ETH is close to a record high of $2,600
2 min read
This movement is largely driven by the record of ETH, which in recent hours is flying for the first time close to $2600.
The day saw another crypto, a direct competitor of ETH, Solana, reach new all-time highs. For the first time, Solana rose to $38. Both ETH and Solana both rise over 12%.
This day records over 60% of the top 100 cryptocurrencies in positive territory, with tokens linked to decentralized finance standing out. Among the first rises of the day are Maker and Compound, up over 30%. Maker flew for the first time above $4,900, an all-time record, while Compound also came within a step of last week’s all-time high of just above $600. Uniswap also did very well, up more than 20% and with prices just a step away from the all-time record set last week at just under $40.
The day also saw a resurgence in total trading volumes, which rose to over $700 billion, an increase of about 10% from yesterday’s levels.
ETH’s record-breaking day sees over $10.5 billion being traded, higher than the volume traded by BTC.
For the first time since August 2018, BTC’s dominance falls below 50%, while ETH is back above 14%.
The strengthening of ETH’s value, which remains as the most widely used collateral in decentralized finance with the highest number ever, above 11 million ETH, sees TVL rise back to around $60 billion. Maker remains the leading project and a step away from $10 billion, the highest level ever for the protocol. It is followed by Compound and Uniswap.
BTC (BTC) defends the $53,000 area
In the last 24 hours, BTC briefly dipped back below $52,500 and then quickly climbed back above $55,000. The $53,000 area has proved to be a bulwark defended by the bulls.
In order to dispel any bearish fears, it is necessary for prices to return above $58,000 as soon as possible.
ETH (ETH), records confirm the bullish structure
The new records of ETH confirm the solid bullish structure that has accompanied the trend since the end of last year. At the moment, there are no signs of danger, with prices moving further and further away from the $1,900 area, the first warning level.
The post ETH is close to a record high of $2,600 appeared first on The Cryptonomist.
