The buying interest on the world’s second most valuable crypto, Ethereum, has been on a record high for many months amid an increased buying pressure from institutional investors and big capital.
Still, as the attention of the financial media got fixed on Bitcoin, recent trends show that Ether (ETH) is getting very attractive; they also reveal why this cryptocurrency should become the “first cryptocurrency” for every investor.
Institutional demand: One week after Ethereum futures launched on CME, daily trading volume reached a total of $75.8 million yesterday – almost doubling Friday’s volume of $40 million.
Meanwhile, open interest has increased to $62 million.
Institutional demand: One week after #Ethereum futures launched on CME, daily trading volume reached a total of $75.8M yesterday – almost doubling Friday's volume of $40M.
Meanwhile, open interest has increased to $62 million.
— glassnode (@glassnode) February 17, 2021
Metric description: The total volume (USD Value) traded in futures contracts for the day.
At the time of drafting this report, Ethereum traded at $1,892.82 with a daily trading volume of about $40 billion. Ethereum is up 6.52% for the day. It’s presently the second most valuable crypto with a market value of $217 billion.
Also, recent data from Defi suggests that a lot of activity is ongoing on the Ethereum network, as Ethereum-based crypto market value has risen to over $83.7 billion from $1.9 billion a year ago, according to data from Coingecko.
Several Defi crypto assets have had their share of the spotlight in recent times, with cryptos such as Chainlink, Compound, YAM, UniSwap, Cream finance, and Melon gaining investors’ capital inflows.
DeFi crypto owners, in some cases, can typically receive better interest rates than they would from traditional banks, on the basis that lower operating costs are enabled when operating on an automated decentralized network.
That being said, Ethereum Miner Revenue is at an all-time high, as mining on the Ethereum network becomes very profitable.
📈 Ethereum Miner Revenue at an ATH. pic.twitter.com/DwVUOZkbvj
— Documenting Ethereum 🧾 (@DocumentEther) February 15, 2021
Cardano running on hot steam, bounces above $1 mark
Cardano at the time of writing this report was trading at $1.047324, up 20.35% on the day.
Cardano, the sixth most valuable crypto is enjoying impressive gains amid record-buying pressure from crypto investors.
At the time of writing this report, Cardano was trading at $1.047324, up 20.35% on the day. It was the digital currency’s biggest one-day percentage gain since February 20, 2021.
Such appreciation sighted in the fast-rising crypto asset, pushed Cardano’s market value to $32.38 billion, or 2.10% of the total cryptocurrency market value. At its highest, Cardano’s market cap was pegged at $35 million.
Cardano had traded in a range of $0.899630 to $1.047324 for the day.
Over the past seven days, Cardano has seen a rise in value, as it gained 21.56%. The volume of Cardano traded for the day at the time of writing, was $10.583078 billion or 4.48% of the total volume of all cryptocurrencies.
It has traded in a range of $0.8115 to $1.1971 in the past 7 days.
Highly revered crypto analyst/trader, Michaël van de Poppe also recommended the fast-rising crypto asset.
In a video (titled “Cardano Breaks $1 But $10 Is Possible In This Bull Cycle! Here’s Why!”) released recently the crypto pundit told his followers on Youtube channel that:
“Cardano going towards $10 is not that weird to calculate from here, especially given the fact, and I’ve been saying this in the past week multiple times, especially given the fact that Cardano and mostly all the Bitcoin pairs are just barely waking up. So there’s still much more to gain for the Bitcoin pairs.”
- Cardano (ADA) lately has been tipped to outperform, on the bias that it is headed towards its smart contract launch last month, leading to a significant amount of applications built on Cardano in 2021.
- This means that more developers will see it as an attractive medium for building their desired apps.
Elon Musk’s SpaceX is exploring the merits of buying Bitcoin
SpaceX, a company founded by Elon Musk is exploring the merits of buying Bitcoin, according to MicroStrategy CEO, Michael Saylor.
MicroStrategy CEO, Michael Saylor, has revealed that SpaceX, a company founded by Elon Musk, is exploring the merits of buying Bitcoin.
Saylor revealed that top representatives from SpaceX were among 7,000 companies represented at MicroStrategy’s recent Bitcoin seminar, which the leading business intelligence company organized to aid companies interested in buying Bitcoin as a treasury asset.
“We had people from SpaceX there. We had people [from] some of Elon Musk’s companies. We had people from Marathon there.
“The ones you would expect were there, but of course, there’s an avalanche of private companies, and there were a decent number of public companies and treasurers and CFOs that were lurking.
“Some don’t want to have their names mentioned, as you can imagine, because it’s a sensitive topic,” Saylor said.
However, a significant number of traditional finance experts are not buying into the flagship crypto bullish run, as they see little value in the digital currency on the account that they believe Bitcoin, and other leading cryptos are just part of a larger speculative bubble.
Recent reports suggest SpaceX raised another $850 million this month from a group of leading institutional investors led by Sequoia Capital.
- Such investment now puts SpaceX’s valuation at $74 billion, a 60% jump from August, and helped boost Musk’s net worth by about $11 billion, according to the index.
- A November 15, 2016 filing with the Federal Communications Commission revealed that the tech billionaire owned 54% of SpaceX.
Micheal Saylor has always been a strong fan of the world’s most popular crypto asset and he thus shares the bias that companies can use Bitcoin to hedge against future fiat inflation and allow them to plug into a revolutionary and superior monetary network.
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