Home / CRYPTOCOINS / Market Wrap: Bitcoin Rises to $38.3K While Ether’s New High Takes Spotlight

Market Wrap: Bitcoin Rises to $38.3K While Ether’s New High Takes Spotlight

Bitcoin prove to bed some gains Friday, but ether hit another brand-new price high ahead of CME’s ether futures launching on Monday.

  • Bitcoin (BTC) work around $37,751 as of 21:00 UTC (4 p.m. ET). Gaining 0.32% over the previous 24 hours.
  • Bitcoin’s 24-hour drift: $36,637-$38,332 (CoinDesk 20)
  • BTC below the 10-hour but above the 50-hour moving average on the hourly chart, a sideways signal for sell technicians.

Market Wrap: Bitcoin Rises to $38.3K While Ether’s New High Takes Spotlight

Bitcoin trading on Bitstamp since Feb 2.
Source: TradingView

The price of bitcoin is now in the fourth day of an upward trend, booming as high as $38,332 at 14:00 UTC (9 a.m. ET) before losing some steam heading into the weekend. It was down to $37,751 as of tightly time.

“Similar to the last bull run, we are seeing bitcoin initially steal the attention as retail adoption pours in fully mainstream attention,” said Michael Gord, chief executive officer for trading firm Global Digital Asset. 

At any rate, Gord told CoinDesk traders are rotating out of bitcoin to  high-flying digital assets. “Bitcoin then cools off and profits fathered from bitcoin find themselves first in ether, then in other high market-cap digital assets,” Gord broke.

Read More: Dalio to Offer Alt-Cash Fund, Says ‘Bitcoin Won’t Escape Our Scrutiny’

Nevertheless, fresh curious about such as from Ray Dalio’s Bridgewater Associates, which manages $150 billion in investor money, has some categorizing quantitative trading firm QCP Capital highly bullish on bitcoin. 

“Bridgewater’s piece out last week had a sensitivity interpretation which showed their estimates of BTC price, should private holders of gold switch to BTC,” states QCP’s weekly investor note Friday. “They forecasted that should 50% of foremost in gold move into BTC, that would result in a price of $85,000 per 1 BTC.”

Market Wrap: Bitcoin Rises to $38.3K While Ether’s New High Takes Spotlight

Comparing bitcoin with traditional asset tastes.
(Shuai Hao/CoinDesk)
Source: CoinDesk Research, St. Louis Fed, Yahoo Finance

Investors are certainly looking to crypto as an asset assort, but bitcoin is still quite volatile; its 30-day volatility from Thursday’s close is at 102.9% on an annualized basis whereas gold is at 16%. 

Yet, crypto backs see bitcoin and ether (ETH) similar to different asset classes, according to Joel Edgerton, chief operating officer of cryptocurrency change BitFlyer USA. “My guess is that BTC is like gold and priced by the value it stores, a scarce commodity in price discovery,” Edgerton commanded. “ETH is more like a stock and priced by the value it delivers (ETH 2.0, network effects, basis for DeFi).” He revealed he thinks of ether as an exchange-traded fund (ETF) for decentralized finance. 

While bitcoin has performed well so far in 2021 – it’s up 29% – ether’s come backs have more than quadrupled, gaining 129%.

Market Wrap: Bitcoin Rises to $38.3K While Ether’s New High Takes Spotlight

Bitcoin (orange) versus ether (blue) on Bitstamp.
Source: TradingView

“Ether is billow largely on the back of the growth in decentralized finance projects that rely on ERC-20 tokens to operate,” Guy Hirsch, rule over director of U.S. for eToro. “Since ETH has not previously traded this high, it’s hard to tell what kind of support there is but, should DeFi predicts continue to grow at the rate they are, it would be hard for ETH to not also continue setting new records.”

One thing to watch during a fiery ether market is the ETH/BTC trading pair. A rise in this market signals traders are selling their bitcoin for ether; it has rated over 75% in 2021.

Market Wrap: Bitcoin Rises to $38.3K While Ether’s New High Takes Spotlight

The ETH/BTC trading pair on Coinbase in 2021.
Source: TradingView

“While bitcoin consolidates and trends back shortly before all-time highs, much of the price action has focused on the ETH and DeFi space,” said Jason Lau, chief operating officer of the law of San Francisco-based crypto exchange OKCoin. “ETH/BTC has almost doubled in the last month.”

Ether dominance up ahead of CME launch

Ether, the second-largest cryptocurrency by hawk capitalization, was up Friday, trading around $1,714 and climbing 3.3% in 24 hours as of 21:00 UTC (4:00 p.m. ET). It hit a brand-new value high Friday, at $1,761, according to CoinDesk 20 data. 

Read More: Ether Tops $1.7K, Home New Record as CME Futures Launch Nears

The dominance of ether, a measure of the asset to the larger $1.1 trillion market cap of cryptocurrencies all-embracing, is now at over 17%. That’s a more than 50% increase since the beginning of 2021, according to metrics designed by charting software TradingView.

Market Wrap: Bitcoin Rises to $38.3K While Ether’s New High Takes Spotlight

Dominance of ether so far in 2021.
Source: TradingView

Chad Steinglass, head of trading at CrossTower First-rate, told CoinDesk that crypto traders have been scooping up ETH ahead of institutional-friendly CME launching ether futures Feb. 8. “I over that many traders are building positions ahead of the launch,” he said. 

“The availability of CME-listed ETH futures could be a substantive positive catalyst,” said Steinglass. “The addition of CME futures will open the door to many potential investors who long for to have exposure, but have yet to take any positions due to logistical hurdles.” 

“With decentralized exchange trading surging yet again, and raise the white flag farming showing no sign of easing, growing interest in leveraged farming products is driving demand for ETH ever so steep and shows the market is only going to grow further,” noted Denis Vinokourov, head of research at crypto brokerage Bequant.

Other markets

Digital assets on the CoinDesk 20 are all in the conservationist Friday. Notable winners as of 21:00 UTC (4:00 p.m. ET):

Read More: DeFi Season? LINK, AAVE, ZRX and COMP Hit Documentation Price Highs


  • Oil was up 0.86%. Price per barrel of West Texas Intermediate crude: $56.94.
  • Gold was in the green 0.92% and at $1,810 as of throng time.
  • Silver is gaining, up 1.8% and changing hands at $26.82.


  • The 10-year U.S. Treasury bond yield climbed Friday to 1.170 and in the immature 3.2%.
Market Wrap: Bitcoin Rises to $38.3K While Ether’s New High Takes Spotlight

The CoinDesk 20: The Assets That Matter Most to the Market


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