Crypto Market Update, January 25th, 2021- ETH Strikes All Time High


The price of ether (ETH), the native cryptocurrency of the Ethereum blockchain network, soared to record levels on Sunday.

  • Prices hit $1,454.32 – topping the previous all-time high of $1,439.33 set only last week – before settling back to $1,447.77, up more than 17% in the last 24 hours.

  • While ETH has trailed its larger cryptocurrency sibling, bitcoin (BTC), in its journey to new lifetime highs, it has outpaced the top cryptocurrency on a year-to-date basis with an 88% increase. BTC has risen 10.98% so far this year.

The number of whale addresses (those holding at least 10,000 ETH) jumped to a 13-month high of 1,103 on Saturday, according to on-chain data from blockchain analytics firm Glassnode. More than 35 whale addresses have been created this month alone, and 75 since mid-November.

The increased accumulation by investors with deep pockets may have put upward pressure on the ether’s price.


The second-largest cryptocurrency by market value rose to a record high of $1,450 late Sunday and was last seen changing hands near $1,405, representing a 90% gain on a year-to-date basis, according to CoinDesk 20 data.

Small investors looked to have participated in the rally, too. Both the number of non-zero addresses and addresses holding at least 0.1 ETH have risen to record highs.

While the on-chain data is encouraging for ether bulls, drawing conclusions from metrics focusing on address growth changes should be done with care, as a single user can control multiple addresses. However, the data would appear to indicate an influx of money into the ether market, probably via new and existing investors.


Data also shows ether is leaving centralized exchanges, possibly creating a supply shortage and facilitating a stronger bullish move, according to one analyst.


The number of coins held on exchanges fell to 15,469,582 over the weekend, the lowest level since October 2019. The exchange balance has declined by more than 1 million in the past four days alone.

Further, exchanges witnessed a net outflow of 666,689 ETH on Jan. 20, the biggest single-day exodus since May 2019.

ETH trading Slightly down from it's all time high at the time of writing.


BTC to USD, rose by 0.69% on Sunday. Partially reversing a 2.81% fall from Saturday, Bitcoin ended the week down by 9.97% to $32,320.0.

It was a mixed start to the day. Bitcoin fell to an early morning low $31,709.0 before making a move.

Steering clear of the first major support level at $31,174, Bitcoin rose to a mid-morning intraday high $33,174.0.

Bitcoin broke back through the 23.6% FIB of $33,008 before hitting reverse.

Falling short of the first major resistance level at $33,289, Bitcoin slid to a late intraday low $31,011.0.

Bitcoin fell through the first major support level at $31,174 before recovering to close out the day in the green.

The near-term bullish trend remained intact, in spite of the latest sell-off. For the bears, Bitcoin would need to slide through the 62% FIB of $18,504 to form a near-term bearish trend.


Alts

Across the rest of the majors, it was a mixed day on Sunday.

Polkadot (-4.65%) saw red to buck the trend on the day.

It was a bullish day for the rest of the majors.

Ethereum rallied by 12.92% to lead the way.

Binance Coin (+2.28%), Bitcoin Cash SV (+1.59%), Cardano’s ADA (+2.21%), Crypto.com Coin (+1.40%), and Litecoin (+2.43%) also found strong support.

Chainlink (+0.01%) and Ripple’s XRP (+0.62%) trailed the front runners on the day.

For the week, it was also a mixed week for the majors.

Polkadot rallied by 16.97% to lead the way.

Chainlink (+6.47%) and Ethereum (+13.09%) also found support to buck the trend in the week.


News- NFT's Sell for Big $


Beauty is in the eye of the beholder, but seriously; Worth 3/4 of $1 million?


Some rudimentary pixel art just sold for 605 ETH, or $761,889 at purchase.

FlamingoDAO, a decentralized autonomous organization (DAO) for investing in digital collectibles, is behind Saturday’s eye-popping CryptoPunk sale. Only nine such “Alien” punks exist in the CryptoPunks universe, which pioneered non-fungible tokens (NFTs) in 2017 and are the “Holy Grail” for an emerging class of Ethereum-based art collectors.

FlamingoDAO community representative Priyanka Desai told CoinDesk it was by far the collective’s most expensive piece to date.


“I showed my mom and she was like, ‘What???’” Desai said in a phone interview.

Flamingo is a fund with roughly 40 members and 4,800 ETH in pooled capital, Desai said. It has “hundreds” of NFTs in its growing collection including rare Autoglyphs, NBA Top Shot cards and land plots in various metaverses.

Flamingo’s decision to act on this rare opportunity “was whipped together within 25 minutes,” mostly via Discord, Desai said. CryptoPunk 2890 was put up for sale by its unknown owner early Saturday morning UTC.

“It’s understandable for folks to be skeptical about NFTs, but in our view, NFTs are the future of not just digital art, but all digital property,” FlamingoDAO said in a statement. “It’s the tip of a very large spear.”


A prominent decentralized finance (DeFi) personality, @0x_b1, was one of the counterbidders who lost out on CryptoPunk 2890. In a tweet, @0x_b1 said they had valued the NFT at roughly $1 million.

The CryptoPunk in question last sold in July 2017 for 8 ETH, or $2,127 at the time. That represents a 75x return on investment in ETH terms (and even greater in USD).

“People see it as a collectible that is pretty significant in the history of NFTs,” said Desai.

For the seller, whose wallet holds 301 CryptoPunks in all, there is another offer on the table from the group led by @0x_b1. Though it’s not listed for sale, a fellow Alien (CryptoPunk 3100) has a bid for 666 ETH, or roughly $875,000.

Options for realizing a return on Flamingo’s new investment are still to be determined by DAO members, Desai said. Aside from future appreciation or its possible financialization, “There’s also this notion of Flamingo wanting to build galleries in different metaverses for putting this and other pieces on display,” she said.

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