Bitcoin Price Today – Market Wrap: Bitcoin Rises To $ 38.3,000 As Ether New High Is Highlighted | Zoom Fintech

Bitcoin price today – Market Wrap: Bitcoin Rises to $ 38.3,000 as new Ether high comes to light

Bitcoin made some gains on Friday, but the ether hit a new high in price ahead of CME’s ether futures launch on Monday.

  • Bitcoin (BTC) trading around $ 37,751 at 9:00 p.m. UTC (4:00 p.m. ET). Gain of 0.32% over the previous 24 hours.
  • Bitcoin24 Hour Range: $ 36,637 – $ 38,332 (Fintech Zoom 20)
  • BTC below 10 hours but above the 50 hour moving average on the hourly chart, a side signal for market technicians.

Bitcoin trading on Bitstamp since February 2.
Source: TradingView

The price of bitcoin is now on day four of an uptrend, reaching $ 38,332 at 2:00 p.m. UTC (9:00 a.m.ET) before losing momentum ahead of the weekend. It had fallen to $ 37,751 at the time of publication.

“Similar to the last bull run, we are seeing bitcoin first stealing attention as retail adoption streams through mainstream attention,” said Michael Gord, CEO of the company. Global Digital Asset trading.

However, Gord said Fintech Zoom traders are turning away from bitcoin to become high-flying digital assets. “Bitcoin then cools down and the profits generated by bitcoin end up first in the ether and then in other large market cap digital assets, ”Gord said.

Read more: Dalio will offer an Alt-Cash fund, says’Bitcoin Will not escape our scrutiny ‘

Nonetheless, new interest such as that of Ray Dalio’s Bridgewater Associates, which manages $ 150 billion in investor money, has some, including quantitative trading firm QCP Capital, very bullish on bitcoin.

“The Bridgewater article published last week included a sensitivity analysis that showed their estimates of BTC price, if the private holders of gold BTC», Indicates Friday the weekly note to the investors of QCP. “They planned that if 50% of the gold capital was transferred to BTC, this would result in a price of $ 85,000 per 1 BTC. “

Comparison of bitcoin with traditional asset classes.
(Shuai Hao / Zoom Fintech)
Source: Fintech Zoom Research, St. Louis Fed, Yahoo Finance

Investors are certainly looking for crypto as an asset class, but bitcoin is still quite volatile; its 30-day volatility from Thursday’s close is 102.9% on an annualized basis while gold is at 16%.

Still, crypto supporters see bitcoin and ether (ETH) similar to different asset classes, according to Joel Edgerton, chief operating officer of the cryptocurrency exchange BitFlyer USA. “I suppose that BTC is like gold and its price depends on the value it stores, a rare commodity in price discovery, ”Edgerton said. “ETH is more like a stock and its price is evaluated based on the value it offers (ETH 2.0, network effects, basis for DeFi). He said he viewed the Ether as an exchange-traded fund (ETF) for decentralized finance.

While bitcoin has performed well so far in 2021 – it’s up 29% – ether yields have more than quadrupled, gaining 129%.

Bitcoin (orange) versus ether (blue) on Bitstamp.
Source: TradingView

“Ether is growing in large part thanks to the growth of decentralized finance projects that rely on ERC-20 tokens to operate,” Guy Hirsch, US managing director for eToro. “Given that ETH has never reached such a high level, it is difficult to say what kind of support exists, but if DeFi projects continue to grow at the same rate that they are, it would be difficult for the ‘ETH not to continue to set new records. “

One thing to watch out for during a heated ether market is ETH /BTC exchange pair. An increase in this market indicates that traders are selling their bitcoin for ether; it appreciated by more than 75% in 2021.

ETH /BTC pair trading on Coinbase in 2021.
Source: TradingView

“As bitcoin consolidates and trends again to all-time highs, much of the price action has been focused on the ETH and DeFi space,” said Jason Lau, COO of the San Francisco-based crypto exchange, OKCoin. “ETH /BTC almost doubled last month.

Ether domination before the launch of CME

Ether, the second largest cryptocurrency by market cap, was up on Friday, trading around $ 1,714 and climbing 3.3% in 24 hours at 9:00 p.m. UTC (4:00 p.m. ET). It hit a brand new price on Friday, at $ 1,761, according to data from Fintech Zoom 20.

Read more: Ether surpasses $ 1.7,000, setting new record as CME Futures launch nears

Aether’s dominance, a measure of assets to cryptocurrency’s $ 1.1 trillion overall market cap, is now over 17%. That’s an increase of over 50% since the start of 2021, according to metrics calculated by the TradingView charting software.

Ether dominance so far in 2021.
Source: TradingView

Chad Steinglass, head of trading at CrossTower Capital, told Fintech Zoom that crypto traders recovered ETH ahead of CME’s launch of ether futures on February 8. “I think a lot of traders are building positions before launch,” he said.

“The availability of ETH futures contracts listed on the CME could be an important positive catalyst,” Steinglass said. “The addition of CME futures will open the door for many potential investors who wish to gain exposure, but have not yet taken a position due to logistical hurdles.”

“With decentralized trade booming and yield farming showing no signs of easing, growing interest in leveraged agricultural products increases demand for ETH and shows the market will only grow further. Noted Denis Vinokourov, research manager at crypto brokerage Bequant.

Other markets

The digital assets of the Fintech Zoom 20 are all in the green Friday. Notable Winners at 9:00 p.m. UTC (4:00 p.m. ET):

Read more: DeFi Season? LINK, AAVE, ZRX and COMP hit price records

  • Oil rose 0.86%. price per barrel of West Texas Intermediate crude: $ 56.94.
  • Gold was in the green at 0.92% and $ 1,810 at the time of publication.
  • Silver wins, up 1.8% and changes hands at $ 26.82.
  • The yield on 10-year US Treasury bonds climbed to 1.170 on Friday and in the green to 3.2%.

The Fintech Zoom 20: the most important assets for the market

Bitcoin price today – Market Wrap: Bitcoin Rises to $ 38.3,000 as new Ether high comes to light

About Andrew Estofan

Check Also

Karimnagar CP advises people to be mindful of online loan applications

Posted: Posted Date – 8:17 PM, Wed – 3 Aug 22 Police Commissioner V Satyanarayana …