After dropping 27% over three days, Ether (ETH) price finally reached a bottom at $1,040 on Jan. 22. The sharp correction liquidated $600 billion worth of future contracts but interestingly, Ether price rebounded to a new all-time high even as Bitcoin price continues to trade in a slight downtrend. According to Cointelegraph, the increasing TVL and transaction volumes of the decentralized finance sector are behind Ether’s impressive surge. To determine whether the recent pump reflects a potential local top, we’ll take a closer look at on-chain flows and derivatives data. Exchange withdrawals point to whale accumulation Increasing withdrawals from exchanges …
Ether’s (ETH) performance over the past week has been nothing short of exceptional. The price rallied from a $905 low on Jan. 11 to a new all-time high at $1,440 on Jan. 19. According to Cointelegraph, the main reasons fueling this move are the growth of decentralized finance (DeFi) protocols as the total value locked reached $24 billion, Ethereum daily transactions surpassing 1.2 million and Bitcoin (BTC) price consolidating below $40,000. Nevertheless, the latest leg of Ether’s rally on Jan. 19 presented a different dynamic from the previous breakouts. A much use of derivatives leverage has been deployed this time …
DeFi has steadily grown in prominence over the past year thanks in large part to the strong foundations established by decentralized exchanges (DEX) that enable easy access to the latest tokens and projects. While there have been previous iterations of DEX user interfaces, such as IDEX or Etherdelta, it wasn’t until Uniswap launched that trading in the DeFi network really took off and facilitated the launch of the finance tokens. Here are six of the top-performing tokens in the decentralized finance sector. UNI/USDT Uniswap has risen from the humble beginnings of a simple user interface that allowed for a token …
On Feb. 10 Binance Coin (BNB) hit a new all-time high at $148 after the native exchange token rallied 121% since the start of the week. Data from Cointelegraph Markets and TradingView shows that BNB rose from $35.37 on Jan. 11 to $148, a 256% increase in less than a month. Three reasons for the explosive growth in the price of BNB include the recent surge in trading volume to a new record high, the expansion of DeFi related protocols to the Binance Smart Chain, and a steadily expanding ecosystem which is supported by new partnerships and integrations. Surging volume …
This week's surge in popular meme coins like Shiba Inu (SHIB) and Dogecoin (DOGE) could be signs that the good times are back and a quick glance at crypto Twitter shows a long list of tweets where aspiring traders discuss buying Lambos, quitting their day jobs and becoming a full-time crypto traders. While DOGE and SHIB are receiving a majority of the attention from media and investors, they are not the only low-priced tokens that have seen a spike in price. On all major networks including, the Binance Smart Chain, the value of meme coins has risen, a sign that …