Bitcoin Gets Its Mojo Back, DeFi Coins Pale Against Ethereum, Dogecoin Slips Into The Red As Rival Shiba Inu Spikes – Bitcoin – United States Dollar ($BTC)
What Happened: The apex cryptocurrency rose 2.97% to $63,060.32 over 24 hours. It has risen 1.75% over the last seven days.
Ethereum (CRYPTO: ETH) traded 3.02% higher over 24 hours to $4,234.41. For the week, the second-largest coin has risen 12.7%.
Dogecoin (CRYPTO: DOGE) was down 4.05% to $0.27. Over a seven-day trailing period, it has risen 7.47%.
Shiba Inu was up 8.93% to $0.00004125. Over the week the self-described DOGE-killer has soared 43.75%.
The top gainer over 24 hours, as per CoinMarketCap was CurveDaoToken, which rose 37.94% in the period to $5.05. Over the last seven days it has risen 80.98%.
The token associated with a decentralized exchange for stablecoins rose 33.93% and 34% against BTC and ETH, respectively.
Curve has facilitated over $100 billion of volume since its launch in January 2020, as per Delphi Digital, an independent research firm.
See Also: How To Buy Bitcoin (BTC)
Why It Matters: Bitcoin has regained upwards momentum ahead of the launch of the VanEck Bitcoin Futures ETF expected to begin trading on Tuesday, as per a CoinDesk report.
The launch of the third such ETF could unleash a “price war” as it has indicated that it would charge a management fee of 65 basis points which is significantly less than the 95 bps fee charged by the ProShares Bitcoin Strategy ETF (NYSE:BITO), the first mover in the segment.
“Bitcoin futures ETFs are commodity products. Costs matter and I expect a brutal fee war to play out in this category. [This] is the opening salvo in what will be a ruthless, ongoing fee competition,” said Nathan Geraci, a Kansas-based financial adviser to the Financial Times.
On Monday, an anonymous Bitcoin whale moved nearly $127 million off Coinbase Global Inc (NASDAQ:COIN). This could be construed as a bullish signal as investors often move their coins to hardware wallets for safe long-term storage.
“On chain analysis is more bullish than ever for Bitcoin, as the balance on exchanges is the lowest it has been since August 2017, a phenomenon that could lead to a higher Bitcoin price as less of the asset is available for trading and locked away, most probably in expectation of a continued rally,” said Marcus Sotiriou, sales trader at United Kingdom-based digital asset broker GlobalBlock via email.
Meanwhile, Layer 1 tokens have been “hogging the limelight lately” at the expense of Decentralized Finance or DeFi tokens, as per a Delphi Digital note.
“Total value locked in Ethereum DeFi protocols crossed $160B, surging to its highest level ever. But DeFi tokens haven’t gotten the memo and have lagged the rest of the market (with certain exceptions).”
The research firm pointed out that the DeFi Pulse Index has “consistently lost value” against ETH.