The cryptoassets ended the first week of February 2021 with great performance. Ether (ETH) renewed its all-time high of US$1,680, while the bitcoin (BTC) strengthened its position at the beginning of Friday (05/02), recording a valuation of 2.5% for the week, at US$ 37,800.
“The upward trend of ether greatly reflects the level of use of the protocol, driven by the use of DeFi applications, optimism about the change to the proof-of-stake (Ethereum 2.0) model, and also the launch of futures markets at CME”, says Transfero’s Director of Products and Partnerships, Safiri Felix.
In this week’s Fala Investidores, the analyst and trader of Transfero, Wander Guedes, corroborates this understanding but warns that, in the short term, the launch of ETH at CME can bring down the price of the asset, a similar move to what happened with BTC in 2018 when it was listed on this exchange.
— Transfero Swiss AG (@transferoswiss) February 4, 2021
In addition to Ethereum, bitcoin in an upward trend
For Safiri, the bitcoin is also at a very positive moment. This week, the leading cryptocurrency defended its US$ 30,000 position. “The trend is that if it keeps repeating the behavior of the last few days, it will return to seek new all-time highs”, he said.
Bitcoin’s good performance is related to the event promoted by strategist Michael Saylor this week. Regarded as a bitcoin evangelist, Saylor brought together large companies to explain the thesis of allocating part of these companies’ cash into bitcoin as a way to protect the inflationary effect of the dollar, following the subsequent liquidity injections promoted by the EDF.