ETH on the Rise
Ethereum (ETH) is reaching for the stars, inching closer to an all-time high at $1,763 and creating waves in the market. As those ETH CME futures get ready to launch on February 9, analysts are pretty optimistic and predict we might just see ETH hit the coveted $2,000 mark before facing any real resistance. Holding recently at $1,714, it has seen a cheerful increase of 3.27% in the last 24 hours, while Bitcoin (BTC) is barely keeping pace with a 0.21% rise, settling at $37,633.
Gas Fees Get Wild
But hold on to your wallets, folks! While ETH is strutting its stuff, gas fees on the Ethereum network went crazy this week. The average transaction cost shot up to an all-time high of $17.5 on February 3. This spike was enough to make some exchanges hit the brakes and pause ETH and ERC-20 withdrawals, which understandably sent a few shivers down the spine of crypto enthusiasts.
The Yearn Finance Heist
In a plot twist that would make any soap opera jealous, Yearn Finance (YFI) fell victim to a hacker’s unfriendly raid on February 4, resulting in a whopping $11 million worth of DAI stablecoins being siphoned from its version 1 yield vault. Thankfully, the Yearn team sprang into action quickly to address the situation, including Tether stepping in to freeze $1.7 million in stolen funds. Plus, some bright minds in the MakerDAO community have proposed a specialized collateralized debt position (CDP) to help make the affected users whole again.
Positive Developments in Crypto Custody
Amidst the drama, there’s good news on the horizon. Protego, a crypto custodian from Washington, has announced that it received national licensing from the U.S. Office of the Comptroller of the Currency, making it the second crypto-native firm to do so! Could this be a game changer in institutional crypto adoption? Only time will tell, but it’s certainly a step in the right direction.
Stock Market Reaction
In case you haven’t noticed, the stock market isn’t sitting idly by. Thanks to lawmakers passing a key hurdle for the next stimulus package, with checks potentially heading to those earning under $50,000, stocks rallied a bit on Friday. Major indices like the S&P 500, Dow, and NASDAQ saw decent gains, and silver even decided to join the party with a 2.82% leap to close at $26.98.
Altcoin Explosion
As Bitcoin maintains its dance between $36,000 and $38,000, the altcoin crowd is not just spectating. Coins are breaking out and showing off their new price tags! MakerDAO (MKR) rocketed up by 45% to a snazzy new all-time high of $3,099 before settling back down to $2,810, while the DeFi protocol 0x (ZRX) enjoyed a joyful 61% increase, reaching $1.63. Other notable mentions include Cardano (ADA) climbing 26.44% and Binance Coin (BNB) reaching an all-time high of $64.87.
The Bigger Picture
The overall cryptocurrency market is feeling the love with a market cap of $1.17 trillion and Bitcoin holding court with a dominance rate of 60.1%. Buckle up, crypto enthusiasts—this ride is just getting started!
