Ethereum price managed to establish a new all-time high at $1,475 but quickly got rejected and dropped to $1,244. This was extremely helpful for the altcoin market, especially the DeFi sector with Uniswap and many others hitting new all-time highs.
Despite many altcoins thriving in the past few weeks, the total market capitalization of alts is only around $350 billion compared to an all-time high of $550 billion in January 2018. This shows that an alt season could just be on the verge of starting.
Bitcoin price on the other hand hasn’t done much and remains trading sideways as other coins take over. Its dominance continues to fall, currently at 63%. XRP price continues declining slowly and is currently trading at $0.26 at the time of writing.
Bitcoin price remains flat after consolidation
One of the main strengths of Bitcoin is that despite the recent sell-off, not many whales have sold to take profit. Additionally, the number of Bitcoin inside exchanges has continued to drop since January 3, which indicates most people are not interested in selling.
On top of that, the number of stablecoins inside exchanges has just hit a new all-time high at $4.32 billion. This could be a major indication that investors are looking to buy the dip as the overall market capitalization of the crypto industry is going up.
Ethereum price hits new all-time high and defends crucial support level
Although ETH bulls would have preferred Ethereum to just continue climbing higher after hitting a new all-time high, defending the 12-EMA level on the daily chart was also a bullish indicator.
ETH/USD daily chart – TradingView
Ethereum price is currently trading at $1,345 after a drop to $1,244. The digital asset faces almost no barriers to a new all-time high and the Ethereum locked inside Eth2 continues to increase, currently at 2.84 million.
XRP price stale but slowly dropping
Nothing major happening with XRP price which is currently around $0.267. The digital asset continues to slowly bleed down to $0.20 as its trading volume hits levels not seen since November 2020.
As we have stated several times, XRP price will most likely remain flat until a court makes a final decision over its security status.
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