Sentiment across the cryptocurrency sector continues to improve as the ether (ETH) price broke new ground, hitting a new all-time high of $ 1,653 on February 3.
Meanwhile, the Bitcoin (BTC) bulls seem to be watching the $ 40,000 mark, and according to Marcel Pechman, analyst at Cointelegraph, the $ 1 billion BTC options expiration this Friday is favoring bulls.
Data from Cointelegraph Markets and TradingView show a 4.46% price increase for the top cryptocurrency currently trading at $ 36,994 while Ether is up 8.38% and trading at $ 1,633.
BTC / USDT 4-hour chart. Source: TradingView
Business intelligence firm MicroStrategy plans to hold a meeting with 1,400 publicly traded companies on February 4th, where CEO Michael Saylor will discuss how companies can incorporate Bitcoin into their corporate strategy.
On-chain analyst Willy Woo addressed concerns that the recent large institutional purchases and whale wallets are leading to the centralization of Bitcoin. He showed that “Small and medium-sized businesses control approximately 40% of the supply available and the distribution is getting better and better. ”
Traditional markets are getting a boost from technology stocks
Today, the upward momentum in traditional markets also continued as a combination of positive corporate earnings and economic incentive-related developments by the Biden administration helped improve the general sentiment in the market.
US officials could gather as early as Feb. 4 to discuss the growing influence of social media investment groups on financial markets. The discussion is expected to revolve around the recent evolution of r / Wallstreetbets and the use of platforms like Robinhood and Reddit to manipulate markets.
The S&P 500 and Dow recovered from early downward pressure and ended the day up 0.10% and 0.11%, while the NASDAQ was hit by a late sell spike leading to a slightly negative result of 0. 02% led. Mega tech stocks like togetL, which rose 7.28%, helped drive markets higher into the closing bell.
DeFi tokens continue to outperform other crypto assets
Daily market performance in cryptocurrencies. Source: Coin360
Developments related to brokerage firms blocking access to certain assets have brought the positives of decentralized financing to the fore. DeFi tokens have benefited from this attention, along with the strong breakout from Ether.
The extra attention helped push AAVE and SushiSwap (SUSHI) to new all-time highs of $ 345 and $ 14.84, respectively, while UMA saw prices soar 59% to a 2021 high of $ 21.56.
The total market cap for cryptocurrencies is now $ 1.11 trillion, and Bitcoin’s dominance rate is 61.6%.