The price of Ethereum’s native coin jumps higher as altcoins add to yesterday’s gains.
The total cryptocurrency market is up by more than 2.5% today while BTC is up just over 0.5%. ETH is pushing on — now up 2.65% — as LUNA leads most altcoins at 11.65%.
MicroStrategy’s Michael Saylor tweeted today that his company secured a $205 million BTC-collateralized loan from Silvergate Bank to purchase more BTC. Adding to the already-large buying pressure from Terraform Labs, Saylor has once again reasserted his belief in the market-leading coin. Meanwhile, traders see big bets like these as bullish catalysts — serving as a backstop for current levels to push higher.
DeFi Digest: zkLend receives $5 million fundraise
zkLend, a money-market protocol built on StarkNet, raised $5 million. Coming off the heels of a $50 million raise at a $2 billion valuation for StarkWare in November, the parent company of StarkNet, zkLend, will exist on top of the zero-knowledge rollup product. The fundraise will be put to additional technology, marketing and business development.
Investors are optimistic in the tech and use case proposed by zkLend. In a statement, Delphi Digital cofounder Tom Shaughnessy said, “Couple a money market with the technical prowess of StarkNet’s decentralized ZK rollup, which is live and proven, and you have zkLend.”
Currently there is no release date for the protocol.
NFT Snapshot: NFT marketplace Blur raises $11 million
Blur, an upcoming nonfungible token marketplace designed specifically for traders, announced an $11 million fundraise on Monday. Led by Paradigm and joined by eGirl Capital and other individuals, the raise will help bootstrap the mission of Blur to become the premier platform for nonfungible token professional trading — a concept the team believes is neglected in the current landscape.
According to Blur, “[existing] infrastructure has failed to keep up as monthly trading volumes hit billions. […] Our mission is to solve these problems and move the NFT space toward becoming institutional grade while increasing decentralization.”
Blur is composed of team members from MIT, Square, Y Combinator and others. There is currently no launch date set.
Top altcoin gainers and losers: Most altcoins are up
- AAVE/USDT +22.60%
- COMP/USDT +16.24%
- WAVES/USDT +14.01%
- IMX/USDT -0.70%
- PICKLE/USDT -1.90%
- KNC/USDT -2.19%
Altcoins show continued strength today, as most are in the green. AAVE, in particular, has broken further to the upside after a dominant past few weeks.
WAVES is another token traders are keeping an eye on after breaking all-time highs on a major squeeze.
BTC technical analysis: Consolidating for another push
BTC broke above 48,000 USDT yesterday before settling down around 47,500 USDT, where it currently sits. On the backs of big expected buys from MicroStrategy and Terraform Labs, many traders may see this area as just a cool-off before a bigger pump. As long as BTC can maintain above the yearly open, a larger move to the upside seems to be imminent.
ETH technical analysis: Moving on up
After tapping 3,400 USDT yesterday, ETH finally broke that level — hitting a high of 3,480 USDT today. Without missing a beat, ETH moved right to the 200-day moving average, a key level to break to show if this recent surge has any legs. Bulls will want continued consolidation below this mark if they want to go higher.
Altcoin technical analysis: LUNA breaks all-time high
Despite being smacked down around the 100 USDT level since the end of last year, LUNA broke another all-time high today at 106 USDT. Buyers will want to flip this historic resistance into support to grind higher. As long as the broader market shows strength, LUNA should continue to lead and keep moving up.
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Source: https://www.okx.com/academy/en/eth-and-altcoins-continue-surge-crypto-market-daily/