Sentiment across the cryptocurrency sector continues to improve as Ether (ETH) price ventured into uncharted territory, setting a new all-time high of $ 1,653 on Feb. 3.
Business intelligence company MicroStrategy is planning to hold a meeting on February 4 with 1,400 listed companies, where CEO Michael Saylor will discuss how companies can integrate Bitcoin into their business strategy.
Concerns that recent large institutional purchases and whale wallets are leading to the centralization of Bitcoin were addressed by on-chain analyst Willy Woo, who showed that “Small and medium-sized holders control about 40%” of the available supply and “the distribution is getting better.”
Traditional markets get a boost from technology stocks
Today also saw a continuation of the upward momentum in the traditional markets as a combination of positive corporate earnings and economic stimulus-related developments from the Biden government helped improve overall market sentiment.
US officials could collect as soon as February 4 to discuss the growing influence of social media investors in the financial markets. The discussion is expected to center around the recent evolution of r / Wallstreetbets and the use of platforms such as Robinhood and Reddit to manipulate markets.
The S&P 500 and Dow were able to bounce back from early downward pressures to end the day 0.10% and 0.11%, while the NASDAQ was hit by a late sales increase leading to a slightly negative result of 0 , 02%. Mega tech stocks like GOOGL, which finished at 7.28%, helped push markets higher into the closing bubble.
DeFi tokens continue to outperform other crypto assets
Developments regarding brokerage firms blocking access to certain assets have highlighted the positives of decentralized financing. DeFi tokens have benefited from this attention along with the strong breakout of Ether.
The extra focus helped push AAVE and SushiSwap (SUSHI) to new all-time highs of $ 345 and $ 14.84, while UMA saw its price rise 59% to a 2021 high of $ 21.56.
The total cryptocurrency market cap is now at $ 1.11 trillion and Bitcoin’s dominance is 61.6%.