BTC Bullish, ETH Breaks All-Time High; $31billion total value locked into DeFi: The Living Market

BTC bullish, ETH breaks all-time high and $31billion total value locked into DeFi. Wednesday has seen a drastic shift from the sideways price action observed at the start of the week. The Total Market Capitalization has eclipsed $1trillion and strong upward-moving price-action can be seen across the crypto-space. Whether this trend continues shall be seen but things are looking rather green.

  • BTC $37,167.71 (+3.77%) has registered a monthly high of ($37,222.71 ), with recent price-action seeing $4000 gained since Sunday. Fueling this upward price movement is the ~ 23% growth in newly active and active addresses, with 94.14% of supplied bitcoin in circulation now in profit. Furthermore, the current Adjusted Spent Output Profit Ratio (aSOPR) registered 1.06, indicating there is indeed a slight uptrend in the bullishness of the market.
  • Yesterday at 21:00 CET, ETH $1,647.19 (+8.51%) broke its all-time high by crossing the $1500 mark. Over the past week, the price of ETH has risen ~ 29%, with the number of new and active addresses trending upward. Grayscale seems to be a leading cause for this recent surge, having re-opened its Ethereum Trust to investors on Monday. Following the recent price movement, data from bybt shows that Grayscale subsequently added an additional $38million of ETH to its holdings yesterday.
  • The total value locked into DeFi has hit record highs, breaking the 31billion threshold earlier today. Leading the projects include Maker, AAVE, and Compound, all of which constitute 44% of the total value locked into the DeFi space. Insights from CoinDesk show that ever more ETH and BTC are flooding into DeFi, with market makers such as Grayscale filing for multiple DeFi projects last week.

Market Structure

  • Things move fast in the crypto-space and Wednesday was no exception. What seemed to be a slow start to the week has quickly unfolded into an exciting price-rising period. Over the past 24 hours, the volume of crypto traded has hit a record-setting $114billion, with the total market capitalization now worth $1.1trillion. Across the board currencies and projects have been in the green despite the ongoing havoc raging in the traditional market. Ethereum and DeFi in particular are showing ever stronger potential, signaling the arrival of a potential altseason.
The Living Market
BTC, ETH, DeFi Index Weekly Chart

News and follow-ups from around the industry

  • Crypto trust Gemini has become the latest company to offer high-interest rates, ranging from 1.54% to 7.4% per crypto. Such an offering is scarce if not non-existent in current traditional financial offerings.
  • Financial giant Visa has announced a crypto and bitcoin banking roadmap. The change of heart comes as Visa looks to capitalize on a 70 million strong potential network of clients.
  • The Swiss company, Crypto Broker AG, has been granted a securities house license from Finma, the Swiss regulator. This comes as Crypto Broker AG aims to meet the crypto demand from institutional investors.

Top 3 Cryptos by Sector

Market Cap-Large (24/h Δ in price)

  • BTC: $37,167.71 (+3.77%)
  • ETH: $1,647.19 (+8.51%)
  • XRP: $0.392 (+3.23%)

Smart Contracts (24/h Δ in price)

Market: (+30.69)

  • DOT: $19.74 (+15.00%)
  • ADA: $0.447 (+6.33%)
  • EOS: $3.10 (+3.82%)

DeFi (24/h Δ in price)  

Market: (+46.59%)

  • UNI: $20.25 (+6.07%)
  • AAVE: $341.19 (+13.01%)
  • SNX: $17.67 (+5.64%)

Stable Coins (24/h Δ in volume traded)  

Market: (+0.33%)

  • USDT:  $16.883.214.835 (+0.05%)
  • USDC: $713.328.311 (-0.25%)
  • DAI: $166.856.047 (-0.86%)

NFT’s (7day volume traded)  

Market: $6.253.852,7 

  • CryptoPunks: $2.359.771,23
  • Sorare: $913.561,79
  • Superrare: $867.249,15

*Market Data from Messari. Crypto Total Market Cap Data from TradingView.