By Hidayat Sultanli
On Feb 18, 2021
Leading cryptocurrencies, Bitcoin and Ethereum, are on the bullish run. Ethereum hit new ATH price and going for another milestone.
The bullish sentiment continues in cryptocurrencies since 8th February. In 10 days, Bitcoin added 12 thousand USD to its value and Ethereum 3 hundred USD. During this period, other altcoins performed poorly and waited for altseason to come.
The second-largest cryptocurrency, Ethereum, recorded a new all-time high price on 18th February. According to Tradingview, Ethereum hit a $1,928 price level with a 3.5% increase during the day on Bitstamp. The market capitalization of ETH reached $219 billion.
The main support level for ETH is $1,870. Ethereum confronts the resistance at $1,930. If Ethereum overcomes this resistance level, then it can increase up to $2k. ETH may come across with another resistance level till $2k.
As one of the largest cryptocurrency investment companies, Grayscale added another bunch of ETH to the Ethereum trust. Grayscale tweeted an updated version of holdings, assets under management (AUM), and other information. According to the data on Bybt, Grayscale added 20,000 ETH to the Ethereum Trust. This purchase can be one of the reasons for the recent price increase in ETH. With the recent data of cryptocurrencies, AUM reached $40.0 billion.
Institutional buy-out of cryptocurrencies affects the price of cryptocurrencies. Although they buy in mass amounts, a large part of cryptocurrencies is held by individuals.
02/17/21 UPDATE: Net Assets Under Management, Holdings per Share, and Market Price per Share for our Investment Products.Total AUM: $40.0 billion$BTC $BCH $ETH $ETC $ZEN $LTC $XLM $ZEC pic.twitter.com/YgItGWLZVK— Grayscale (@Grayscale) February 17, 2021
02/17/21 UPDATE: Net Assets Under Management, Holdings per Share, and Market Price per Share for our Investment Products.
Total AUM: $40.0 billion$BTC $BCH $ETH $ETC $ZEN $LTC $XLM $ZEC pic.twitter.com/YgItGWLZVK
— Grayscale (@Grayscale) February 17, 2021
The high gas fee is still a problem for transactions to occur on the Ethereum blockchain. The proposed solution is ETH 2.0. According to Glassnode, the total value in the ETH 2.0 contract just reached an ATH of $5,779 million.
With the current hype in digital currencies, the bullish sentiment can continue for a while. Ethereum and Bitcoin are some of the cryptos that have a significant effect on other altcoins. Keep track of daily cryptocurrency news to get more insight on cryptocurrencies.
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Disclaimer: All information provided in the content is for informational purposes only and should not perceive as investment, financial, or trading advice. Any investment decision you make should be a personal choice based on financial knowledge, experience, and market research.