Thursday, 2 September 2021

Market Summary

Market Summary 2 September 2021

ETH Breaks Out, Benefits Big From NFT Craze 01 Sept.2021

  • ETH/BTC extends its gains amidst a multi-year technical breakout. Perpetuals funding remains low while price trends higher, which is extremely optimistic for ETH.
  • ETH annualized inflation craters to ~0.7% thanks to the EIP-1559. The burns have been mainly driven by the NFT mania. It appears that we like the JPEGs.
  • Arweave is an unexpected beneficiary from Solana’s retail-driven NFT mania. Solana’s NFT ecosystem taking off is likely due to smaller collectors being priced out of Ethereum NFTs.

 

Ethereum Price Rises 10% Amid NFT Resurgence, Outpacing Bitcoin

  • Ethereum, the world’s second-largest cryptocurrency by market cap, is surging in value today. It’s up more than 10% over the last 24 hours at a current price of $3,723 per coin, according to CoinGecko, after seeing a late-morning bump of about 5% within an hour.
  • More than 160,000 ETH (about $559 million) has been burned since August 5, according to Etherchain.org.
  • Most of the recent action has taken place directly on Ethereum, including more than $3.4 billion worth of trading volume in August for secondary market OpenSea, as well as several hundred million dollars each worth of volume for the CryptoPunks and Art Blocks collections.

 

Bitcoin bulls target $50K as Friday’s $655M BTC options expiry approaches

  • Bulls could be excited for El Salvador’s Bitcoin Law, which is scheduled to take effect on Sept. 7. In addition, the recent $150 million Bitcoin Trust approval by the country’s Legislative Assembly is another potentially bullish development.
  • This week, Coinbase also saw a large Bitcoin outflow after a relatively stable period. The move brought the exchange’s balance below 700,000 BTC, a figure last seen in December 2017. These movements are usually considered bullish because they signal that holders are less likely to sell coins in the short term.

 

$1M Hackathon, Staking on Bancor, Updated Roadmap — August 2021 Update

  • $1 Million Hackathon and DAO: Harmony has officially started its hackathon with over $1M in prizes ending on September 30th. 
  • The Harmony team also plans to add over 1000 bounties on Gitcoin and scale to 100 DAOs, each with an initial fund of $1M to scale development. 

 

DeFi Tokens Aave, Uniswap Rally as Ethereum Scaling Solution Arbitrum Launches

  • Arbitrum launched yesterday, propelling several popular “blue-chip” DeFi tokens that have joined the newly available network.
  • Arbitrum leverages a piece of technology called “optimistic rollups” to ease congestion and lower fees when interacting with Ethereum. 

 

Ethereum price breaks $3,500 and hits 3-month highs against Bitcoin

  • The second-largest cryptocurrency reaches its best levels against Bitcoin and the dollar in more than three months.
  • Ether’s run up above $3,500 coincides with a decline in ETH reserves across all exchanges.

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