Bitcoin Rides Bullish Sentiment to $59K as Ethereum Hits $3,300
Bitcoin shot past $59,000 early Wednesday morning and Ethereum reached the $3,300 mark amid growing bullish sentiment among crypto traders.
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Together, BTC and ETH now account for $1.5 trillion, or 67%, of all digital assets globally. In the past day, the global market capitalization has grown by 3% to $2.3 trillion.
The Bitcoin price, currently $59,266.94 has risen 5.4% since this time yesterday and 15% since a week ago, according to CoinGecko data.
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Markets
Bitcoin Rides Bullish Sentiment to $59K as Ethereum Hits $3,300
Bitcoin shot past $59,000 and Ethereum reached $3,300 early Wednesday morning, driven by growing bullish market sentiment.
Stacy Elliott
By Stacy Elliott
Feb 28, 2024
3 min read
Source: Shutterstock
Source: Shutterstock
Bitcoin shot past $59,000 early Wednesday morning and Ethereum reached the $3,300 mark amid growing bullish sentiment among crypto traders.
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Together, BTC and ETH now account for $1.5 trillion, or 67%, of all digital assets globally. In the past day, the global market capitalization has grown by 3% to $2.3 trillion.
The Bitcoin price, currently $59,266.94 has risen 5.4% since this time yesterday and 15% since a week ago, according to CoinGecko data.
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‘Newborn Nine’ Bitcoin ETFs Now Hold 300,000 BTC—Over $17 Billion Worth
The nine newly approved spot Bitcoin exchange-traded funds (ETFs) in the United States now have more than 300,000 Bitcoin (BTC)—or over $17 billion worth of the asset—under management, data from K33 Research shows. Data from the research firm shows that the nine fund managers collectively have 303,002 BTC under management—a new high. It also is 1.5% of the current 19.6 million BTC in circulation. At the current price of about $57,040, that collective tally comes out to about $17.3 billion worth...
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Markets
2 min read
Mat Di Salvo
Feb 28, 2024
BTC, the world's largest and oldest cryptocurrency, has been the beneficiary of a strong tailwind from the nine new spot Bitcoin ETFs that began trading in January. As of early Wednesday morning, the ETFs along with other BTC exchange-traded products have seen a total of $3.8 billion worth of volume and have a market capitalization just shy of $45 billion, according to CoinGlass.
On Tuesday alone, the spot Bitcoin ETFs saw net inflows worth $359 million.
The growing hope among traders is that because the ETFs have been taking in more Bitcoin than is newly released on the network each day, it will supercharge the effect of the Bitcoin halving in April.The Bitcoin halving reduces the rewards paid to Bitcoin miners for validating transactions. In the history of Bitcoin, it's already happened three times before in 2012, 2016, and 2020. The block reward used to be 50 BTC, but has now been reduced to 6.25 BTC. After this year's halving—currently schedule for the middle of April—the block reward will be reduced to 3.125 BTC.
It's an anti-inflationary mechanism to reduce the rate at which Bitcoin's 21 billion supply is released to the network. The periodical reminder of scarcity tends to kick off a bull run each time it's happened before, but it remains to be seen how things will play out this time.
Meanwhile, Ethereum has been getting a boost from anticipation for its Dencun upgrade. The change became even more real yesterday when developers announced that the change will be pushed to Ethereum mainnet on March 13, 2024.
The upgrade will usher in proto-danksharding, which will make transactions on the network much faster and more affordable.
There have also been signs that institutions are starting to give Ethereum a bigger footprint in their portfolios, according to a new report from ByBit.
Uniswap Labs has announced three additional new products designed to make swapping on the decentralized exchange more simple.
These new releases include a Uniswap extension tool, a function for limit orders on its web app and a new data and insights web page.
Uniswap is currently the largest decentralized exchange (DEX) by total value locked (TVL), according to DeFiLlama. Uniswap v3, for example, boasts a TVL of $3.044 billion.
In an interview with Blockworks, Callil Capuozzo, the VP of design at Uniswap Labs, said that the extension tool has been in the works for a while and will help the DEX become a more “complete platform for swapping.”
Read more: It’s all about the swaps. Why order flow auctions make DEXs better
The Uniswap extension tool lives on a user’s browser sidebar, which can be easily accessed even when switching between multiple tabs or pages.
Similar to regular extensions, users can custody their assets across different chains. However, Capuozzo says that the latest extension is unique because users can connect to the tool through their mobile devices.
This means that, rather than individually having to import different wallets and enter complex recovery phases to use the extension tool, users who have the Uniswap wallet app will be able to import their addresses onto the extension by scanning a QR code.
The extension tool is still currently in its beta testing phase, and users interested in the product must join a waitlist to gain access to the tool.
Limit orders and the data analytics dashboard, however, will be made available to users immediately.
The limit order function can be accessed on the front end of the Uniswap UI. It will enable users to place a limit order for any token available on Uniswap, which means that users can set a price on what they want their swap to execute at. If the market for that particular token reaches a specific price within a set time frame, the swap will execute, but if the set price is not reached, then the swap will not execute.
Read more: Uniswap token pumps following governance fee switch proposal
“[Limit orders] is something that people expect from trading platforms, and it is now possible because we’re building on top of Uniswap X,” Capuozzo said, referring to the aggregate protocol Uniswap Labs released last year.
The data and insights webpage is designed to allow users to discover new tokens and also view real-time data and information on individual tokens.
With these tools, Capuozzo hopes that the onboarding process onto Uniswap becomes more simple.
“We’re providing tools to enhance and further deepen the way that people swap on Uniswap,” Capuozzo said.
