Bitcoin marked fresh highs at $66,579 (on Coinbase) on Nov. 8, inching back toward its record high of $66,999 set in late October. Ethereum also surged to fresh all-time highs of $4,795 amid growing excitement about DeFi.
This enthusiasm translated into price increases for several tokens such as Loopring (LRC, +55.49%), UMA (UMA, +7.18%), Gnosis (GNO, +14.35%), e-Radix (EXRD, +49.46%). Likewise, tokens such as Litecoin (LTC, +13.96%), Basic Attention Token (BAT, +19.07%), Hacken Token (HAI, +90.69%) have surged in price over the last 24 hours.
UMA is a decentralized financial contracts platform built to enable Universal Market Access. The recent rise in UMA’s price coincides with the launch of Across Protocol. Across which uses UMA’s Optimistic Oracle can be used to transfer ETH, USDC, and UMA from Arbitrum to L1, other assets, and L2s to come.
e-Radix (EXRD) is the native asset of Radix, a first layer-one protocol specifically built to serve DeFi. e-Radix’s bull run has marked the eighth consecutive day in the green, finally reaching all-time highs of $0.497 on Nov. 8. Taken from Oct. 28 lows of $0.106, EXRD has risen nearly 370%.
The recent increase follows as Coinbase Custody enabled support for deposits and withdrawals for EXRD on Nov. 1. The TVL (total value locked) on the Radix network also crossed 1 Billion USD for the first time on Nov. 8.
Gnosis (GNO) climbed to fresh all-time highs of $633 on Nov. 8 as the protocol introduced Gnosis Improvement Proposal (GIP) 16, which proposes the Gnosis and the xDAI community should merge their tokens and together develop the xDAI Blockchain under the name “Gnosis Chain”. The xDai Chain serves an important role in the greater Ethereum ecosystem. Gnosis has been bursting out for weeks, maintaining an ascending rise since late September.
Rising costs are drawing the ire of the investor community and forcing the retail crowd to search for relatively cheaper options like layer 2 protocol Loopring. Notably, transaction fees rise when demand for Ethereum rises.
The average transaction fee on Ethereum is presently at $45.24, according to data from crypto metrics site BitInfoCharts. Loopring’s bull run has marked the fourth consecutive day in the green, with today’s 83% rise reaching highs of $2.53.
Litecoin (LTC) soared to highs of $229 on Nov. 8 following positive sentiment that Leading Australian Bank, Commonwealth Bank of Australia will now offer users the ability to buy, sell and hold Litecoin in the bank’s application- CommBank. Also, Litecoin cardholders can now spend the Altcoin at nearly 50 million merchants worldwide.
Basic Attention Token, or BAT, is the token that was designed to fairly reward users for their attention. BAT is up in the last 24 hours following today’s announcement of the Privacy-oriented browser Brave inking a partnership with Solana Labs. As part of the deal, Solana will become Brave’s default blockchain during the first half of 2022. In turn, Solana developers will be encouraged to support the browser’s Basic Attention Token (BAT) with their dApps.
Bitcoin traded up at $66,216 as of press time while Ethereum was seen at $4,768. Analysts remain bullish on the outcome of these two cryptocurrencies in the days ahead.
Cryptoanalyst, Michael van de Poppe says ”I’m expecting $BTC to run to $75 & $90K”.
Analyst and Trader, RektCapital says ”The second part of the #BTC cycle will be much more parabolic than the first. So the emotions you will experience on the way up (and on the inevitable dips & corrections) will also be extreme”
An on-chain indicator by Santiment that tracks the accumulation activities of large holders addresses highlighted that these ”Bitcoin whales” have increased their buying.
Bitcoin made a major leap in the early Monday hours and crept up above $66k briefly as most #Altcoins lagged. Large whale addresses holding 10k to 100k $BTC have accumulated 43k more $BTC and increased their bags +2.1% in just the last 5 days.
Billionaire investor, Mark Cuban says “As an investment, I think Ethereum has the most upside, and bitcoin is “better gold than gold.”
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