Ethereum (ETH), arguably the most influential cryptocurrency after Bitcoin (BTC), has managed to climb above the $3,000 mark for the first time in over 20 months, showing a rare rally that has seen the coin already surpass $3,100 at the time of writing. The ETH rally, while largely being attributed to dealer hedging, is also leading to speculations of a bubble which might burst at any given point, so it is largely advised to maintain caution and see if the ETH prices become stable before planning an exorbitant investment.
Before we proceed further, readers should note that the overall crypto market and coin prices are extremely volatile in nature. There are no foolproof methods to ascertain how cryptocurrencies are expected to behave in the future. This article is aimed at helping investors stay on top of the current market scenarios and the biggest events that have already taken place as well as some upcoming occurrences that are worth noting. Investors are advised to do their own research before taking any call.
Crypto Prices Over The Past Week
Last Monday (February 19), the overall crypto market cap stood at $1.80 trillion. BTC price stood at around $48,200, ETH price stood at around $2,500.
A week later, the overall market cap rose to a whopping $1.99 trillion.
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DeFi’s total volume stands at $5.37 billion, at 10.50 percent of the total market 24-hour volume. In the case of stablecoins, the overall volume stands at $44.17 billion, at 86.39 percent of the total 24-hour market volume. As per CoinMarketCap, the overall market fear and greed index stood at ‘Greed’ with 72 points (out of 100).
BTC dominance, at the time of writing, stood at 50.65 percent.
Over the past seven days, Bitcoin achieved a high of $52,864.24 (on February 20) and a low of $50,646.88 (February 24).
Ethereum, on the other hand, saw a high of $3,125.26 (February 26) and a low of $2,887.01 (February 21).
Crypto Events To Note
Argentina’s government is poised to introduce regulatory measures targeting cryptocurrency service providers, as reported by local media outlets. President Javier Milei is reportedly preparing to issue an executive order aimed at establishing a regulatory framework overseeing the operations of such entities. The proposed regulations would bring these service providers under the supervision of the country’s national securities watchdog, the CNV.
The move comes amidst efforts to prevent Argentina from falling into the Financial Action Task Force’s (FATF) “grey list.” Argentina had previously been on this list from 2010 to 2014 due to deficiencies in its anti-money laundering policies. The impending evaluation by the FATF, scheduled to assess the country’s measures against money laundering, is driving the urgency behind these regulatory actions. According to the proposed decree, all cryptocurrency service providers, regardless of their location, would be required to register with the CNV and obtain a licence to operate.
Moving on to more crypto news, in a recent revelation by Coinbase, it has been suggested that the political inclinations of Texans might be swayed by the stances of presidential candidates on the issue of cryptocurrency. The assertion comes from a recent blog post by the exchange, highlighting Texas as a significant hub for cryptocurrency enthusiasts. Reportedly, over 21 per cent of adults in Texas, totalling approximately 4.7 million eligible voters, are engaged in the ownership of digital assets.
Of notable interest is the demographic breakdown, with a higher prevalence of crypto ownership observed among younger citizens, constituting 39 per cent of owners. These individuals, typically with incomes of $75,000 or less, perceive cryptocurrency as a potential catalyst for reforming the existing financial framework, a sentiment shared by the majority (85 per cent) within this cohort. The discontentment with the current financial system coupled with the optimism surrounding cryptocurrency’s potential impact could potentially influence the voting behaviour and outcomes in the forthcoming elections among the Texan electorate.
A recent analysis by Grayscale Research has highlighted the significance of Dencun, the impending Ethereum upgrade, as a pivotal moment in the network’s evolution, positioning it as a crucial step towards solidifying the Ethereum 2.0 proposal. Described as a “coming of age” event for Ethereum, the upgrade is poised to introduce modularity and enhance the network’s capabilities, according to the report.
In contrast to its performance in 2023, where Ethereum lagged behind competitors like Solana and Avalanche in terms of smart contract network performance, Grayscale attributes this disparity to Ethereum’s transitional phase characterised as an “adolescent phase.” Despite this, the report underscores Ethereum’s robust network security, impressive total value locked (TVL) metrics, and its dominance in the fee market, collectively positioning Ethereum as arguably the most secure and trusted smart contract platform with the largest market capitalisation.
What Crypto Traders Are Saying About Current Market Scenario
WazirX Vice President Rajagopal Menon offered his take, “Bitcoin reclaimed the $51,000 level, contributing to a crypto market recovery following positive sentiments from Nvidia’s earnings, particularly uplifting AI tokens. Analysts predict a bullish trajectory, suggesting a potential $150,000 target for Bitcoin in 2024. Meanwhile, the Ether market exhibited strength, breaking the $3,000 mark. Traders note that Ether ETFs are unlikely to cause a bubble. The breakout is attributed, in part, to dealer hedging. The crypto market witnessed notable developments and positive indicators over the week.”
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Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Cryptocurrency market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.
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