2021-02-05 08:00:00

The Weekly Crypto Market Update

This week was undoubtedly an altcoin party. Even though Bitcoin is up quite a bit in the past seven days, it was altcoins that stole the show, charting major increases almost every single day.

Let’s start with BTC, though. It began the week at around $34,000 and was rather indecisive in the first few days, dipping below $33,000 on a few occasions. However, it was on Tuesday when the price started going up, reaching a weekly high at just shy of $39,000 before settling to where it’s currently trading at around $37,500.

All in all, BTC gained around 15% in the past seven days, but what happened in the altcoin market was far more interesting. The alternative coins reduced Bitcoin’s dominance to 60% as they claimed their piece of the pie.

Ethereum charted a new all-time high at $1784 today, while almost all of the top 20 cryptocurrencies (with small exceptions) are up double-digits. Aave skyrocketed by around 80%, BNB is up 40% – now trading above $60, Uniswap’s UNI is also up 40%, the same goes for Cardano. Meanwhile, XRP also saw an increase of about 55%, and bulls now eye the $0.5 target.

Stepping aside from prices, the week was also quite intensive in terms of news. Visa will pilot a crypto API that will enable institutions and banks to buy Bitcoin. It should be ready at some point this year. PayPal also released their quarterly report, revealing gains higher than anticipated for Q4 of 2020 after they enabled users to buy, sell, and store cryptocurrencies.

Elsewhere, well-known celebrity and rapper LL Cool J also began investing in the field alongside billionaire Paul Tudor Jones as both have contributed to a newly founded crypto VC fund.

All in all, the week was very dynamic, and the market does feel quite euphoric. Is this a sign of a local top? Or is this just the beginning of a parabolic movement? We have yet to see.

Market Data

Market Cap: $1152B | 24H Vol: 156B | BTC Dominance: 60.4%

BTC: $37,515 (+13.1%) | ETH: $1,689 (+27.1%) | XRP: $0.44 (+66%)

LL Cool J Is Now a Crypto Investor Alongside Paul Tudor Jones in a New VC Fund. The popular rapper LL Cool J will take part in a new cryptocurrency venture capital firm. Other names who will participate include the legendary investor Paul Tudor Jones, as well as the CEO of PepsiCo.

American Youtuber Logan Paul Teams Up With Bondly Finance to Release NFT. US celebrity and YouTuber Logan Paul has partnered up with Bondly Finance in a deal that will see them create and distribute non-fungible tokens (NFTs) for Paul’s ‘Pokemon Box Break.’ The YouTuber becomes the latest in a series of celebrities to jump on the NFT bandwagon.

PayPal Records Massive Gains In Q4 2020 After Enabling Cryptocurrency Trading. The leading online payment processor, PayPal, revealed gains larger than expected throughout the last quarter of 2020. This happens after the company allowed its customers to buy, sell, and store cryptocurrencies directly on its platform.

Retail Interest Soars as ‘Buy Crypto’ Google Searches Explode To New ATHs. The retail interest in cryptocurrencies is surging, according to data from Google Trends. Searches for ‘buy crypto’ skyrocketed to a new all-time high, signaling serious euphoria in the markets.

Ethereum Reaches ATH of $1,700: Economist Predicts $20k by Year-End. Ethereum continues on its path in uncharted territories with yet another all-time high. The cryptocurrency shows no signs of slowing down, and some optimistic predictions put it at $20,000 by the end of the year.

Visa to Pilot Crypto API Enabling Institutions and Banks to Buy Bitcoin This Year. The largest payment processing company, Visa, will pilot a new API that will allow its institutional clients and partners to buy, custody, and trade bitcoin, as well as other cryptocurrencies. It’s expected to happen at some point during this year.

Charts

This week we have a chart analysis of Bitcoin, Ethereum, Ripple, Cardano, and Chainlink – click here for the full price analysis.

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Cryptocurrency charts by TradingView.

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