Ethereum closes above 1,500 US dollars

Bitcoin price rises to 36,800 US dollars: Ethereum closes above 1,500 US dollars

Bitcoin broke out above a key resistance level shortly after Ethereum posted a new all-time high.

On 2 February, the Ether (ETH) price rose to a new all-time high above US$1,555. Increased activity in the derivatives market provided clear signals that traders are Bitcoin News Trader optimistic about the largest altcoin by market capitalisation in the long term.

The bitcoin price has also broken out above resistance at US$35,000 and is currently hovering around US$36,300.

Prominent entrepreneurs such as Elon Musk, Michael Saylor and Mark Cuban publicly discussed the benefits of blockchain technology and DeFi. Referring to the Reddit group r/Wallstreetbets, Cuban said that „stocks would be on the blockchain in the future“.

Circle’s USD Coin (USDC) has now been integrated into the Stellar blockchain. This means transactions can now be made with the stablecoin on the Stellar network. Potentially, this can reduce some of the strain on the congestion-plagued Ethereum network.

Data from Glassnode shows that USDC transaction volume on Ethereum has steadily increased over the past year. The Coinbase-backed coin continues to catch up with Tether (USDT). The use of the Stellar blockchain will greatly reduce USDC transaction fees and free up space on the Ethereum network.

Traditional markets rise, meme stocks decline

The hype around r/Wallstreetbets stocks, such as GameStop (GME), AMC and BlackBerry (BB) ebbed and prices continue to decline.

While „meme“ stocks slumped, the S&P 500, the Dow and the NASDAQ posted strong daily performances, closing up 1.39 per cent, 1.57 per cent and 1.56 per cent respectively. Silver fell 8.44 per cent to US$26.60.

Altcoins follow Bitcoin’s lead

Strong price gains were also seen in numerous altcoins as the rise in the Ether price created optimism across the sector. Litecoin (LTC) saw a 13 percent increase and is currently at $153.50. Maker (MKR) and Solana (SOL) also performed strongly, rising by almost 15 per cent each.

The total market capitalisation of all cryptocurrencies now stands at 1.09 trillion US dollars. US dollars and Bitcoin’s dominance is 62.3 per cent.