Bitcoin (BTC) And Altcoins Pose Strong Crypto Market Rally, DeFi Continues Its Surge

10. Feb 2021 Posted by Akolkar B on News

The overall cryptocurrency market has posed a strong rally with the total cryptocurrency market cap going past $1.3 trillion. After staying under pressure over the last weekend, Tesla’s entry into Bitcoin changed the market momentum completely pushing it north.

Soon after the Tesla announcement, the BTC price blasted to hitting a new high of $48,000 on Tuesday. However, Bitcoin has been consolidating since then and has registered some pullbacks as well. At press time, BTC is trading at a price of $45,380 with a market cap of $845 billion. Interestingly, it turns soon after Tesla’s BTC purchase, the BTC market cap supposed Tesla’s market cap.

The world’s second largest cryptocurrency Ethereum (ETH) also topped its its new all-time high of $1800 on Tuesday amid strong institutional purchases. ETH attracted a huge majority of institutional crypto inflows in the last week. Also, last week the Grayscale Ethereum Trust (ETHE), the world’s largest digital asset manager, purchased over 100,000 ETH coins taking its net assets under management (AUM) to above $5.0 billion.

Let’s take a look at some of the other top-performing altcoins today in the market.

  • Cardano’s ADA has surged a massive 85% over the last week to become the fourth-largest cryptocurrency by market cap toppling Ripple’s XRP. At press time, Cardano is trading at $0.80 with a market cap of $24.2 billion. Last week, Cardano’s parent IOHK released its “Goguen Mary” update allows users to create their own native tokens on the Cardano blockchain. The ADA still remains as the “principal cryptocurrency” of the platform.
  • Polkadot’s DOT is another cryptocurrency that has registered strong rally this week. The DOT cryptocurrency has surged over 25% on weekly charts and is currently trading at $23.94 with a market cap of $20.39 billion.
  • The altcoin that has registered the strongest move today is Binance Coin (BNB), the native cryptocurrency of the Binance blockchain. The BNB price has shot up nearly 40% in the last 24-hours and is currently trading at $130 with a market cap of $18.4 billion.

On the other hand, the decentralized finance (DeFi) sector continues its crusade further surging close to ~$40 billion market cap. The DeFi market has registered explosive growth so fat in 2021. The overall DeFi market cap has multiplied 4.75x times registering 375% growth.