week. Last week, another 35,200 BTC were withdrawn from the exchanges.
Ethereum (ETH) Shoots Past $1800 Amid High Whale Activity; Uniswap Enter Top Ten
The world’s second-largest cryptocurrency has bounced back strongly from last week’s lows. The ETH price was under pressure last week falling twice below $1500 levels. However, posting a strong 10% price surge today, ETH is trading at $1839 with its market cap surging past $200 billion.
The latest price rally comes at the time when Ethereum whales addresses with over 10K+ ETH coins occupy ~69% of the total supply. This is the highest supply gobbled up by these whales in the last three years since November 2017. On the other hand, addresses holding 10-10K ETH coins have the lowest supply since September 2017.
Ethereum-ETH-Whale-Supply (Courtesy: Santiment)
The next immediate Ethereum price prediction stands with ETH hitting $2000 very soon. Apart from Ethereum, the rest of the altcoin space is equally heated up today. Defi crypto token UniSwap (UNI) has stormed the DeFi market.
Uniswap’s (UNI) price has touched a new all-time high of $33.92 with its market cap crossing $17.5 billion thereby making its way to the top-ten crypto list. Uniswap is currently the eighth-largest cryptocurrency by market cap.
The UNI price has surged over 600% year-to-date as analysts have already started giving the next Uniswap price prediction of $50. At the same time, the DeFi crypto market cap has shot above $50 billion.
Oracle service provider Chainlink (LINK) has jumped 10% today as each LINK token is currently trading at a price of $31.43 with a $12.9 billion market cap. The recent price surge of LINK is backed by strong whale activity.
Chainlink-LINK-Whale-Activity (Courtesy: Santiment)
Some of the Top Trending Crypto News In the Market
-Having registered strong demand and growth for its crypto trading business, payments giant PayPal acquires crypto custodian Curv. The Israel-based platform special in offering cloud-based infrastructure for digital asset security.
-Digital asset manager NYDIG has secured a whopping $200 million funding in a growth capital round. Some of the biggest investing names involved in this funding include Stone Ridge Holdings Group, Morgan Stanley, New York Life, MassMutual, Soros Fund Management, and FS Investments.
-CI Galaxy Bitcoin ETF has received a green light from Canadian regulators and is all set to go live on the Toronto Stock Exchange (TSX) today I.e. March 9.
Uniswap – 75.55
Uniswap Price – 74.02
Uniswap Price Prediction – 67.72
Buy Bitcoin With PayPal – 73.85
Ethereum Price Prediction – 69.54
Ethereum wallet – 75.38
Ethereum 2.0 – 78.99
DeFi – 75.84
DeFi Crypto – 66.19