Bitcoin broke out of major resistance shortly after Ethereum hit a new all-time high.
On February 2, the Ether ( ETH ) price rose to a new all-time high of over $ 1,555. The increased activity in the derivatives market provided clear signals that traders are long-term optimistic about the largest altcoin by market capitalization .
Bitcoin price has also broken out of the resistance at $ 35,000 and is currently hovering around $ 36,300
Prominent entrepreneurs like Elon Musk, Michael Saylor and Mark Cuban discussed publicly the benefits of blockchain technology and DeFi. Referring to Reddit group r / Wallstreetbets , Cuban said that „stocks would be on the blockchain“ in the future.
Circle’s USD Coin (USDC) has now been integrated into the Stellar blockchain . Transactions with the stablecoin can now be made on the Stellar network. Possibly this can reduce some of the load on the congested Ethereum network.
Data from Glassnode shows that the USDC transaction volume on Ethereum has steadily increased over the past year. The coin, supported by Coinbase, is catching up with Tether (USDT). Using the Stellar blockchain will greatly reduce USDC transaction fees and free up space on the Ethereum network.
Traditional markets are rising, meme stocks are falling
The hype surrounding r / Wallstreetbets shares such as GameStop (GME), AMC and BlackBerry (BB) subsided and prices continue to decline.
While the „Meme“ shares collapsed, the S&P 500, the Dow and the NASDAQ achieved strong daily performance and closed with gains of 1.39 percent, 1.57 percent and 1.56 percent, respectively. The price of silver fell 8.44 percent to $ 26.60.
Altcoins follow the example of Bitcoin
There were also strong price gains for numerous Altcoins, as the rise in the Ether price caused optimism in the entire sector. Litecoin ( LTC ) saw a 13 percent increase and is currently at $ 153.50. Maker ( MKR ) and Solana (SOL) have also developed very strongly, each increasing by almost 15 percent.
The total market capitalization of all cryptocurrencies is now 1.09 trillion. US dollars and the dominance of Bitcoin is 62.3 percent.