Altcoin prices hit their peak while Bitcoin soared

Ether (ETH) price headed to an all-time high of $ 1,763, pushing the overall market higher. The planning of Ethereum CME futures to begin on February 9 has led many analysts to predict that the top-ranked altcoin will reach $ 2,000 without facing any significant resistance.

According to data from Cointelegraph Markets and TradingView, the Ether currency was trading at $ 1,680 at the time of the news release. On the 24-hour chart, an increase of 0.88 percent was calculated, while the Bitcoin (BTC) price increased by 4.47 percent to find buyers at $ 39,392.

4-hour chart for ETH / USDT pair. Source: TradingView

Gas fees on the Ethereum network hit an all-time high this week, and the average transaction cost reached $ 17.5 on Feb.3. This caused some exchanges to suspend ETH and ERC-20 withdrawals.

Average price of Gas in the Ethereum network. Source: Etherscan

On February 4th, Yearn Finance (YFI) was hacked. $ 11 million worth of stablecoins were seized from the DAI vault. The team responded quickly, taking several steps to reduce the damage of the attack.

These include freezing Tether’s $ 1.7 million of stolen funds and returning them to the project.

Positive news came from Washington-based institutional cryptocurrency solution provider Protego and announced that it is the second domestic cryptocurrency firm to receive a national license from the US Currency Supervisory Office.

Altcoins are rising

Altcoins gained momentum while Bitcoin traded in the range of $ 36,000 to $ 38,000.

MakerDAO (MKR) gained 45 percent to reach its all-time high of $ 3,099 before correcting to $ 2,810. The DeFi infrastructure protocol 0x (ZRX) price also rose 61 percent to $ 1.63.

Cardano (ADA) with an increase of 26.44 percent and Binance Coin (BNB) with a value of $ 64.87 were the two noteworthy coins.

Daily chart of the BTC / USD pair. Source: Coin360

The total market cap of the cryptocurrency industry is currently $ 1.17 trillion and Bitcoin’s dominance rate is calculated as 60.1 percent.

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