Speculations of Facebook Buying Bitcoin (BTC)
Ethereum (ETH) Hits New All-Time High
Ethereum (ETH) Hits New All-Time High; DeFi Crypto Market Surges
The overall cryptocurrency market seems to making a solid move today, surging 5% as the crypto market cap moves past $1.1 trillion. Ethereum (ETH) remains the center of attraction for investors as it surges all the way to $1700 levels, hitting a new all-time high.
At press time, Bitcoin (BTC) is playing catch-up with Ethereum by surging 5% and moving past $37,500 levels. Both these crypto giants have kept the overall market momentum going along with the altcoin market staying hot.
Interestingly, the DeFi crypto market shows no signs of cooling down anytime soon as it gains 20% in a single day.
Ethereum (ETH) Price Hits New All-Time High of $1687 With Massive Institutional Purchases
The world’s second-largest cryptocurrency Ethereum (ETH) has made dominating moves northwards in the last two days. Earlier today, ETH climbed up all the way to $1700 backed by strong institutional purchases.
Digital asset manager Grayscale has been on an ETH purchasing spree recently after it resumed new investments for its Ethereum Trust (ETHE). Over the last two days, Grayscale purchased more than 70,000 ETH coins worth more than $100 million.
The Grayscale Ethereum Trust (ETHE) now holds more than 3 million ETH coins with its net assets under management at above $5 billion. The recent ETH price rally comes backed with strong on-chain fundamentals. As on-chain data provider Santiment notes that the total number of ETH active addresses has been rising sharply currently.
On the other hand, dormant ETH coins continue to move to cold storage, while fresh capital from young-age investors continues to flow into Etheruem.
Ethereum-ETH-Active-Addresses (Courtesy: Santiment)
On the other hand, as the ETH network activity increases, the ETH miners are earning a lot in terms of transaction fees. On-chain data provider Glassnode reports: “A staggering $325 million in transaction fees were paid on #Ethereum in January, almost doubling the amount of its previous record month (Sept 2020). In comparison: #BitcoinJanuary fees were $114 million (2.8x difference)”.
Ethereum-Monthly-Transaction-Fees (Courtesy: Glassnode)
There’s a lot of buzz currently around the launch of CME Ether Futures scheduled next week on February 8. Analysts predict that it will lead to more institutional interest and participation in the world’s second largest cryptocurrency.
Bitcoin (BTC) is currently playing a bit of catchup with Ethereum as it has surged 4% today moving past $37,500 levels. The BTC price surge comes amid a sharply falling supply at the Bitcoin exchange wallets, which has dropped to a 2.5-year low.
On the other hand, Bitcoin whales are becoming increasingly dominant over mid-tier addresses. As on-chain data provider Santiment reports: “Bitcoin whales (1,000+ $BTC addresses) briefly surpassed mid-tier addresses (10-1,000 $BTC) in terms of percent of supply held for the first time in history. As mid-tiers continue taking profit, expect whales to dictate price direction more & more”.
Bitcoin-BTC-Whales-Mid-Tier-Addresses (Courtesy: Santiment)
Altcoins & DeFi Crypto Market Rallies Strongly
Apart from Ethereum (ETH), some of the other top-ten altcoins have registered solid moves in the last 24-hours.
The Polkadot (DOT) Coin has hit its new all-time high moving past $20. At press time, the Polkadot (DOT) crypto is trading at a price of $20.24 with its market cap moving past $18.3 billion.
With this, the Polkadot Coin reclaims the spot of fourth-largest crypto from Ripple’s XRP. The Polkadot Coin surges soon after crypto asset manager 21shares launched a new DOT exchange-traded-product (ETP) on Tuesday, February 2.
Oracle service provider Chainlink (LINK) also hits its new all-time high moving past $25.5. The Chainlink price has registered a strong rally so far in 2021 with more than 125% year-to-date gains. With the recent surge in the DeFi activity, Chainlink’s oracle service remains in top demand for on-chain and off-chain data transfers.
The DeFi crypto market has registered 20% gains in the last 24-hours. As of writing this story, the DeFi Crypto market cap stands at $30.91 as per data on Messari. The DeFi crypto market cap has multiplied 4x with more than 300% gains just in the first month of 2021.
UniSwap (UNI), Aave (AAVE), SushiSwap (SUSHI) and Compound (COMP) are some of the top-performing DeFi tokens in 2021. The total value locked in DeFi has also moved past $32 billion.
Top Cryptocurrency Flash News
Business Intelligence firm MicroStrategy is conducting one of the biggest corporate virtual Bitcoin conference with more than 1400 participants.
Gemini crypto exchange launches its new crypto interest earning product ‘Gemini Earn’ with more than 7.4% annual percentage yield.
Elon Musk once again sparks DogeCoin (DOGE) rally with his tweet. DEOGE shoots over 50%.
Leading Payment Processor VISA tests pilot APIs that facilitate digital asset banking infrastructure for direct buying and selling cryptocurrencies.
Payments processing giant PayPal reports strong earnings surge with Bitcoin transactions in Q4 2020. Pledges to launch a new crypto business unit.
Ethereum Price Prediction – 69.7
Defi Crypto – 67.97
Chainlink Price, Chainlink News, Chainlink Crypto – 73.4
Chainlink Price Prediction – 63.94
Polkadot Crypto – 78.52
Polkadot Coin – 75.04
- $51 + 2.4%
- $51 + 2.4%