Amid Bitcoin Consolidation, Altcoin & DeFi Market Takes Lead, ETH Price Hits New All-Time High
While the world’s largest cryptocurrency Bitcoin (BTC) takes a pause after its early year rally, the altcoins have decided to keep the market momentum high. At press time, Bitcoin (BTC) is trading at $33,871 levels with a market cap of $630 billion.
On the other hand, the altcoin market seems heated up with Ethereum taking up the charge. Earlier today, the ETH price surged past $1450 levels hitting its new all-time high. The world’s second largest cryptocurrency has gained over 95% so far in 2021 and analysts expect that this year shall be very much bullish for ETH investors.
Just as the ETH price surges new highs, Ethereum’s on-chain fundamentals also continues to improve. The number of non-zero addresses for Ethereum has recently reached a new all-time high.
Also, the ETH whales continues to accumulate more coins. The total number of ETH addresses with more than 10K ETH has hit a new all-time high. On the other hand, the total Ethereum staked with ETH 2.0 deposit contracts has also hit a new record high.
The movement of ETH off the exchanges has also reached a new high. Meaning Ethereum (ETH) supply at exchanges is reducing rapidly resulting to liquidity shortage.
Apart from Ethereum, Chainlink (LINK) has been recently in news. The oracle service providers has registered massive network activity with the LINK price hitting its new all-time high.
The price of LINK coins has surged all the way to $25.5 with its market cap smashing past $8.5 billion. Besides, Chainlink has also surpassed Litecoin to become the 7th most-valued cryptocurrency by market cap.
On the other hand, apart from altcoins, even the DeFi market is making a lot of roar. Today, almost all of the top-ten DeFi cryptocurrencies have registered a strong move. All of the top-ten DeFi tokens have gained between 3-8% with Maker leading the show.
The total value locked (TVL) in DeFi has also hit a new all-time high of $26.64 billion. The DeFi market is evolving rapidly and the Ethereum blockchain remains host to more than 90% of the DeFi applications.
Analysts are also hopeful that the DeFi mania is likely to drive ETH price much higher in coming months.