banner
Bitcoin rises 4%. Good hold at $33,000
Bitcoin rises 4%. Good hold at $33,000
Trading

Bitcoin rises 4%. Good hold at $33,000

By Federico Izzi - 2 Feb 2021

Chevron down
Listen this article
download

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.

coin360 20210202
Source: COIN360.com

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%.

ADA 20210202

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. 

XRP 20210202

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

DeFiPulse 20210202

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. 

BTC 20210202
Bitcoin chart by Tradingview

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. 

ETH 20210202
Ethereum chart by Tradingview

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. 

 

Federico Izzi
Federico Izzi

Financial analyst and independent #trader – S.I.A.T. & Assob.it partner. He operates actively on stock and derivatives markets (futures and options) since 1997. A precursor of cyclic-volumetric analysis he is known for having identified the most important upward and downward movements in the financial markets of recent years. He participates annually as a speaker at the ITForum in Rimini since the 2010 edition and InvestingRoma and Napoli since the first edition of 2015. He is a guest and market expert on the "Trading Room" and "Market Driver" broadcasts of Class CNBC, Borsa Diretta.tv and on the evening news of Traderlink. Since July 2017 he is a permanent guest on LeFonti.TV, the only weekly national space dedicated to cryptocurrencies alongside the most important international experts in the field. He was interviewed as a cryptocurrency expert for Forbes Italia, Panorama, StartupItalia and DonnaModerna. He was recognized as the first Italian technical analyst to have published the first secular cyclic analysis on Bitcoin. Periodically publishes articles on ITForum News, Sole24Ore, MILANOFINANZA, TrendOnLine and Wall Street Italy. Federico Izzi is... "Zio Romolo".

We use cookies to make sure you can have the best experience on our site. If you continue to use this site we will assume that you are happy with it.