While the bitcoin market seeks to consolidate, it seems that altcoins are prepping to take the lead for the month.
Multiple coins have begun to gain momentum and experience price breakout since 6th February. With the imminent launch of the Chicago Mercantile Exchange (CME) futures contract on Ether (ETH) on the 8th of February, the second-ranked cryptocurrency is on the top of the altcoin food chain at the moment having recently set a record all-time high of $1,763 ETH.
Experts have already predicted that this incident is sure to send the price of Ether into an upward rally that could go as far as $2,000 before any significant resistance can occur in the market.
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This week, Ethereum gas fees have also seen a significant increase and climbed to new record highs. The gas fees charged to process an average transaction was estimated to cost about $17.5 around 3rd February.
Due to this sharp increase, exchanges like Liquid proceeded to temporarily pause withdrawals of ETH and ERC-20 tokens on their platforms due to development. The price of one ETH at the time of writing is currently at $1,681.
Also in the midst of the Ether glory, MakerDAO (MKR) recorded a new all-time high as well of $3,099 before correcting to its price level at the time of writing of $2,615.
Binance Coin (BNB) is up by 24.72% reaching a new record high of $75.29. Cardano (ADA) also made gains recording an increase in trading volume of 31% and a new price record of $0.5632.
Cosmos (ATOM) recorded a price increase as well of 17.03% setting a new all-time high at $13.48. The 24-hour trading volume for ATOM increased by over 240%. Other altcoins and DeFi projects to watch out for include, Elrond (EGLD), IOTA (MIOTA), and 0x (ZRX).
The overall cryptocurrency market cap now stands at $1.2 trillion while Bitcoin’s dominance rate still hovers at 62.0% after it reached a new price level of $40,029.
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