Altcoins soar to multi-year highs while Bitcoin price gathers steam

Ethereum (ETH) led the market higher as it hit a new all-time high of $ 1,763. ETH CME futures are set to launch on February 9, leading many analysts to predict that the top-rated alt currency will reach $ 2,000 before encountering any major resistance.

Data from Cointelegraph and TradingView markets shows Ether is currently trading at $ 1,714, an increase of 3.27% on the 24-hour chart, while Bitcoin (BTC) is up 0.21% and trading at $ 37,633.

4-hour chart ETH / USDT. Source: TradingView

Gas fees on the Ethereum network also hit a new all-time high this week with an average transaction cost of $ 17.5 on February 3, prompting some exchanges to halt ETH and ERC-20 withdrawals.

Average price of Ethereum gas. Source: Etherscan

On February 4, Yearn Finance (YFI) underwent an exploit that saw a hacker drain $ 11 million of DAI stablecoin from the DAI yield vault, and the team responded quickly by taking several steps to help mitigate the damage from the attack.

This included a freeze by Tether of $ 1.7 million in stolen funds that would be returned to the project and a proposal from the MakerDAO community to create a Guaranteed Purpose Debt Center (CDP) to fully bring affected users.

The positive news comes from Protego, a Washington-based institutional crypto custodian, announcing that it has become the second crypto company to receive a national license from the Office of the United States’ Comptroller of the Currency.

Democrats are voting to push the stimulus bill forward

Shares rallied on Friday as US lawmakers overcame a major hurdle in rolling out the next stimulus package that could see individuals get less than $ 50,000 a year on a $ 1,400 stimulus check.

The majority of the major indices closed the day in the green, with the S&P 500, Dow and NASDAQ closing the day 0.39%, 0.30% and 0.57% higher respectively. Silver also saw a gain of 2.82% and closed the day at $ 26.98.

Altcoins push up

With Bitcoin trading in a range of $ 36,000 to $ 38,000, altcoins are gaining momentum and the multiple coins saw their prices spike on Friday.

Daily cryptocurrency market performance. Source: 360 coin

MakerDAO (MKR) gained another 45% to reach a new all-time high of $ 3,099 before correcting to $ 2,810, while infrastructure protocol DeFi 0x (ZRX) saw a 61% rise to $ 1.63.

Notable performers from the larger capped cryptocurrencies were Cardano (ADA), which rose 26.44%, and Binance Coin (BNB), which reached an all-time new high of $ 64.87.

Daily chart BTC / USD. Source: 360 coin

The total cryptocurrency market cap is now $ 1.17 trillion and Bitcoin’s dominance rate is 60.1%.