ETH breaks all-time high as BTC and AAVE surge: The Living Market

ETH breaks all-time high as BTC and AAVE surge Year-to-Date. Strong demand drives the crypto market and with higher odds of further stimulus, volatility can continue to drive prices higher. As Total Value Locked increases, it looks like DeFi will continue to pave the way.

  • Bitcoin makes the second attempt at 38k, a key resistance level as 223,000 BTC were acquired amongst this level. Trading at $37,886.38 (+1.90%), BTC needs to convert said resistance into support if we are to see higher prices over the weekend. On the contrary, BTC should continue to consolidate between 34k and 38k.
  • Ethereum continues to shatter resistance levels, leading to a new all-time high. Currently trading at $1,726.35 (+4.31%), ETH is driven by strong demand reflected by a new all-time high record for crypto fees. Ethereum hourly fees soared to $2,358,159.69. Higher fees is a key demand indicator as it aggregates the amount users are spending in the Ethereum blockchain.
  • Trading +483% YTD, AAVE edges toward MAKER as the Total Value Locked reaches $5.76billion. Furthermore, a 1.14 Market Cap/TVL ratio comes as AAVE trades at $510.37 (+4.49%). A surge in New and Active Addresses (3.8k and 6.24k respectively) signals strong demand.

Market Structure

  • Bitcoin’s Dominance continues to shed value as Ethereum continuously breaks all-time highs. Ethereum’s Market Cap Dominance spiked to 17%, while BTC remains strong– above 60%. The ETH breakthrough is correlated to the increase in the Total Value Locked in DeFi ($35.32billion).
  • The hype behind crypto continues as the Total Market Cap climbs to $1.167trillion. However, going into the weekend with lower volume ($158billion) as to last Sunday’s liquidity, makes the market sensible. Fueling the uncertainty, disappointing job reports stress the need of further stimulus. A USDT – Percentage Balance on Exchanges 3-month high (14.21%) indicates that the market can continue gaining, propelled by higher volatility.
The Living Market
BTC, AAVE, ETH Year-to-Date Chart

News and Follow-Ups From Around the Industry

  • Bitcoin Suisse, Switzerland’s largest crypto broker has officially hit “demi-unicorn” status. After raising $45million last year, the companies valuation has crossed $400million.
  • The Total Value Locked in DeFi has crossed $35billion. In the space of two days the DeFi sector has seen $5billion flow into various projects.

Top 3 Cryptos by Sector

Market Cap-Large (24/h Δ in price)
Total Market Cap: (+3.93%)

  • BTC: $37,886.38 (+1.90%)
  • ETH: $1,726.35 (+4.31%)
  • XRP: $0.448 (+6.07%)

Smart Contracts (24/h Δ in price)
Market: (+5.59%)

  • DOT: $20.66 (+2.14%)
  • ADA: $0.506 (+17.66%)
  • EOS: $3.16 (+3.58%)

DeFi (24/h Δ in price)  
Market: (+10.65%)

  • AAVE: $510.37 (+4.49%)
  • UNI: $21.27 (-0.12%)
  • MAKER: $2,765.75 (+43.03%)

Stable Coins (24/h Δ in volume traded)  
Market: (+0.11%)

  • USDT: $117,555,133,500 (-5.25%)
  • USDC: $1,703,198,631 (-14.85%)
  • DAI: $293,134,320 (-10.26%)

NFT’s (7day volume traded)  
Market: $7,115,789.87 

  • CryptoPunks: $3,231,508.53
  • Sorare: $840,976.58
  • Superrare: $821,675.58

Friday February 5, 2021 18:40 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.