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Bitcoin Goes for Gold As Market Cap Tops $1 Trillion – eToro Crypto Roundup

Ethereum reaches $2K and Binance Coin doubles in value. In yet another historic week, Bitcoin blew past the trillion dollar market cap milestone to hit highs of $58K on February 21st as institutional money pours into the market. MicroStrategy is buying an additional $1 billion worth of Bitcoin, Motley Fool has scooped up $5 million, […]

The post Bitcoin Goes for Gold As Market Cap Tops $1 Trillion – eToro Crypto Roundup appeared first on The Daily Hodl.

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Ethereum reaches $2K and Binance Coin doubles in value.

In yet another historic week, Bitcoin blew past the trillion dollar market cap milestone to hit highs of $58K on February 21st as institutional money pours into the market.

MicroStrategy is buying an additional $1 billion worth of Bitcoin, Motley Fool has scooped up $5 million, and even the world’s largest asset manager BlackRock has “started to dabble” in the cryptoasset. This buying frenzy is reflected on Twitter, where prominent Bitcoiners including Elon Musk and Senator Cynthia Lummis have powered up their profile images with laser eyes to celebrate surging prices.

Meanwhile, Ethereum briefly surpassed $2K before falling as competitors pushed higher. Soaring fees have put other smart contract platforms in focus, with Binance Coin doubling in value and Cardano hitting $1.

This week’s highlights

  • Gold bulls switch to Bitcoin
  • Binance Coin battles Ethereum

Gold bulls switch to Bitcoin

Driven by the insatiable appetite of institutional buyers, Bitcoin is eating away at the safe haven appeal of gold.

While the leading cryptoasset rose to record highs this week, the price of gold fell to its lowest level since July. Both assets are considered hedges against inflation, yet the appeal of Bitcoin is luring traders away from the precious metal.

The latest convert is long-time gold bull Jeffrey Gundlach, founder of DoubleLine Capital, who tweeted on Thursday that Bitcoin may have replaced gold as “The Stimulus Asset.” He joins a long line of new Bitcoin admirers, including Allianz’s chief economic advisor Mohamed El-Erian, who told CNBC earlier this month that “gold is no longer seen as the only defensive vehicle.”

Binance Coin battles Ethereum

While Ethereum hit record highs above $2K this week, Binance Coin grabbed the spotlight. The exchange token has doubled in value, jumping to third place in market capitalization behind Bitcoin and Ethereum.

The token is benefitting from congestion on the Ethereum blockchain. This is creating high fees and driving traders to alternative projects on the Binance Chain – namely the decentralized finance (DeFi) project known as PancakeSwap.

Behind Binance Coin, other tokens powering blockchains designed to rival Ethereum are also rising in the ranks. Cardano has surged 20% to hit $1, and TRON is up 14%.

The week ahead

Bitcoin’s appeal as an inflation hedge is likely to remain supported by macroeconomic developments this week, as Biden’s $1.9 trillion stimulus package gets closer to being passed.

Meanwhile, institutions are likely to continue hitting the buy button. MicroStrategy CEO Michael Saylor said on Friday that the firm had successfully raised $1 billion for the purpose of adding more Bitcoin to its balance sheet, and a survey released by Gartner last week revealed that 5% of business executives are intending to buy the cryptoasset this year.

This post originally appeared on the eToro blog.

This content is sponsored and should be regarded as promotional material. Opinions and statements expressed herein are those of the author and do not reflect the opinions of The Daily Hodl. The Daily Hodl is not a subsidiary of or owned by any ICOs, blockchain startups or companies that advertise on our platform. Investors should do their due diligence before making any high-risk investments in any ICOs, blockchain startups or cryptocurrencies. Please be advised that your investments are at your own risk, and any losses you may incur are your responsibility.

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Source: https://dailyhodl.com/2021/02/22/bitcoin-goes-for-gold-as-market-cap-tops-1-trillion-etoro-crypto-roundup/

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DEX volumes have already surpassed $120b in 2021

DEX trading volumes on Ethereum hit $63 billion in January, smashing the sector’s previous record of $28 billion.

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Ethereum-powered decentralized exchanges, or DEXes, continue to surge despite high transaction fees — with DEXes processing more than $120 billion in 2021 so far.

According to Ethereum market analytics platform Dune Analytics, combined DEX volumes posted a new record of $63 billion in January. February’s volume currently sits at $59 billion and is on track to hit $67 billion at the month’s end.

DEXes have already processed more volume in the first two months of 2021 than during all previous years combined.

Monthly DEX volume: DuneAnalytics

The Ethereum-powered DEX sector is still dominated by Uniswap and Sushiswap, who account for 65% of February’s trade combined. Uniswap currently represents more than double Sushi’s volume, controlling almost 50% of DEX market share.

However, looking at the weekly number of active traders on each platform shows that Uniswap represents more than three-quarters of Ethereum DEX users. Over the last seven days, nearly 142,000 unique wallets traded on Uniswap, followed by decentralized exchange aggregator 1inch with roughly 18,450 traders, and SushiSwap with 8,911.

However, not all DEX trading activity is occurring on Etheruem, with Binance Chain’s Pancake Swap surging to report a daily trading volume behind of more than $1.1 billion.

Despite some users migrating away from Ethereum-based DEXes, confidence in the sector as a whole is at an all-time high, with the total value locked in these exchanges sitting above $40 billion for the first time during recent weeks.

Source: https://cointelegraph.com/news/dex-volumes-have-already-surpassed-120b-in-2021

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Ethereum on track to settle $1.6 trillion this quarter

Ethereum’s quarterly settlement value is on course to increase by 1,280% year-over-year.

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Ethereum usage is surging this year, with the value of transactions settled on the network skyrocketing during 2021.

According to research from Messari, Ethereum has settled $926 trillion worth of transactions this quarter so far — 700% more than it processed during Q1 2020. 

The network is currently on-pace to settle $1.6 trillion in transactions for the first quarter of this year. In the last 12 months, Ethereum has already settled $2.1 trillion in transactions.

If Messari’s $1.6 trillion forecast is accurate, Ethereum’s quarterly settlement value will have increased 1,280% compared to Q1 2020, and more than 5,000% compared to Q1 2019. 

Messari researcher Ryan Watkins noted the data counters the prevailing narrative that Ethereum is seeing an exodus of users amid its high gas fees, exclaiming:

“Incredible scale for a technology that critics claimed couldn’t scale.”

Ethereum’s recent surge in settlement value can be attributed to explosive growth in the DeFi and non-fungible token sector — most of which is based upon Ethereum.

The massive demand on the network has caused gas prices to surge to all-time highs. With many retail traders increasingly getting priced out of using the Ethereum mainnet for smaller transactions.

Average Ethereum transaction fees spiked to record highs of $40 on Feb. 23, with Ethereum generating $50 million worth of transaction fees in a single day.

Cryptofees.info is currently reporting an average daily fee generation of $32 million for ETH over the past seven days. Comparatively, Bitcoin has generated just $8 million daily on average over the past week.

According to Bitinfocharts.com, average transaction fees surged to a record high of almost $40 on Feb. 23. At the time of writing, Ethereum’s fees have retreated to $21 on average.

On Feb. 24, Cointelegraph reported that a fat-fingered DeFi user mistakenly paid more than 25 Ether worth $36,000 for a transaction this week.

Amid the high fees, Crypto influencers are urging an accelerated launch of ETH 2.0 to alleviate pressure on the congested proof-of-work blockchain.

Source: https://cointelegraph.com/news/ethereum-on-track-to-settle-1-6-trillion-this-quarter

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Dogecoin Price Prediction: DOGE primed for a massive 100% move to new record highs

Dogecoin bounces off from the support at $0.04, setting the ground for gains above $0.11. DOGE is looking forward to a triangle breakout targeting a more than 100% move. The upswing may fail to materialize if the immediate 50 SMA support is broken. Dogecoin is teetering at $0.05 after recovering from the dip that occurred

The post Dogecoin Price Prediction: DOGE primed for a massive 100% move to new record highs appeared first on Coingape.

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  • Dogecoin bounces off from the support at $0.04, setting the ground for gains above $0.11.
  • DOGE is looking forward to a triangle breakout targeting a more than 100% move.
  • The upswing may fail to materialize if the immediate 50 SMA support is broken.

Dogecoin is teetering at $0.05 after recovering from the dip that occurred across the market earlier in the week. Before the broad-based declines, the ‘Meme Coin’ had been losing ground below a descending trendline.

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The support at $0.045 played a vital in stopping the declines, allowing bulls to focus on higher levels. A breakout from a descending triangle is expected to elevate Dogecoin to new all-time highs.

At the time of writing, DOGE is dancing between the 50 Simple Moving Average (SMA) on the 4-hour chart and the 100 SMA. It has already broken out of the triangle pattern. The 100 SMA currently limits its upside.

Note that triangles are known to have exact breakout targets measured from the patterns highest to the lowest points. While descending triangles are generally bearish, they can also result in bullish price actions.

As for Dogecoin, trading above the 100 SMA will live open-air for exploration. It is worth keeping in mind that some hurdles are expected at $0.07, $0.09, and $0.1. However, if a breakout materializes, DOGE will rise to a new record high of around $0.11.

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DOGE/USD 4-hour chart

DOGE/USD price chart
DOGE/USD price chart by Tradingview

On the other hand, it is worth keeping in mind Dogecoin is resting on a robust support area reinforced by the triangle’s hypotenuse and the 50 SMA. Holding above this region is critical to sustaining the uptrend. However, declines back to $0.045 may come into the picture, and investors could also panic-sell, adding to the bearish pressure.

To keep track of DeFi updates in real time, check out our DeFi news feed Here.

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Source: https://coingape.com/dogecoin-price-prediction-doge-primed-for-a-massive-100-move-to-new-record-highs/

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