Ether (ETH) led the market higher as it approached a new all-time high of $1,763. ETH CME futures are scheduled to open on the 9th. Its February launch has led many analysts to predict that the highest-rated altcoin will reach $2,000 before it encounters significant resistance.

Data from Cointelegraph Markets and TradingView show that Ether is currently trading at $1,714, up 3.27% on the 24-hour chart, while Bitcoin (BTC) is up 0.21% and trading at $37,633.

Chart 4 hours ETH/USDT. Source: TradingView

Altcoins soar to multi-year highs while Bitcoin price gathers steam

Costs on the Ethereum network also set a new record this week. The average trading value reached $17.5 in February, prompting some exchanges to halt ETH and ERC-20 withdrawals.

Average price of Ethereum. Source: Etherscan

Altcoins soar to multi-year highs while Bitcoin price gathers steam

On the fourth. In February, a leak at Yearn Finance (YFI) allowed a hacker to leak $11 million from DAI’s version 1 yield vault. The team quickly responded to the attack by taking several steps that helped mitigate the impact of the attack.

This included freezing $1.7 million in stolen funds to be returned to the project, as well as a proposal from the MakerDAO community to create a targeted collateralized debt position (CDP) to compensate affected users.

The good news came from Protego, a Washington, D.C.-based institutional cryptocurrency custodian, which announced that it has become the second cryptocurrency company to receive a national license from the U.S. Office of the Comptroller of the Currency.

Democrats vote for stimulus package

Shares rose Friday as U.S. lawmakers cleared a major hurdle in implementing the next stimulus package, which allows people earning less than $50,000 a year to receive a $1,400 economic stimulus check.

Most major indexes ended the day in the green: The S&P 500, Dow and NASDAQ closed 0.39%, 0.30% and 0.57% higher, respectively. Silver also rose 2.82% and closed the day at $26.98.

Altcoins grow on

While bitcoin is quoting between $36,000 and $38,000, altcoins are gaining ground, with prices of several coins jumping Friday.

Daily indicators for the crypto-currency market. Source : coin360

Altcoins soar to multi-year highs while Bitcoin price gathers steam

MakerDAO (MKR) rose another 45% to a new high of $3,099 before correcting to $2,810, while DeFi 0x Infrastructure Protocol (ZRX) jumped 61% to $1.63.

Large-cap altcoins include Cardano (ADA), which rose 26.44%, and Binance Coin (BNB), which reached a new all-time high of $64.87.

Daily chartBTC/USD. Source : coin360

Altcoins soar to multi-year highs while Bitcoin price gathers steam

The total capitalization of the cryptocurrency market is currently $1.17 trillion and bitcoin dominates with 60.1%.

frequently asked questions

Do altcoins rise as bitcoin rises?

If bitcoin rises, will altcoins rise too? Yes. The price of most, if not all, altcoins is highly correlated to the price of bitcoin. … Similarly, if someone wants to cash out and sell their altcoin, they will first sell the altcoin for bitcoins, and then sell the bitcoins for cash.

Why do altcoins go down when bitcoins go up?

First, when the price of bitcoin hit a new record high, it absorbed most of the volume in the cryptocurrency market. This naturally shifted the market to BTC, which contributed to the flight from altcoins.

Should I sell my altcoins for bitcoins?

Selling algorithms for bitcoins would be a good thing because bitcoin is the most well-known and widely accepted. Banks and investors support bitcoin, which means there are willing buyers and sellers. Bitcoin users are committed to the development of the cryptocurrency and will still be around in a few years.

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