• Latest
  • Trending
Market Wrap: Ether Hits New High, Outperforms Bitcoin as Altcoins Rally

Market Wrap: Ether Hits New High, Outperforms Bitcoin as Altcoins Rally

October 31, 2021
TWTStake Introduces Community Pools for a New Way to Stake TWT

TWTStake Introduces Community Pools for a New Way to Stake TWT

March 17, 2023
Shiba Inu Lead Developer Urges YouTuber BitBoy to “Stop Fudding”

Shiba Inu Lead Developer Urges YouTuber BitBoy to “Stop Fudding”

March 17, 2023
Wallet Tied to Euler Exploit Sends 100 Ether to Lazarus Group

Wallet Tied to Euler Exploit Sends 100 Ether to Lazarus Group

March 17, 2023
AltSignals Promises Low Risk and High Rewards for Its New ASI Token Presale. Is It Too Good To Be True?

AltSignals Promises Low Risk and High Rewards for Its New ASI Token Presale. Is It Too Good To Be True?

March 17, 2023
SVB collapse chilled NFT trading volumes: DappRadar

SVB collapse chilled NFT trading volumes: DappRadar

March 17, 2023
How Bitcoin Halving Shapes the Future of Cryptocurrency | by DEFIX SOLUTIONS | The Capital Platform | Mar, 2023

How Bitcoin Halving Shapes the Future of Cryptocurrency | by DEFIX SOLUTIONS | The Capital Platform | Mar, 2023

March 16, 2023
XRP Price Analysis for March 16

XRP Price Analysis for March 16

March 16, 2023
DigiDaigaku Dragon Eggs, Little Tinas Fantasy, Khuga by Khuga Labs, Wonky Stonks and more collections added to Kraken NFT

DigiDaigaku Dragon Eggs, Little Tinas Fantasy, Khuga by Khuga Labs, Wonky Stonks and more collections added to Kraken NFT

March 16, 2023
Latest Price Forecast for Top 5 Cryptocurrencies by Crypto Market Capitalization

Latest Price Forecast for Top 5 Cryptocurrencies by Crypto Market Capitalization

March 16, 2023
  • Privacy Policy
Friday, March 17, 2023
Mount Rushmore Crypto
  • Home
  • Top News
  • Crypto
  • Crypto Technical Analysis
  • About Us
  • Crypto Vouchers
  • Cryptocurrency and ANKR Price Prediction
  • Cosmos cryptocurrency price prediction
No Result
View All Result
  • Home
  • Top News
  • Crypto
  • Crypto Technical Analysis
  • About Us
  • Crypto Vouchers
  • Cryptocurrency and ANKR Price Prediction
  • Cosmos cryptocurrency price prediction
No Result
View All Result
Mount Rushmore Crypto
No Result
View All Result
Home Crypto

Market Wrap: Ether Hits New High, Outperforms Bitcoin as Altcoins Rally

J_News by J_News
October 31, 2021
in Crypto, Top News
0
Market Wrap: Ether Hits New High, Outperforms Bitcoin as Altcoins Rally
0
SHARES
7
VIEWS
Share on FacebookShare on Twitter


Ether, the world’s second-largest cryptocurrency by market capitalization, reached a new all-time price high of around $4,400 on Friday, topping the previous record high of $4,379 in May, according to CoinDesk data.

Related articles

TWTStake Introduces Community Pools for a New Way to Stake TWT

TWTStake Introduces Community Pools for a New Way to Stake TWT

March 17, 2023
Shiba Inu Lead Developer Urges YouTuber BitBoy to “Stop Fudding”

Shiba Inu Lead Developer Urges YouTuber BitBoy to “Stop Fudding”

March 17, 2023

ETH is up about 11% over the past week, compared to a 3% rise in BTC over the same period. Technical charts indicate further upside for ether relative to bitcoin, with an upside target toward 0.08 in the ETH/BTC price ratio as discussed in yesterday’s Market Wrap.

Overall, analysts expect further upside for cryptocurrencies for the remainder of the year despite occasional pullbacks, which can lead to choppy trading conditions.

“Bitcoin and major altcoins are experiencing strong volatility on the intraday chart, which is normal at all-time-high levels, like we have seen lately,” Lukas Enzersdorfer-Konrad, Bitpanda chief product officer, wrote in an email to CoinDesk.

“The last negative days failed to damage the overall market structure, and fundamentals further indicate that the long term remains decisively bullish,” Enzersdorfer-Konrad wrote.

Latest prices

  • Bitcoin (BTC): $62,346, +1.70%
  • Ether (ETH): $4,394, +3.08%
  • S&P 500: $4,605, +0.19%
  • Gold: $1,782, -0.97%
  • 10-year Treasury yield closed at 1.55%

The great rotation

Despite recent volatility, some traders are starting to position for further upside in alternative cryptocurrencies (altcoins) such as ether.

“Lately, there has been an increasing number of conversations among investors around shifting portfolio allocations from bitcoin to altcoins to capture the higher returns alts have provided during more speculative risk-on periods,” FundStrat, a global advisory firm, wrote in a Thursday newsletter.

“The good news (for BTC and ETH price) is that the tides appear to be shifting towards a more risk-on fall in traditional markets,” FundStrat wrote.

Ether’s record high

Ether’s new price high coincided with improving blockchain data. The smart-contract Ethereum blockchain burned more tokens than it emitted in the last 24 hours, thanks partly to strong action in shiba inu (SHIB), CoinDesk’s Omkar Godbole reported.

Shiba Inu, the platform behind the self-proclaimed dogecoin killer, burnt 770.12 ETH, becoming the third-largest ETH destroyer. Uniswap v.2 and Tether destroyed 2,729.22 and 1,248.72 ETH, respectively.

And some options traders are betting U.S. regulators will soon approve an ether futures-based exchange-traded fund (ETF) and so are buying cheap out-of-the-money calls in anticipation of a price rally.

High network demand

The chart below shows the recent rise in the Ethereum gas price, which refers to the cost of performing transactions on the blockchain network.

“Historically, when gas gets expensive, we’ve seen activity spike on alternative L1s [layer 1]. But now that Arbitrum and Optimism are live, L2s [layer two] could wind up being the primary beneficiaries,” crypto research firm Delphi Digital wrote in a blog post.

Altcoin roundup

  • Decentraland’s MANA surged 80% in 24h: MANA, Decentraland’s native token, surged 80% in one day to a market capitalization of more than $2 billion, CoinDesk’s Lyllah Ledesma reported. This comes after Facebook’s announcement on Thursday afternoon that the company changed its corporate name to Meta to signal an increasing focus on the metaverse, which apparently spurred the jump.
  • Here’s why a CryptoPunk sold for $530 million: A Twitter bot that tracks sales of CryptoPunks flagged a transaction that showed the sale of one CryptoPunk non-fungible token (NFT) for a staggering half-billion dollars, CoinDesk’s Andrew Thurman reported. But while the purchase would’ve been one of the largest art sales in history, on-chain analysts were quick to point out the sale was just a clever bit of smart contract magic.
  • XRP gets wrapped by Tokensoft for Ethereum DeFi debut: Tokensoft’s Wrapped is taking a multi-custodial approach by partnering with Hex Trust on wXRP, CoinDesk’s Ian Allison reported. The new connectivity for XRP holders will allow access to various DeFi applications, whether that’s lending, borrowing or for use in automated market makers, CEO of Tokensoft Mason Borda said. Wrapped has previously wrapped a number of tokens, including bitcoin, zcash, filecoin and others.

Relevant news

  • Australia’s Securities Regulator Issues Criteria for Crypto-Asset ETPs
  • India Likely to Regulate Crypto, Not Ban It, in Upcoming Budget
  • Hive Blockchain Orders Another 6,500 Bitcoin Mining Machines From Canaan
  • MicroStrategy CEO Michael Saylor’s 17,732 BTC Holdings Now Worth $1.1B

Other markets

Most digital assets in the CoinDesk 20 ended the day higher.

Notable winners as of 21:00 UTC (4:00 p.m. ET):

  • The Graph (GRT): +3.36%
  • Polkadot (DOT): +3.32%
  • Stellar (XLM): +3.10%

Notable losers:

  • Dogecoin (DOGE): -6.26%
  • Aave, (AAVE): -2.61%
  • Polygon (MATIC): -1.17%



Source link

ShareTweetShareShare
Previous Post

Exchange Reserves Decline 18% In 5 Months

Next Post

DeFi Investors Targeted by Dangerous Malware

Related Posts

TWTStake Introduces Community Pools for a New Way to Stake TWT

TWTStake Introduces Community Pools for a New Way to Stake TWT

by J_News
March 17, 2023
0

The project combines different plans and incentivizes users through an affiliate program. TWTStake offers a unique solution that allows anyone...

Shiba Inu Lead Developer Urges YouTuber BitBoy to “Stop Fudding”

Shiba Inu Lead Developer Urges YouTuber BitBoy to “Stop Fudding”

by J_News
March 17, 2023
0

Alex Dovbnya Shiba Inu's lead developer Shytoshi Kusama has called out YouTuber BitBoy for "fudding" after he threatened to reveal...

Wallet Tied to Euler Exploit Sends 100 Ether to Lazarus Group

Wallet Tied to Euler Exploit Sends 100 Ether to Lazarus Group

by J_News
March 17, 2023
0

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.The...

AltSignals Promises Low Risk and High Rewards for Its New ASI Token Presale. Is It Too Good To Be True?

AltSignals Promises Low Risk and High Rewards for Its New ASI Token Presale. Is It Too Good To Be True?

by J_News
March 17, 2023
0

A recent presale deemed low risk and potential high reward by many has caught the eye of crypto investors across...

SVB collapse chilled NFT trading volumes: DappRadar

SVB collapse chilled NFT trading volumes: DappRadar

by J_News
March 17, 2023
0

Nonfungible token (NFT) trading volumes took a massive beating following the collapse of Silicon Valley Bank (SVB) last week as...

Load More

Enter your email address:

Delivered by FeedBurner

Quick Navigate

  • Home
  • Crypto
  • Crypto Technical Analysis
  • Top News
  • Thank You
  • Store
  • Crypto Vouchers
  • About Us
  • What Cryptocurrency Is and ANKR Price Prediction
  • Cosmos cryptocurrency price prediction

Top News

The 7 Best New ICOs To Buy in 2023

The Economic Crisis of 2023. The Cause and the Effects | by Opal A Roszell | The Capital | Nov, 2021

VIVERSE Partners With ZombieClub to Create New Web 3.0 Metaverse Experiences

© 2021 mtrushmorecrypto - Crypto Related News Blog

No Result
View All Result
  • Home
  • Top News
  • Crypto
  • Crypto Technical Analysis
  • About Us
  • Crypto Vouchers
  • Cryptocurrency and ANKR Price Prediction
  • Cosmos cryptocurrency price prediction

© 2021 mtrushmorecrypto - Crypto Related News Blog

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
Do not sell my personal information.
Cookie SettingsAccept
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT