Good morning. Welcome to Tuesday Trades, part of our new series: BitPinas Daily. We will look at the price of Bitcoin, Ethereum and the major cryptocurrencies. Crypto is global, but sometimes news that matters happens while we sleep. So we bring to you what’s happening in our space here and abroad.
Market Price as of May 4, 2021:
Bitcoin closed May 22021, at $57,212 per BTC. We’re up 3% in the last 7 days and up 93% since the year began. This is also 12.66% below the all-time high of $64,804, which was hit on April 14, 2021.
Bitcoin’s market capitalization stands today at $1,042,463,611,992 which is 44% of the entire cryptocurrency market. The entire crypto market, by the way, now has a market cap of $2,326,693,195,110 (-0.1%).
On the table above, there’s the cryptocurrency SLP. If you wonder what that is, check out this article: Playing Axie Infinity vs Minimum Basic Salary in the Philippines.
Ether Finally Breaks Above $3,300
Ether continues to break past previous all-time highs. As of yesterday’s closing (which is 8 am today), Ether is at $3,430, a new all-time high. Twitter’s wild, with people saying any moment now we’ll break past another $1k mark.
Not everyone expected this sudden increase. Katie Stockton of Fairlead Strategies said the target $3,000 was reached sooner than what their models have indicated. Her advice? Trend following. “It is not wise to fight momentum, so we are reassuming a bullish near-term bias, somewhat reluctantly,” Stockton said, as quoted by Coindesk.
It is difficult to talk about Ether without talking about DeFi. According to DeFi Pulse, the total value locked in DeFi, majority of them on top of the Ethereum blockchain, is now at $75 billion.
According to Elie Le Rest of ExoAlpha, DeFi and ETH 2.0 is powering this run. “Despite the high fees experienced by the Ethereum network, the market is starting to reflect the anticipated growth of ETH 2.0 into the price of ETH.” he added.
New All Time High for Ethereum Mining Revenue
Miners in the Ethereum blockchain have brought in $1.59 billion according to data collected by Coin Metrics. This is a new all-time high, surpassing the previous month’s $1.38 billion.
From this number, $702 million was from transaction fees.
Ethereum co-founder now has $1B Worth of Ether
The 27-year-old co-founder is now one of the richest persons in the world, thanks to Ether’s price increase to more than $3,100.
Vitalik’s wallet currently holds 333,521 ETH, though he did say that he has other small wallets with small holdings. The last he sold ETH was in August 2020. Decrypt noted that the co-founder’s wallet is only the 22nd most valuable in the Ethereum network. “It’s far less valuable than the wallet operated by majo cryptocurrency exchanges and token issuers. The top wallet, associated with Wrapped Ether, has sucked in almost 7 million ETH ($22.1 billion), or more than 6% of Ethereum’s supply,” the publication said.
PayPal is Exploring the Launch of a Stablecoin
Ryan Weeks of The Block wrote that PayPal is thinking about launching a stablecoin, according to the four sources they have interviewed. PayPal, the publication claimed, is making rounds amongst the industry’s leading stablecoin protocol developers. This could mean they might work with a third party company instead of doing the stablecoin all on their own.
One of the companies that held a talk with PayPal is Ava Labs, which is behind the Avalanche blockchain. PayPal did not confirm or deny the rumor. “The company is in frequent conversation about technologies that enable [the next generation of financial systems]. However, rumors and speculation are not predictive of the company’s future plans,” a PayPal spokesperson said the publication.
What else is happening
- CryptoPunks Creators Just Launched Meebits, NFT Resales Already Top $3 Million
- DCG to Buy More of Crypto Trust Amid Stubborn Discount
- Glassnode predicts BTC rally as stablecoin supply tags record highs
This article is published on BitPinas: Ether is Above $3.3k (May 4, 2021)