Crypto sentiment continues to improve as the price of Ether (ETH) moves into unknown territory and reaches a new permanent high of $ 1,653 on February 3.
Bitcoin (BTC) bulls, meanwhile, appear to be targeting the $ 40,000 mark and Cointelegraph analyst Marcel Bichmann said the release of $ 1 billion bitcoin options on Friday favors bulls.
Data from Cointelegraph Markets and TradingView show a 4.46% price increase for the top cryptocurrency, which is currently trading at $ 36,994 and Ethereum up 8.38% at $ 1,633.
Business intelligence firm MicroStrategy is scheduled to hold a February 4 meeting with 1,400 public companies where CEO Michael Sailor will discuss how companies can incorporate bitcoin into their company’s strategy.
Fears that large institutional purchases and whale books have recently led to the centralization of bitcoin were addressed by analyst Willie Wu, who showed that “small and medium holders control nearly 40%” of the available supply and “distribution continues to improve.”
Traditional markets are supported by tech stocks.
The bullish trend continued on that day in the traditional markets as a combination of positive corporate earnings and developments linked to financial stimulus from the Biden administration helped to improve overall market sentiment.
US officials may meet as early as February 4 to discuss the growing influence of investment groups on social media in financial markets. The discussion is expected to focus on the recent development of r / Wallstreetbets and the use of platforms like Robinhood and Reddit to manipulate markets.
The S&P 500 and Dow were able to recover from early bearish pressures, ending the day 0.10% and up 0.11%, while the Nasdaq faced a late selling wave that led to a slightly negative end of 0.02%. Tech giants such as GOOGL, which closed 7.28% higher, helped push markets higher towards a close signal.
DeFi Tokens Continue To Outperform Other Cryptocurrencies
Events related to preventing brokerage firms from gaining access to certain assets have highlighted the benefits of decentralized finance. DeFi Tokens have taken advantage of this attention along with the powerful Ether hack.
The additional interest helped push AAVE and SushiSwap (SUSHI) to constant highs of $ 345 and $ 14.84, while the UMA price rose 59% by 2021 to $ 21.56.
The total market value of the cryptocurrency is now $ 1.11 trillion, and the dominance of bitcoin is 61.6%.