Bitcoin has had an up and down day, and ether has performed similarly. However, decentralized financing has reached a new milestone.
- Bitcoin (BTC) is trading at around $ 37,616 as of 9:15 PM UTC (4:15 PM ET). 1.4% increase in the last 24 hours.
- Bitcoin’s 24-hour range: $ 36,207 to $ 38,731 (CoinDesk 20)
- BTC above the 10-hour and 50-hour moving averages on the hourly chart, a bullish signal for market technicians.
Bitcoin trading on Bitstamp since February 1st.
Source: TradingView
Bitcoin’s price was down Thursday, dropping to $ 36,207, according to CoinDesk 20 data. Now, at press time, it’s up back to $ 37,616.
“We’re still trading around the 50-day moving average, so all is well,” said Chris Thomas, Head of Institutional Sales at Swissquote Bank. “We went way up again in the last week, so there is only a small lack of energy today. And no more Elon pumps! “
Continue reading: Elon Musk is tweeting again about Dogecoin as the price goes up 50%
Elon Musk may not tweet about Bitcoin – he seems to prefer Dogecoin (DOGE) at the moment – but Thomas is right about the technical details: On the TradingView chart, the 50-day BTC moving price has been bullish since October.
Daily Bitcoin spot price at Bitstamp since October.
Source: TradingView
“Are they more sellers than buyers? In all honesty, if I said anything it would be a false narrative, ”said Vishal Shah, founder of the Alpha5 crypto derivatives venue. “Nothing changed the course of anything here, just a breather here, it seems.”
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There still seems to be some rotation from Bitcoin to other cryptocurrencies or “Altcoins”. One metric to watch: The share of trading volume in cryptocurrencies other than Bitcoin, especially ether, is now greater than ever, according to CoinDesk 20 data on exchange volume.
Coindesk 20 crypto volumes in the last six months. (Shuai Hao / CoinDesk Research)
Source: CoinGecko
“Ether and the Alts have been pushed quite aggressively over the past week or two, so it’s a bit of a profit-taking,” said Thomas of Swissquote. I think it’s just a respite. “
Some bullish analysts won’t be put off. “These markets will surprise a lot of people,” said Rupert Douglas, head of institutional sales for crypto custodian Koine. “Bitcoin is strong and will hit $ 100,000 this year, but you want to park your capital in ether.”
“We’re going to look back in three months and think that ETH was cheap at $ 1,600,” added Douglas.
Ether FOMO powers DeFi, but fees cause mixed feelings
Ether (ETH), the second largest cryptocurrency by market capitalization, rose around $ 1,652 on Thursday and rose 1% in the last 24 hours at 9:15 PM UTC (4:15 PM ET).
Continue reading: Transaction fees for Ethereum hit record highs as Ether’s DeFi coins rise
The amount of USD-denominated crypto included in Decentralized Financing (DeFi) has exceeded $ 32 billion, at press time $ 32.8 billion. According to data aggregator DeFi Pulse, this is an increase of over 197% in the last three months.
Total Value Locked or TVL in DeFi in the past three months.
Source: DeFi Pulse
Constantin Kogan, partner of the crypto investment firm Wave Financial, points to the all-time high of Ether as one of the reasons for the massive appreciation of DeFi. According to CoinDesk 20 data, Ether hit $ 1,697 on Wednesday. However, Kogan is concerned about fees that often plague the Aether market when Aether becomes hot.
“The all time high is great. For the whales [large holders of the currency] The fees don’t matter, ”Kogan told CoinDesk. “It’s just not (good) for the average person; expensive technology and just waiting for the start of ETH 2.0. Difficult for the average person. “
Other markets
CoinDesk 20’s digital assets are mixed on Thursday, but mostly green. Notable winners as of 9:15 PM UTC (4:15 PM ET):
- Oil rose 0.78%. Price per barrel of West Texas Intermediate Crude: $ 56.35.
- Gold was down 2.1% and was trading at $ 1,739 at press time.
- Silver falls 1.8% and changes hands at $ 26.34.
- The US 10-year Treasury yield fell to 1.139 on Thursday and is in the red by 0.33%.
The CoinDesk 20: The assets that matter most to the market
