Crypto Market Update for 2 Feb 2021: Bitcoin Above $35K, Ether Near ATH, Polkadot ETP

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This article provides an update (as of 10:45 UTC on 2 February 2021) on the latest thinking on Bitcoin (BTC), Ethereum (ETH), and Polkadot (DOT) by influential crypto analysts, investors, and traders, and other thought leaders.

Bitcoin (BTC)

According to data by TradingView, on crypto exchange Bitstamp, Bitcoin traded in the range $32,396 (at 00:31 UTC) – $34,701 (at 09:05 UTC) on Monday (February 1).

Currently (as of 10:57 UTC on February 2), BTC-USD is trading around $35,118, up 2.12% in the past 24-hour period and up 21.21% in the year-to-date (YTD) period.

Prominent crypto analyst Michaël van de Poppe said earlier today that if Bitcoin breaks $35,000, the Bitcoin price could continue going up toward $41,000.

The “U.S. Dollar Index” (DXY)—which is “designed, maintained, and published by ICE (Intercontinental Exchange, Inc.)”—is “an index (or measure) of the value of the United States dollar relative to a basket of foreign currencies”. These other currencies are EUR, GBP, JPY, CAD, SEK, and CHF.

As you can see in the chart below from TradingView, the U.S. dollar index fell gone up from an intraday low of 89.222 on January 6 to 91.093, where it is at 11:00 UTC on February 2.

Crypto analyst Alex Saunders, who is Founder and CEO at Australian news outlet Nugget’s News, is hoping that Bitcoin will be able to break the inverse correlation with DXY, which we saw during most of last year.

Ethereum (ETH)

On 16 December 2020, the CME Group announced that it is launching Ether futures on 8 February 2021.

On January 2, around the time that Ether was trading around $778, Eric Conner, who is the Product Manager at Gnosis, as well as the host of the “Into the Ether” podcast and the Editor of the EthHub newsletter, tweeted that he believed CME Group’s upcoming launch of its Ether futures contracts had not been priced in.

Well, as you can see from the price chart below, according to data from TradingView, since then, on Bitstamp, the Ether price has enjoyed a nice rally that has taken it to $1433.50, where it is currently (11:00 UTC on February 2).

Furthermore, at 08:30 UTC on February, on Bitstamp, the Ether price reached $1453.83, which was just short of the all-time high price ($1458.00) reached at 00:30 on January 25.

Per data by Etherscan, as of 11:35 UTC on February 2, over 2.9 million ETH (currently worth over $4.12 billion) has been sent to the Eth2 deposit contract address (0x00000000219ab540356cBB839Cbe05303d7705Fa).

Polkadot (DOT)

Earlier today, Switzerland-based 21Shares AG, a pioneering issuer of crypto Exchange Traded Products (ETPs), announced that it is launching the world’s first Polkadot ETP (ticker: PDOT) on the regulated segment of the the Swiss Stock Exchange (aka “SIX”) on Thursday, February 4.

According to data by CryptoCompare, the DOT token, which is the fourth most valuable cryptoasset by market cap, is currently (as of 11:45 UTC on February 2) trading around $16.78, up 3.97% in the past 24-hour period and up 81.05% since the start of the year.

Featured Image by “WorldSpectrum” via Pixabay.com

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.



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