Wednesday, May 18, 2022

Bitcoin price hits $36,800 shortly after Ethereum closes above $1,500

On Feb. 2 Ether (ETH) noticed its worth breakout to a brand new all-time excessive at $1,555 as elevated exercise within the derivatives market supplied clear alerts that merchants have been bullish on the long-term prospects of the largest altcoin by market capitalization.

Bitcoin worth additionally noticed a bullish breakout because it lastly crossed above the $35,000 resistance and at the moment trades for $36,700

ETH/USDT 4-hour chart. Supply: TradingView

Outstanding enterprise personalities like Elon Musk, Michael Saylor and Mark Cuban continued to have interaction the general public with discussions revolving round the advantages of blockchain know-how and decentralized finance. In remarks to the reddit group r/Wallstreetbets, Cuban said that “shares might be on the blockchain sooner or later.”

Circle’s USD Coin (USDC) has now been integrated with the Stellar blockchain, enabling the stablecoin to be transacted on the Stellar community and probably take among the pressure of the clogged Ethereum community.

USDC worth vs. the variety of transactions per sec. Supply: Glassnode

Knowledge from Glassnode reveals USDC transaction quantity on Ethereum has steadily been rising over the previous 12 months because the Coinbase backed coin steadily features floor on Tether (USDT). Using Stellar blockchain will tremendously scale back USDC transaction charges and unlock area on the Ethereum community.

Conventional markets rise as meme shares tumble

The hype surrounding r/Wallstreetbets shares like GameStop (GME), AMC and BlackBerry (BB) dwindled as their costs prolonged the losses skilled on Feb. 1.

Whereas the “meme” shares noticed their costs plunge, the S&P 500, Dow and NASDAQ all placed on sturdy performances for the day and closed up 1.39%, 1.57% and 1.56%. Silver worth dropped 8.44% to $26.60.

Altcoins observe Bitcoin’s lead

Every day cryptocurrency market efficiency. Supply: Coin360

Robust worth performances have been additionally seen from quite a few altcoins because the spike in Ether worth elevated optimism throughout the sector. Litecoin (LTC) noticed a worth bounce of 13% and at the moment trades at $153.50, whereas Maker (MKR) and Solana (SOL) prolonged their sturdy efficiency as every gained almost 15%.

The general cryptocurrency market cap now stands at $1.09 trillion and Bitcoin’s dominance price is 62.3%.