Bitcoin price hits $ 36,800 just after Ethereum closed above $ 1,500

February 2nd The price of Ether (ETH) hit a new all-time high of $ 1,555 as increased activity in the derivatives market gave clear signals that traders were optimistic on the long-term prospects for the largest altcoin by market cap.

Bitcoin price also saw a bullish breakout when it finally exceeded the resistance level at $ 35,000 and It is currently trading at $ 36,700.

ETH / USDT 4-hour chart. Source: TradingView

Business leaders such as Elon Musk, Michael Saylor and Mark Cuban continued to engage the public in debates about the benefits of blockchain technology and decentralized funding.. Speaking to reddit group r / Wallstreetbets, Cuban said that “stocks will be in blockchain in the future”.

Bitcoin price hits $ 36,800 just after Ethereum closed above $ 1,500
Bitcoin price hits $ 36,800 just after Ethereum closed above $ 1,500

Circle’s USD coin (USDC) has now been integrated into the Stellar blockchain so that the stablecoin can be traded on the Stellar network and potentially reduce some of the strain on Ethereum’s deadlocked network.

USDC price in relation to the number of transactions per second. Source: Glass knot

The Glassnode data shows this The USDC transaction volume at Ethereum has grown steadily over the past yearas the Coinbase backed coin on Tether (USDT) gains ground. Using the Stellar blockchain significantly reduces USDC transaction fees and frees up storage space on the Ethereum network.

Traditional markets rise as meme values ​​decline

The hype surrounding r / Wallstreetbets shares such as GameStop (GME), AMC and BlackBerry (BB) subsided as their prices rose, the losses suffered on February 1st.

While the values ​​of the “memes” recorded a price decline, The SP 500, Dow and NASDAQ performed well that day, closing 1.39%, 1.57% and 1.56%, respectively.. The price of silver fell 8.44% to $ 26.60.

Altcoins follow Bitcoin

Daily performance of the cryptocurrency market. Source: Coin360

Numerous altcoins also performed well at their prices as the ether price rally raised optimism in the industry.. Litecoin (LTC) saw its price jump 13% and is currently trading at $ 153.50, while Maker (MKR) and Solana (SOL) both added nearly 15% to their strong performances.

The global market cap for cryptocurrencies is now $ 1.09 trillion and the dominance rate of bitcoin is 62.3%.

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