Market Wrap: Ether Shoots to $3.3K While Bitcoin Hangs Below $60,000

Tuesday 04 May 2021, 7:12 AM AEST - 1 month ago

Ether is excelling while the bitcoin sideshow is barely making gains. BNB breaks out on DeFi, going past $100 billion in market capitalization Monday.

Ethers hourly price chart on Bitstamp since April 30.

Ether was trading around $3,290 as of 21:00 UTC (4:00 p.m. ET), gaining more than 10% over the prior 24 hours. The second-largest cryptocurrency by market capitalization is the crypto story for Monday because the asset hit a fresh record high of $3,300 around 18:15 UTC (2:15 p.m. ET), according to CoinGecko.

Ether has accelerated to new highs, reaching the targeted level of ~$3,000 from its April breakout far sooner than indicated, noted technical analyst Katie Stockton, in Fairlead Strategies Monday market update. It is not wise to fight momentum, so we are reassuming a bullish near-term bias, somewhat reluctantly.

Momentum, in the form of ether spot exchange volume, is clearly high. Ether volume tallied $35 billion Sunday, with bitcoin just a bit higher at $39 billion. Together, the two assets changed over $74 billion in value Sunday – and thats on a weekend day. Traders will be eyeing volume for the rest of the business week to see where the price settles, particularly with ether continually hitting fresh levels on the spot market.

Bitcoin and ether spot volumes the past month, with Sundays closing date.

Meanwhile, over $20 billion in locked value inside decentralized finance, or DeFi, has been gained in the last month, according to data aggregator DeFi Pulse. The value of ether, combined with traders looking for yield that exists for parking crypto in DeFi, is a fundamentally bullish sign for the Ethereum network overall.

Bitcoin and ether spot volumes the past month, with Sundays closing date.

ETH has been powering for the past two years on the booming DeFi industry with a total value locked above $70 billion, noted Elie Le Rest, partner at quantitative trading fund ExoAlpha. Le Rest also mentioned to CoinDesk the ambitious ecosystem upgrade

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