8 February 2021

Top 3 Altcoins That Can Spike on CME Ether Futures Launch

The overall cryptocurrency market has added more than $100 billion in the last 24 hours with altcoins staying in the news all over as Bitcoin makes a move at $38,000. Over the last week, altcoins have dominated the market movement led by the world’s second-largest Ethereum. 

However, Bitcoin continues to play catchup and has surged 10% eyeing a move above $38,000 levels backed by rising whale activity. 

It’s the DeFi crypto market that has been literally exploding gaining more than 70% in a week’s time and adding more than $6.5 billion. The overall DeFi crypto market cap has surged nearly 350% year-to-date. 

Also, the total value locked in decentralized finance (DeFi) protocol has crossed $35 billion for the very first time. Some of the DeFi tokens like Maker (MKR), UMA (UMA), 0x (ZRX), and others have literally doubled over the last week. 

DeFi-oken-Surge (Courtesy: Santiment

Ethereum (ETH) Surges Above $1750 Hitting New ATH With Institutional Buying; Gas Fee Explodes

The world’s second-largest cryptocurrency Ethereum has been the major market mover for the week surging nearly 25 so far. Earlier today, Ethereum surged past all the way above $1750 hitting a new all-time high and entering the price discovery zone. 

Data shows that the latest rally in Ethereum comes amid high institutional buying. Just within 7 days of re-opening the Grayscale Ethereum Trust (ETHE), the world’s largest digital asset manager has added over 100,000 ETH coins worth around $200 million. 

Also, data from Bybt shows that just three days ahead of the launch of CME Ether Futures, the ETH Futures open interest has hit an all-time high of $6.4 billion.

Ethereum-ETH-Futures-Open-Interest (Courtesy: Bybt)

The Ethereum gas fee has exploded recently with miners making massive money. On-chain data provider Glassnode notes that within a single hour, Ethereum miners have earned a revenue of a massive $3.5 million. On the other hand, it turns out that the total number of ETH staked on Ethereum 2.0 has also crossed 3 million amounting to a massive $5.0 billion. 

Ethereum-ETH-Miner-Revenue (Courtesy: Glassnode)

With the current development all around, the next Ethereum Price Prediction currently stands around $2000. 

Bitcoin (BTC) Whale Accumulation Helps the Crypto to Move Forward

Coming to Bitcoin, the world’s largest cryptocurrency Bitcoin has been playing catchup with Ethereum surging nearly 10% so far in a week’s time. If we see, the Bitcoin whales (addresses with over 1000+ BTC Coins) have been accumulating over the last week while the mid-tier addresses (100-1000 BTC) have resolved to continuous profit-booking.

Bitcoin-Whales-Buying (Courtesy: Santiment)

On the other hand, the Bitcoin exchange balances and liquidity continues to decline at a very fast rate. Data from CryptoQuant shows that on Friday, February 4, nearly 15,000 Bitcoins have been moved out of Coinbase Pro at $37,413 BTC price. 

Bitcoin-Coinbase-Outflow (Courtesy: CryptoQuant)

In another interesting development, Twitter CEO Jack Dorsey has fired his own Bitcoin node as per the latest update shared with his community. It means that Dorsey himself can validate and blocks on the Bitcoin network. 

Snapshots of the Altcoin market and the Top Crypto Picks

Coming to Bitcoin, the world’s largest cryptocurrency Bitcoin has been playing catchup with Ethereum surging nearly 10% so far in a week’s time. If we see, the Bitcoin whales (addresses with over 1000+ BTC Coins) have been accumulating over the last week while the mid-tier addresses (100-1000 BTC) have resolved to continuous profit-booking. 

Bitcoin-Whales-Buying (Courtesy: Santiment)

On the other hand, the Bitcoin exchange balances and liquidity continues to decline at a very fast rate. Data from CryptoQuant shows that on Friday, February 4, nearly 15,000 Bitcoins have been moved out of Coinbase Pro at $37,413 BTC price. 

Bitcoin-Coinbase-Outflow (Courtesy: CryptoQuant)

In another interesting development, Twitter CEO Jack Dorsey has fired his own Bitcoin node as per the latest update shared with his community. It means that Dorsey himself can validate and blocks on the Bitcoin network. 

Snapshots of the Altcoin market and the Top Crypto Picks

As said, the altcoin market has made a solid move over the last week. As we look into the weekly altcoin news, here’re some of the top-performing altcoins.

  • XRP price is up 50% today in a solid rally taking its weekly gains to over 54%. At press time, XRP is trading at a price of $0.44 with the next market prediction being $0.75-$1.0.
  • Cardano’s ADA has also registered over 50% weekly gains hitting its new 3-year high. Cardano is slowly emerging as a direct competitor to Ethereum for hosting a majority of DeFi protocols. 
  • Similarly, Binance Coin (BNB) has cruised the way into the top-ten crypto-list with 58% weekly gains. Polkadot (DOT) has gained 24%, Chainlink (LINK) 15%, and Litecoin (LTC) 10% over the last week. 

Below are some of our top weekly crypto picks:

  • DEX aggregator 1INCH exchange has surged 67% over the last week. 1inch is a DEX platform that sources crypto prices across different DEX while maintaining the order books. 
  • Injective Protocol (INJ) is another DeFi crypto token on our radar that has surged 50% over last week. The platform uses oracle technology to provide decentralized data. The Injective Solstice V2 network supports decentralized stock trading for companies like Amazon, Google, and Airbnb. 
  • KeeperDAO (ROOK) is another on-chain liquidity underwriter for DeFi. The ROOK price has surged more than 32% over the last week. 

Bitcoin Prediction - 77.38

Bitcoin Price Analysis - 78.43

Ethereum Price Prediction - 69.16

Ethereum wallet - 69.98

Buy Ethereum  - 78.84

Ethereum 2.0 - 76.44

XRP Price prediction - 63.93

XRP News Today - 75.05

Altcoin News - 69.39

Top Altcoins - 78.68

Best altcoins - 78.37

DeFi- 71.46

DeFi crypto - 66.89

Polkadot Coin - 72.94

Polkadot Crypto - 74.84

Chainlink - 73.92

Chainlink Price 77.10

Chainlink News - 77.32

Chainlink crypto - 77.47

Chainlink Coin - 74.05

Close Bitnami banner
Bitnami