Total cryptocurrency market cap hits new all-time high above $1,2 trillion, while Ethereum fees soar above $23 USD. These and more news in this practical daily summary so that you are always informed with the most recent events that occur within the crypto world.
📍 The cryptocurrencies, once again surpass $1 trillion in market capitalization, this time marking a new all-time high of 1,23 billones of dollars. Much of this value is distributed among Bitcoin (BTC), which maintains a 61% market dominance with nearly $690 billion in market capitalization, and Ethereum (ETH), which also marked a new all-time high in its value above $1.600 USD per unit, raising its market capitalization to more than $184 billion.
📍 Paypal announced the creation of a new department in the company, one that will be focused on cryptocurrencies and technology blockchainThe electronic payments giant is focused on developing and expanding its crypto strategies, to continue expanding its services with cryptocurrencies and digital assets, so the new business unit will contribute with research and studies to consolidate its crypto development plans.
Daniel Schulman, CEO of Paypal, said that the company will expand its cryptocurrency payment services to international markets starting in the first quarter of this year.
📍 The richest man in the world, Elon Musk, updated his Twitter account again to express support for Dogecoin (DOGE), the token of internet memes. Similar to when Musk wrote #bitcoin, the DOGE token grew in value within minutes of Musk reiterating his support for it. Musk recently stated that he is a fan and supporter of Bitcoin, however, he removed the bitcoin tag from his account and posted that DOGE is the people’s cryptocurrency.
Several analysts are beginning to study Musk's actions and his influence on the markets. The DOGE token rose by nearly 40% at the time of Musk's publication; while at the time of this edition, DOGE is trading on the markets with a value of $0,48 USD.
📍 Mike McGlone, Bloomberg's commodity investment strategist, published a report where he points out that gold is losing its appeal to investors, a fact that may favor a new bull run for the price of Bitcoin. McGlone bases his projections on the price of Bitcoin at $50.000 USD on the growing institutional interest seen in Grayscale's Grayscale Bitcoin Trust (GBTC), in addition to the high demand and low supply of the cryptocurrency in the markets.
📍 Several tokens on the market are accompanying the rise of Ethereum, and marking new highs in the market, such as Binance Coin (BNB), AAVE (AAVE) y Sushi Swap (SUSHI). BNB hit a new high on February 5th $57,6 USD, although at the time of writing this article its price dropped to $56 USD. In the case of AAVE, the growth of this token has been exceptional. In the last few hours, AAVE grew by 20%, reaching an all-time high value of $512,7 USD. For its part, SUSHI also managed to break its ceiling and mark a new high recently, reaching a value of $16,4 USD last February 4.
📍 On the other hand, the ETH cap is also accompanied by high gas fees on the network. At the time of this writing, commission fees on Ethereum exceed 100,000. $ 23D per transaction; this is the highest fee rate seen on Ethereum so far.
The high commission rates on this network are leading to the exchanges cryptocurrency exchanges to suspend withdrawal operations of ether and ERC-20 tokens. Exchanges said that operations will automatically resume when gas fees return to normal levels, while several users are considering using alternative, cheaper platforms, such as Polkadot.
📍Meanwhile, in Ethereum 2.0, 75 network validators were “punished” for violating the network security protocol and trying to introduce a forked chain. The validators belong to the infrastructure provider Staked, who published a release expressing how “costly” and difficult the lesson was. The company decided to share the experience to prevent others from making the same mistakes.
Continue reading: As the euro weakens, Bitcoin and cryptocurrencies gain greater strength
