The rise is unstoppable, with Bitcoin and other cryptocurrencies setting new all-time highs in the last few hours: four of the top five crypto are setting new all-time highs.
Cryptocurrencies set new records
Ethereum breaks the $1,900 mark for the first time.
The rise of Polkadot (DOT) also continues as it surpasses $32, slipping to fourth place in the rankings, ceding third place to Cardano (ADA). Cardano regained its third position among the top capitalized coins, moving back to within a step of $1, the high of the last three years reached last Thursday. It is one of the best rises of the day, flying over 15%.
Binance Coin (BNB), the token of one of the world’s top three centralized exchanges, also hit new all-time highs, surpassing $180, a flight that has seen the token’s value multiply fivefold since its average price in January.
Total capitalization is close to $1.6 trillion with Bitcoin one step away from $1 trillion in capitalization. The king of cryptocurrencies retains 61% of the total market, with Ethereum holding less than 14% despite new records, below its dominance highs of January.
Total trading volumes fall back below $550 billion, a metric to watch in the coming days as volume momentum is needed to confirm a healthy rise.
In the last 24 hours, Bitcoin has traded over $12 billion, confirming the trend of the last four days, after a break over the weekend that saw the countervalue drop below $10 billion for the first time in 10 days.
Ethereum, on the other hand, despite the record highs of the last few hours, recorded a real trading volume of just over $5 billion, levels about half the highs of late January.
Decentralized finance is benefiting from the increase in the value of tokens, particularly Ethereum and Bitcoin, which has reached a new record in recent hours, with the TVL rising to $41.6 billion.
Maker, the leading protocol for decentralized finance, is one step away from $7 billion. It is followed by Aave and Compound, both above $5 billion in terms of the value of collateral locked.
Record high for Bitcoin (BTC)
Bitcoin’s price continues to rise and has not been fearful since January 28th. Yesterday, the day closed with a gain of 6% and a price increase of around $2,900, making it the third-best day since the beginning of the year for the increase in value.
The price is now consolidating at $51,500, the Fibonacci extension level previously indicated as the crucial technical area. A consolidation above this level would project the price to the next target in the $56,000 area. Caution must only be exercised with regard to possible dizziness.
Since the lows at the end of January, the price has risen by 80%.
Ethereum’s new record high of $1,920 confirms the bullish trend built up over the past few months and which has been in an upward channel since the end of December. From the current levels, Ethereum is moving further and further away from the dynamic support that currently passes in the $1,600 area.
On the upside, the objective is now the psychological threshold of $2,000. Since the end of December, the price of Ethereum has gained over 240%.