Cryptocurrencies Price Prediction: Bitcoin, Ethereum & Stellar - American Wrap 18 January

20 Janvier, 2021, 03:40 | Auteur: Auguste Feret
  • One-Day ETH-USD Chart by TradingView

The world's second-largest cryptocurrency is now up more than 20% in the last 7 days, compared to just a 2% jump registered by Bitcoin.

Data shared by the Glassnode analytics firm shows that open interest in Ethereum futures on major exchanges (Binance, Kraken, BitMEX, Deribity, Huobi, etc.) has spiked to a new all-time high of $4.5 billion. Just like Bitcoin's current bull rally is fueled by institutions, ETH can very well be on the same course as ETH Futures debuts on CME next month.

A backdrop of stimulus to counter the impact of the pandemic remains a positive one for Bitcoin and other cryptocurrencies, according to Seamus Donoghue, vice president for sales and business development at digital infrastructure provider Metaco.

While the explosion of projects in Defi has caused growing pains for Ethereum, layering solutions are in the works that are helping the network to scale.

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However, while Bitcoin has already exceeded its previous all-time high price that was hit in December 2017, Ethereum is still $100 below its all-time high of $1,400.

Despite this increase in ETH transferred by smart contracts, the media transfer value of ETH remains well below August and September highs.

According to Joey Krug, co-CIO of Pantera Capital, the "base money collateral for the new financial system" is "undervalued". This is because of DeFi, built on Ethereum, has grown from $1bn in Jan 2020 to $16bn in Jan 2021 and pays more in fees than Bitcoin. Ethereum's daily transaction volume jumped above $12 billion for the first time, while Bitcoin is processing almost $9 billion daily. He expects Ethereum to provide even more value for crypto users this year.

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