The Living Market

LINK and AAVE Break All-Time High; Marathon invests $150 million in BTC; ETH Outperforms BTC: The Living Market

Monday, 25.01.21.

LINK and AAVE break all-time high, as mining company Marathon invests $150 million in  Bitcoin on Monday, fuelling bullish price action. Ethereum continues to outperform Bitcoin, as alt-season draws closer and lower volume and the fear of potential regulation in the US and EU cause fluctuations in the market.  

  • ChainLink gains one spot on the CoinMarketCap rank, following a new all-time high, as Grayscale incorporates a new trust offering tied to LINK. However, the price dipped briefly, to $24.4 (-1.99%), succumbing to growing market volatility. The recent price-spike increased the biggest crypto oracle’s market share to 0.964%. LINK is now listed in CoinGecko’s Top 10 Trending Coins (#7) in the United States.
  • AAVE broke its new all-time high on Sunday, surpassing $249.72. AAVE’s all-time high has coincided with the vast $3.83 billion locked into the project, cementing its position as the 2nd highest-ranked Defi project by TVL.At the time of writing AAVE is trading at $257.81 (+3.17%), recovering from a slight dip from the newly established all-time high of $284.04, hit on Sunday evening.  
  • Marathon (MARA) announced on Monday it had purchased 4,812.66 BTC,  worth an aggregated $150 million. Marathon Chairman and CEO, Merrick Okamoto justified this decision, saying that “…holding part of our reserves in Bitcoin will be a better long-term strategy...” The investment further strengthens Marathon’s position as one of the only  Nasdaq-listed Bitcoin investment options for individuals and institutions.

Market Structure

  • Fluctuation in Total Market Capitalization reflects the recent spike in price volatility,  with the drop in transaction volume of stablecoins particularly evident. Bitcoin consolidates while Ethereum and altcoins take the lead, marking the beginning of the transition to alt-season. However, BTC’s liquidity crisis (24-hours Aggregated Total Flows, -27.70%)  heats up as Marathon Patent Group, Inc. adds 4,812.66 BTC ($150 million) to its balance sheet. Consequently, Bitcoin (+8.23%) makes its way back to 34k. 
  • Adding to the volatility includes uncertainty over President Biden’s pick for head of the US Securities and Exchange Commission (SEC) and the crypto-affinity of the newly appointed head of the Commodity Futures Trading Commission (CFTC). Elsewhere, frustration is growing between crypto-users and the ECB’s Lagarde and US Treasury nominee Yellen’s positions on crypto regulation.
The Living Market
Chart 1: AAVE, LINK, ETH, BTC Weekly Chart

News and follow-ups from around the industry:

  • Crypto fund Grayscale has included six more trusts to its offering, which will include LINK and XTZ tokens.
  • More than 8 crypto-companies, including Coinbase, Gemini, eToro  MicroBT are eyeing up IPO’s in the foreseeable future.
  • Deutsche Bank survey shows 56% of respondents believe the price of Bitcoin is likely to double or halve by January 2022.
  • Self-mining company Marathon invests $150 million into Bitcoin, pushing further bullish price action. 

Top 3 Cryptos by Market Capitalization

Market: (+7.01%)

  • BTC: $34,412.07 (+8.23%)
  • ETH: $1433.87 (+7.64%)
  • XRP: $0.279 (+2.06%)

Smart Contracts (24/h Δ in price)  

Market: (+6.51%)

  • DOT: $18.08 (+3.00%)
  • ADA: $0.362 (+3.17%)
  • EOS: $2.73 (+1.54%)

DeFi (24/h Δ in price)  

Market: (+2.61%)

  • UNI: $11.74 (+2.63%)
  • AAVE: $257.81 (+3.17%)
  • SNX: $16.61 (+1.15%)

Stable Coins (24/h Δ in volume traded)  

Market: (-0.13%)

  • USDT: $102,526,134,340 (+28.29%)  
  • USDC: $1,531,466,421 (+16.53%)
  • DAI: $346,585,073 (+10.23%)

NFT’s (7day volume traded)  

Market: $5,000,458.01

  • CryptoPunks: $1,863,083.28  
  • Sorare: $937,803.88
  • Superrare: $561,077.24

*Market Data from Messari

Disclaimer: All information in this publication is provided for general information purposes only. The information provided in this publication does not constitute investment advice and is not intended as such. 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 contained in the publication represent the personal opinions of the respective authors and are not suitable or intended as a basis for decision-making.

Related posts

ETH breaks all-time high as BTC and AAVE surge: The Living Market
ETH breaks all-time high as BTC and AAVE surge Year-to-Date. Strong demand drives the crypto...
February 5, 2021
BTC and ETH Break New All-Time Highs; BCH surges: The Living Market
BTC and and ETH break new all-time highs (again) as BCH surges. Since Tesla’s historic...
February 15, 2021
BTC Bullish, ETH Breaks All-Time High; $31billion total value locked into DeFi: The Living Market
BTC bullish, ETH breaks all-time high and $31billion total value locked into DeFi. Wednesday has...
February 3, 2021