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.
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”.
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.
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
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%.