BTC and ETH Break New All-Time Highs; BCH surges: The Living Market

BTC and and ETH break new all-time highs (again) as BCH surges. Since Tesla’s historic move into Bitcoin, Morgan Stanley and Mastercard are only some of the few finance giants who have become enamored with the crypto king. Ethereum too has seen its price rise to new highs as the company begins to develop a new monetary framework under its EIP 1559 proposal.

  • Bitcoin continues to defy all resistance levels. Trading at $48,759.26 (+4.02%) after setting a new all-time high, it seems that demand is surpassing current supply levels. Evidently, less supply is available in exchanges (Percent Balance in Exchanges, 12.59%) and the Number of Active Addresses continues to increase (1,220,382). Furthermore, the craze for BTC continues as Uber announces it may later accept the crypto king as payment method.
  • Ethereum 2.0 is well underway as ETH continues to break all-time highs. Currently trading flat at $1,802.44 (-0.44%), the new Ethereum Improvement Proposal (EIP) is due to set new ATHs. With an uproar in DeFi, the amount of Supply in Smart Contracts (19.24%) continues to increase at a steady pace. The latter is a key price driver, considering that more supply in smart contracts decreases the supply available to purchase. Thus, the price of ETH shall continue upwards.
  • Driven by a spike in the Number of Large Transactions (1,880), Bitcoin Cash leads the way. At the time of writing, BCH trades at $690.87 (+11.90%) regaining the #10 spot in CoinMarketCap‘s Top 10 Ranking. In spite of trading -83.30% from the 2017 all-time high ($4,042), the bitcoin spin-off is seeing an increase in the Number of New and Active Addresses (+15.52 and +15.77 respectively.

Market Structure

  • The Total Crypto Market Cap gained +8.83% over the week, fueled by greater volume. Elon Musk reels more capital into the crypto sphere as the 24-hour volume remained above $195billion in the past week, a strong demand indicator. Moreover, a slump in USDT Percent Balance in Exchanges to 12.02%, shows that more stablecoins have been exchanged for other crypto assets. Consequently, Bitcoin’s Stablecoin Supply Ratio holds above 20x.
BTC, ETH and BCH Weekly Chart
BTC, ETH, BCH Weekly CHart

News and Follow-Ups From Around the Industry

  • The biggest custody bank, BNY Melon, seeks to service cryptocurrencies to clients, following a surge in demand. “Growing client demand for digital assets, maturity of advanced solutions and improving regulatory clarity present a tremendous opportunity for us to extend our current service offerings to this emerging field,” claims Roman Regelman. The initiative is expected to rollout later this year.
  • Morgan Stanley is considering adding BTC to its growth portfolios. The global leader in financial services plans con allocating $150billion to the crypto king.
  • Last week, Mastercard announced that it’s “preparing right now for the future of crypto and payments, announcing that this year Mastercard will start supporting select cryptocurrencies directly on our network.” However, not all cryptocurrencies will be supported by their network.
  • L’Aterlier, a subsidiary of French bank BNP Paribas, has recently published a report on the NFT market. According to the report, the volume traded in NFT’s has surpassed $250 million, with the NFT industry market capitalization rising to $330 million.

Top 3 Cryptos by Sector

Market Cap-Large (24/h Δ in price)
Total Market Cap: $1,491.322.108.285 (+0.1%)

  • BTC: $48,421.62 (-0.46%)
  • ETH: $1,819.59 (+0.88%)
  • XRP: $0.576 (-1.60%)

Smart Contracts (24/h Δ in price)
Market: (+13.69%)

  • DOT: $29.14 (+6.71%)
  • ADA: $0.875 (+4.30%)
  • EOS: $5.00 (-0.25%)

DeFi (24/h Δ in price)  
Market: (+11.36%)

  • AAVE: $484.21 (+1.90%)
  • UNI: $21.17 (-0.99%)
  • Maker: $2,517.41 (-1.09%)

Stable Coins (24/h Δ in volume traded)  
Market: (-0.27%)

  • USDT: $27.706.615.338 (+3.20%)
  • USDC: $922.713.777 (-0.74%)
  • DAI: $207.295.481 (-0.76%)

NFT’s (7day volume traded)  
Market: $18.932.424,54

  • CryptoPunks: $11.010.323,48
  • Superrare: $2.390.166,71
  • The Sandbox: $1.270.630,62

Monday February 15th , 2021 18:00 CET

*Market Data from Messari.

Disclaimer: All information in this publication is provided for general information purposes only. This publication is not investment advice and is not intended to be. This publication does not constitute and is not intended as an offer, recommendation, or solicitation to invest in any financial instrument, including cryptocurrencies and the like. The contents in the publication represent the personal opinions of the respective authors and are not suitable or intended as a basis for decision-making.