Wednesday Watch: Ethereum All-Time High

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Good morning. It’s a good day to be an ETH holder.

Welcome to Wednesday Watch, 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 February 3, 2021:

Bitcoin$35,486+6.23%
Ethereum$1,514.23+10.69%
Tether$1.00-1.00%
Polkadot$17.25+5.63%
XRP$0.36-2.70%
SLP$0.02+25.00%


Bitcoin closed February 2, 2021, at $35,486 per BTC. We’re up 10% in the last 7 days and up 24% since the year began. This is 15% below the previous all-time high of $41,940, which was hit on Jan. 8, 2021.

Bitcoin’s market capitalization stands today at $668,891,490,722 which is 61% of the entire cryptocurrency market. The entire crypto market, by the way, now has a market cap of $1,095,770,210,976 (+7.30%).

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.

Stablecoins

USDC and DAI balances on exchange hit record highs

USDC and DAI are stablecoins pegegd to the dollar. So 1 USDC = 1 dollar. Analysts often say that when there is an increased number of stablecoins being transferred to exchanges, it’s a sign that the market is ready to exchange that for more crypto.

But some say that this is more about the increasing preference of users to use USDC and DAI versus Tether (USDT), the dominant stablecoin. “The growth in on-exchange USDC reflects the increasing view among traders that USDC is a preferred base currency, as well as the fact that a lot of the new flows into crypto are starting with on-exchange activity,” Jeremy Allaire, co-founder of Circle, the issuer of USDC, told Coindesk.

Ethereum

Second-largest cryptocurrency hit $1,500

Dexes

Decentralized exchange volumes soared above $50b in January

Reports from Delphi Digital suggests a 440% increase in the circulating market cap of leading DEX protocols in the last 30 days.

Uniswap dominates this field at the moment, whose protocol have fee structures to allow token holders to stake their UNI and earn rewards. Same with Sushiswap, these incentives allowed them to grow.

India

Country to ban crypto

India is making legislation to ban all private cryptocurrencies as well as create an official digital currency issued by the country’s Federal Reserve. 

What else is happening

  • Robinhood CEO unintentionally makes the case for DeFi
  • Bitcoin and Ethereum held on exchanges drops to a multi-year low, here’s why
  • One Big Pool: Balancer’s New Version Cuts Down Transactions and Gas Fees 
  • Darknet Market Had a Record 2020, Led by Russian Bazaar Hydra

This article is published on BitPinas: Wednesday Watch: Ethereum All-Time High

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Michael Mislos

A business ad graduate from the Pamantasan ng Lungsod ng Maynila, Mike is the website manager of Bitpinas.com. He is responsible for almost every content you see on the site, from topic/news selection to editing of articles. Mike believes correct information about blockchain and cryptocurrency can empower people to make accurate decisions about the industry, which, in turn, should deter bad actors from taking advantage of crypto & blockchain. [Telegram @mikemislos]