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Bitcoin Price Climbs Above $36,000 Just after Ethereum Touches New High

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Bitcoin has been the topic of conversation across the finance world as many business tycoons have voiced out their opinions on the digital coin which largely remain positive.

Bitcoin price is headed up after a few days of sideways trading as is Ethereum, which saw a new high after closing above $1,500. Bitcoin has seen green for some days now and looks set to continue after bulls pushed its price to smash a key resistance level of $35,00. 

Bitcoin saw its price rise from $33,459 to $35,824 within a 24-hour period and is likely to experience more gains after weeks of consolidation. Bitcoin’s price breakout came just hours after Ethereum recorded a historic feat, breaking to a new high of $1,555 after gaining over 14% in value within 24 hours. Ethereum at press time was trading at $1,536 and is topping off a massive performance over the last 30 days where its price closed above the $1,000 mark for 28 consecutive nights. 

The second-largest cryptocurrency by market cap after Bitcoin now boasts of a worth more than $170 billion after its new all-time high. Ethereum’s upward trajectory is expected to continue as increased activity in the derivatives market showed that traders remain bullish on the long-term look of Ether after clear signals that an imminent surge is not very far. 

Data on trading volumes from decentralized exchanges showed that Ethereum almost doubled the amount of daily transferred value (more than $19 billion) to Bitcoin in the last 30 days. USDC transaction volume on Ethereum, according to data from Glassnode, has been on the rise over the past year as the digital coin is steadily gaining grounds on Tether (USDT).

Bitcoin and Ethereum Price Movement and Reactions from the Market

Bitcoin’s price breaking above the $35,000 according to some experts was inevitable as its bullish sentiments continued to grow over the last month. Bitcoin has been the topic of conversation across the finance world as many business tycoons have voiced out their opinions on the digital coin which largely remains positive. Elon Musk, billionaire owner of SpaceX and Tesla recently endorsed bitcoin as he included it in his Twitter bio. 

Musk, days after his social media endorsement of the biggest cryptocurrency also stated that Bitcoin is really on the verge of getting broad acceptance by sort of the conventional finance people. Other top guns including Mark Cuban, Chris Thomas and Michael Saylor have all remained positive about the future of the digital coin. Cuban has stated that stocks will be on the blockchain in the future, while Chris Thomas revealed that there will be more interest in Bitcoin “if we move solidly above $35,000.” 

Bitcoin’s performance just like always again took altcoin along for the ride only that it might have gained some assistance from Ethereum this time around. Many altcoins also saw greens during this period including Litecoin which rose by 13%, Solana by 15% as well as Maker which also saw gains of 15%. 

Ethereum’s journey to a new high is also fueled by Decentralized finance which has been the main factor for growth of the Ethereum blockchain. DeFi protocols also reached a new record after data from DeFi pulse showed that over $28 billion in value is locked into Ethereum-based DeFi protocols.

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Crypto fanatic, writer and researcher. Thinks that Blockchain is second to a digital camera on the list of greatest inventions.



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Cardano Reaches All-Time High, Ahead of Ethereum in Transaction Volume

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Alex Kyriakopoulos



Today has been a monumental day for Cardano. Caught within the recent crypto bull market, its token, ADA, hit a new all-time high price of $1.38 this evening. This marks an increase of approximately 2600% over the past year, as tracked by Messari

In fact, this milestone brings with it more good news for the smart contract platform. Over the past 24 hours, the surge of interest in Cardano has brought its on-chain transaction volume to $19.8 Billion, soaring past Ethereum’s $13.2 billion and second only to Bitcoin at $27.2 billion. 

All this activity has brought ADA’s market cap has exceeded both BNB and USDT to the third highest in the market, behind Bitcoin and Ethereum.

Initially released in 2017, Cardano was created by Ethereum Co-Founder Charles Hoskinson, through his company Input Output Hong Kong (IOHK) and the Cardano Foundation. Although he had previously expressed apathy towards the value of ADA, Hoskinson appears to be celebrating Cardano’s achievements on Twitter:

Cardano as a Smart Contract Platform

Cardano’s recent success comes as a surprise given its lack of major projects utilizing the blockchain. Although it has surpassed Ethereum in terms of transaction volume, Ethereum remains far more popular with regard to blockchain-based applications. This raises the question, will Cardano be able to maintain this success without dApps to legitimize it as a platform for developers?

However, Cardano’s lack of major applications may eventually change due to the publicity of ADA’s recent bull run. Cardano’s previous lack of volume may have acted as a deterrent to developers looking for a platform for their application, ultimately attracted by the ensured popularity of the Ethereum network. 

Alternatively, a developer might also consider the EVM-compatible Binance Smart Chain (BSC), which has found recent success in the realm of smart contracts. BSC remains noteworthy due to its popularity with recent larger applications despite a far lower market cap than Cardano.

This incredible surge of price may act as a resolution to the “chicken and the egg” scenario of lacking dApps due to lower volume and popularity, and lacking volume and popularity due to the lack of major dApps on the Cardano network. This bull market may very well put not only ADA’s future value in question, but Cardano’s future usage as a smart contract platform.

At the timing of writing, ADA remains just beneath its ATH and is holding steady, up 34% over the past 24 hours. Transaction volume continues to grow as ADA shows no signs of backing down.

Featured Image from Unsplash





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DeFi Alliance Announces New Investment Fund to Fuel Growth in DeFi Space

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The newly launched DeFi Alliance Fund aims to help early-stage DeFi startups by offering them financial and regulatory guidance as well as helping them connect with institutional players to fuel growth.

The crypto DeFi market has seen explosive growth this year in 2021 surging more than 350% year-to-date. As the DeFi projects continue to gain strength, big players are coming together to take the industry further. To fuel the growth of DeFi space further, investors and DeFi experts have announced a proactive collaboration thereby announcing the first DeFi Alliance Fund. The DeFi Alliance came into existence with some of the big industry players joining hands. Popular personalities from the DeFi space like Aave‘s Stani Kulechov and Compound Finance’s Robert Lashner are part of the alliance.

The DeFi Alliance has more than 60 member companies and over 28 DeFi projects including dYdX, 0x, Kyber Network, IDEX, Synthetix, and much more. The newly announced DeFi Alliance Fund I has been seeded by Alliance members, its founding members, as well as popular investors like Mark Cuban. These players have raised an initial corpus of $15 million.

The official announcement further notes:

“The fund is designed to be collaborative and distribute capital broadly across the DeFi startup ecosystem and adjacent industries (such as NFTs). We will invest in several dozen early stage startups each year, which will allow the DeFi Alliance to formalize and fuel our accelerator program. We will distribute capital across the DeFi and adjacent industries (such as NFTs) investing in several dozen startups each year.”

DeFi Alliance Fund: Growth Plans for 2025

The DeFi Alliance has set some major goals and targets itself for the next five years. The Alliance plans to have over one billion users globally directly associated with the DeFi developments.

The latest funding introduced will help the alliance members to further formalize and fuel its accelerator program. This will thus provide necessary resources to DeFi startups to build, deploy, and grow their platforms. Besides, the alliance also plans to offer DeFi-focused ‘tracks’ in addition to the existing ones.

This will provide startups additional assistance with regulations, institutional liquidity, recruiting, and growth. These new ‘tracks’ will be specifically for Asian DeFi startups, NFTs, and other institutional educational platforms. Synthetix founder Kain Warwick has acknowledged this new financial support for DeFi startups. He wrote:

“Being part of the first cohort had such a huge impact for us, helping for several key strategic partnerships that wouldn’t have happened otherwise. The impact they have on early stage projects is even larger. Excited to see all the new projects they fund”.

Other news of the crypto-related world can be found here.

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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.





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‘Shift 1% of Portfolio into Bitcoin’, JPMorgan Advises Investors as Bull Run Cools Off

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Analysts of JPMorgan highlighted the evaporating liquid supply as multi-billion dollar institutions and corporations are buying substantial quantities at a fast rate.

JPMorgan Chase & Co (NYSE: JPM) strategists have suggested that investors should consider moving 1% of their portfolio into Bitcoin to serve as a hedge against fluctuations in traditional asset classes including stocks, bonds, and commodities.

Many people over the years including the majority of Wall Street saw Bitcoin as a commodity without any strong backing, hence doubting its ability to perform and stay in the financial scene. It seems the narrative about the biggest digital coin is gradually changing which is evident in the new wave of institutional influx in the crypto market. 

The latest endorsement from the US multinational investment bank, JPMorgan has boosted the already existing notion which has seen many experts tout Bitcoin as a hedge against inflation. The bank has told its investors that they can shift 1% of their portfolio into Bitcoin only if those investors have just a small interest in Bitcoin.

Analysts from the bank highlighted the evaporating liquid supply as multi-billion dollar institutions and corporations are buying substantial quantities at a fast rate. “The demand for bitcoin is significantly higher than the actual supply and investors could put 1% of their portfolio in BTC,” JPMorgan advised. 

Bitcoin’s last halving which happened in May last year, saw the production rate of new Bitcoins slashed into two. The increasing demand that followed the halving, coupled with its decreasing liquid supply drove the price of the coin up as it has gained over 50% value since January 1.

The latest interest from institutions has further fueled the decreasing liquid supply as MicroStrategy Inc (NASDAQ: MSTR) now owns over 90,000 Bitcoin, with Tesla Inc (NASDAQ: TSLA) allocating $1.5 billion in the asset while Grayscale is purchasing new coins at record levels. 

JPM strategists Joyce Chang and Amy Ho in a note to clients stated that “in a multi-asset portfolio, investors can likely add up to 1% of their allocation to cryptocurrencies in order to achieve any efficiency gain in the overall risk-adjusted returns of the portfolio.”

Bitcoin’s insane bull run looks to have hit a wall as its value has seen a 20% decline since its all-time high of over $58,000 on February 21. JP Morgan’s latest comments have been met with criticisms as it contradicts earlier statements made by other strategists from the bank, which stated that “crypto assets should be treated as investment vehicles and not funding currencies such as USD or JPY.”

The bank also claimed that “crypto assets continue to rank as the poorest hedge for major drawdowns in equities,” but looks to have circled back on its words. 

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Crypto fanatic, writer and researcher. Thinks that Blockchain is second to a digital camera on the list of greatest inventions.



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