Altcoins Awaken To Reach Multi-Year Highs As Bitcoin Strengthens
Ethereum’s rally to reach a new all-time high was followed by an equally impressive performance from most of the altcoins. Ether (ETH) led the market higher as it surged to set another all-time high above $1,760. ETH CME futures...
Ethereum’s rally to reach a new all-time high was followed by an equally impressive performance from most of the altcoins. Ether (ETH) led the market higher as it surged to set another all-time high above $1,760.
ETH CME futures are expected to launch on February 9, making most analysts forecast that the top-ranked altcoin will reach $2,000 before meeting any considerable resistance. Data acquired from TradingView shows Ether currently consolidating around $1,700 which is a gain of 3% in the last 24 hours as BTC is up trading above $39,000.
ETH/USDT 4-hour chart. Source: TradingViewGas fees on the Ethereum network were also seen setting a new all-time high this week with the average transaction cost rising to $17.5 on February 3. This surge prompted some exchanges to stop ETH and ERC-20 withdrawals.
Ethereum average gas price. Source: EtherscanYearn Finance (YFI) underwent an exploit on February 4which enabled a hacker to drain $11 million worth of DAI stablecoin from the version 1 DAI yield vault. The team responded rapidly by taking multiple steps to help minimize the damage of this attack.
In that context, Tether froze $1.7 million in stolen funds and the money will be returned to the project. Also, there was a proposal from the MakerDAO community to develop a purpose-built collateralized debt position (CDP) to make the affected users whole again.
Some positive news was seen to come from a Washington-based institutional crypto custodian, Protego, who said that it has become the second crypto-native company to get national licensing from the United States Office of the Comptroller of the Currency.
Democrats Support The Stimulus Bill
Stocks surged on February 5 as the US legislators passed a critical hiccup in the rollout of the next stimulus package that might see individuals making less than $50K per year get a $1,400 stimulus check.
Most of the major indices finished the day in the green with NASDAQ, Dow, S&P closing the day up 0.57%, 0.30%, and 0.39% respectively. Silver also experienced a gain of 2.82% and closed the day at $26.98.
Altcoins Rise Further
As bitcoin consolidates above $38,000, the altcoins are gaining some momentum and many of the coins have seen their prices breakout on Friday and Saturday.
MakerDAO (MKR) gained 45% to establish a new all-time high of $3,099 before it corrected to $2,810. On the other hand, the DeFi infrastructure protocol 0x (ZRX) has seen its price gain 61% to $1.63.
BTC/USD daily chart. Source: Coin360Cardano is one of the notable performers from the larger cap altcoins gaining 26.44% of Friday as Binance Coin (BNB) also reached a new all-time high at $64.87.
The general crypto market cap now stands at above $1.12 trillion and BTC’s dominance rate is 60%.
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