Bitcoin is up 4%, while Ethereum is doing even better with a rise of almost 10% on a daily basis and is once again attacking all-time highs, with prices rising as high as $1,460 in the early hours of the day.
Among the day’s best performers were the decentralized finance tokens, with SushiSwap (SUSHI) rising more than 27% to more than $13, setting a price record since its launch on September 1st.
Band Protocol (BAND), Kyber Network (KNC) also did very well, jumping more than 15%.
Among the big names, Cardano (ADA) jumped about 20%, with its price returning to 45 cents on the dollar after exactly three years.
In the last 24 hours, volumes have remained buoyant with total trades exceeding 560 billion dollars. This is due in particular to the GameStop fever that drove XRP prices yesterday with volumes soaring to the highest level in Ripple’s history, with over $11 billion traded yesterday, doubling the trading on Bitcoin and Ethereum on the same day.
It was a vibrant day for Ripple, which saw prices push over 75 cents on the dollar. On the back of GameStop, XRP’s price deflated at exactly 2:30 PM UTC, the time set for the upward pump to $1. The move was thwarted and the exchange was forced to stop trading.
The move was unsuccessful and XRP is now back to the same level as it was last Friday, when the rumours started the fever. Prices are now hovering around 35 cents on the dollar.
The total capitalization remains above 1,050 billion dollars.
DeFi’s TVL continues to rise to $28.2 billion, thanks to the recovery of Ethereum’s shares. For the first time, Maker‘s TVL has risen above $5 billion. It is a climb that seems to have no end in sight. Exactly one year ago, Maker had collateral of “only” $560 million, a 10-fold increase in 12 months.
They are followed by the other two lending projects, Aave and Compound in second and third place.
Summary
Bitcoin (BTC) rises again today
Since last Friday, Bitcoin has again become subject to volatility, which exploded with Elon Musk’s endorsements.
The price in the last four days has seen a strong swing between $32,000 and $39,000. Technically, in recent days, Bitcoin prices have shown a good hold of the $33,000 area, until last Friday’s resistance level, which has now become support.
This will be the level to be monitored for the next few days to have a confirmation of the break of the bearish dynamic trendline violated last week.
Ethereum (ETH) towards new records
Ethereum continues to show signs of strength. For the 4th time in 20 days, it reaches the $1,450 mark. A break of this resistance level accompanied by volumes in the coming hours could push Ethereum prices towards new records in the $1,480-1,500 area.
The current levels are not only a technical area but also an operational area where hedges by options traders clearly prevail.
