BTC breaks all-time high; DOGE, EGLD surge as the The Total Market Cap breaks new all-time high. Liquidity sets the base for a bullish week as more stablecoins are held in exchanges. Bullish sentiment is strong, and confidence increases as economic outlook is encouraging.
- Bitcoin ($43,369.16, +14.43%) breaks new all-time high as Tesla invests $1.5billion in BTC and is to accept the crypto king as a payment method. Driven by high Large Transaction Volume ($83.5billion) over the weekend, BTC continues to pressure on the upside as on-chain activity (Average Transaction Size, $275,856.68) increases. The BTC balance on exchanges decreases (2,341,491.84 BTC) signaling confidence and bullish sentiment. As of present, Bitcoin’s all-time high sits at $44,906.99.
- The hype behind the notorious ‘meme’ crypto continues. DOGE gains over the weekend (+64.72%) as Elon Musk continuous to praise the cryptocurrency over his Twitter account. Trading at $0.0810 (+15.73%), DOGE makes a comeback and reclaims the prestigious CoinMarketCap’s Top 10 Rank (#10). However, some doubt the strength of the sudden uptrend, considering that 24-hour volume ($9,635,163,682) isn’t as substantial as last week’s.
- Elrond, the new technology internet ecosystem paves the way, trading at $178.95 (+40.04%) as the Smart Contract Platform surges in 24-hour volume traded ($1,025,128.160). EGLD breaks a new all-time high following last week’s 2 million transactions milestone and Maiar‘s official launch. The hypergrowth phase has just begun, claims Beniamin Mincu, Elrond’s Network CEO.
- The Total Crypto Market Cap breaks a new all-time high ($1,209,917,532,930) as DeFi (+10.65%) and Smart Contract Platforms (+5.59%) surge early on in the week. The recent surge in the crypto market is mainly due to high stablecoin liquidity in exchanges (USDT Percent Balance on Exchanges, 14.55%). Following BTC’s uproar, Bitcoin’s Dominance hovers at 60% while Ethereum’s Dominance sheds (15.69%).
- A global declining trend in Covid-19 infections excite the markets coupled with Janet Yellen’s remarks on the U.S. labor market returning full employment in 2022. Furthermore, the crypto bull market is due to continue ahead of further stimulus and strong commodities (Oil takes back $60/barrel).
News and Follow-Ups From Around the Industry
- Tesla buys $1.5billion worth of BTC and plans to accept bitcoin as a payment method. According to Tesla’s securities filing “We expect to begin accepting Bitcoin as a form of payement for our products in the near future…“
- Miami Mayor, Francis Suarez, discusses plans to to implement crypto and blockchain throughout the city, telling Forbes “We’re working on making sure that our incentives are in place and that our legislation promotes crypto and blockchain and is forward-thinking.”
- Grayscale’s newly released report titled “Valuing Ethereum” believes that the new EIP-1559 mechanism could “serve as a positive feedback loop for Ether’s price.”
Top 3 Cryptos by Sector
Market Cap-Large (24/h Δ in price)
Total Market Cap: (+3.93%)
- BTC: $43,369.16, (+14.43%)
- ETH: $1,726.39 (+10.90%)
- XRP: $0.453 (+10.00%)
Smart Contracts (24/h Δ in price)
- DOT: $22.39 (+16.25%)
- ADA: $0.718 (+13.36%)
- EOS: $3.53 (+5.45%)
DeFi (24/h Δ in price)
- AAVE: $504.23 (+16.17%)
- UNI: $19.62 (+9.62%)
- MAKER: $2,563.12 (+7.88%)
Stable Coins (24/h Δ in volume traded)
- USDT: $28.512.235.057 (+0.08%)
- USDC: $925.805.397 (+0.05%)
- DAI: $198.360.270 (+0.31%)
NFT’s (7day volume traded)
Market: $7.466.800,72 USD
- CryptoPunks: $$3.930.333,04
- Sorare: $786.969,48
- Superrare: $880.890,53
Friday February 8, 2021 18:00 CET
*Market Data from Messari.
Disclaimer: All information in this publication is provided for general information purposes only. This publication is not investment advice and is not intended to be. This publication does not constitute and is not intended as an offer, recommendation, or solicitation to invest in any financial instrument, including cryptocurrencies and the like. The contents in the publication represent the personal opinions of the respective authors and are not suitable or intended as a basis for decision-making.