Ether (ETH) price is seeing green in its Bitcoin (BTC) pair on April 21, reaching the highest levels since early February. Given the technical breakout of ETH/BTC, traders are beginning to expect a strong rally in the foreseeable future. During the first two weeks of April, ETH was outperformed by Binance Coin (BNB), the native token of Binance Smart Chain. The high transaction fees on Ethereum coupled with the high user activity on Binance Smart Chain led BNB to gain momentum against Ether. However, in the past few days, ETH price has started to rally against both Bitcoin and BNB, the first and third largest cryptocurrencies in the global market, respectively.
Bitcoin (BTC-USD) is experiencing a massive sell-off, shedding almost 15% in the last 24 hours — the biggest intraday drop since February. The drop appears to coincide with reports that the US Treasury is planning to tackle financial institutions for money laundering carried out through digital assets. Data website CoinMarketCap cited a blackout in China’s Xinjiang region for the fall, which allegedly powers much of Bitcoin mining — the process by which new bitcoins are entered into circulation.
Dogecoin, a blockchain-based digital currency named for a meme about an excitable canine, has seen its price rise by a factor of five over the last week. The price spike has made it one of the world’s 10 most valuable cryptocurrencies, with a market capitalization of $45 billion. Understanding the value of cryptocurrencies is never easy, and it’s especially hard for Dogecoin, which was created as a joke. Dogecoin isn’t known for any particular technology innovations and doesn’t seem to have many practical applications.
DogeCoin, a cryptocurrency created to parody the insanity of crytpocurrencies, reached a milestone on Tuesday when the price soared to 11.5 cents, the first time the cryptocurrency exceeded 10 cents in value. The market cap of DogeCoin — which started as a joke and is literally classified as “a memecoin” — is currently just over $14 billion. It’s the culmination of a semi-ironic movement that’s involved thousands of buyers, tens of thousands of online posters and the world’s richest man, Elon Musk. Just like the Wall Street Bets Reddit community rallied around pumping the GameStop stock up to $1,000-per-share (it got up to $483, short of the goal but a dramatic spike from the 52-week low of $3.77), cryptocurrency communities became attached to the idea of “sending” DogeCoin to 10 cents.
After the United States Securities and Exchange Commission initiated a lawsuit against Ripple alleging that the firm had been indulging in the sale of securities worth $1.3 billion, a number of prominent exchanges across the globe (including Coinbase, Kraken, OKCoin) proceeded to delist Ripple’s native cryptocurrency, XRP, from their platforms. So, what has actually caused XRP’s price to surge? José Maria Macedo, a partner at cryptocurrency analysis firm Delphi Digital, told Cointelegraph that in his view, this latest monetary upswing comes alongside a broader rise in other old-timer altcoins such as EOS and Stellar (XLM) and a reduction in BTC’s overall market dominance.
Early crypto company Blockchain.com has added Polkadot (DOT), Aave (AAVE) and Yearn Finance (YFI) to its wallet and exchange. Blockchain.com enables users to buy, hold, and store cryptocurrencies and has seen over $620 billion in transactions since 2013. With these additions, the company is seeking to build on the growing decentralized finance (DeFi) industry.
Conventional wisdom suggests that when big amounts of bitcoin exit exchanges, the hodlers are socking away coins in their cold-storage hoards, presumably forever. The reality is more complicated than that, and bitcoin outflows in 2021 have a lot more to do with another important digital asset: stablecoins.
Stablecoin USDC is now live on the Stellar network, according to an announcement from FinTech firm Circle and the Stellar Development Foundation (SDF). Stellar USDC is immediately available on Stellar’s decentralized exchange, which all Stellar accounts can access via integrated wallets. It can be traded throughout Stellar’s ecosystem of over 9,000 assets, with the inclusion of stablecoins such as ZAR, TZS, EURT, ARST, BRLT and NGNT, according to the announcement.
Bitcoin price extended its rise above the USD 55,000 resistance zone. BTC even spiked above USD 55,000 before it started a downside correction. It is currently (05:30 UTC) holding gains above USD 53,000 and there are chances of a fresh increase above USD 54,500. Similarly, most major altcoins are trading above key supports. ETH surged towards the USD 1,880 resistance level before there was a USD 100 dip. XRP/USD failed to test the USD 0.495 and USD 0.500 resistance levels.
With the rapid growth of decentralized finance, upcoming scaling developments on Ethereum 2.0, and increased crypto allocation in the portfolios of institutions, the price of Ether (ETH) is rapidly ascending. In fact, we’ve already seen ETH break the $2,000 barrier for the first time, marking a brand-new all-time high. All this action may be bullish for ETH holders and DeFi investors, but for smaller DApp developers and other users on the network — such as traders using ERC-20-based stablecoins — it’s quickly pricing them out.