As usual around lunchtime, we look at the live Bitcoin price and the prices of the top 25 crypto. In it we see mixed results despite good news. Of course we discuss the good news from Russia. Furthermore, we have an update on a bullish breakout for Ethereum (ETH). Finally, we look at the Ethereum killers.
We start of course with the live Bitcoin price and the prices of the top 25 crypto.
Live Bitcoin price drops slightly, prices top 25 crypto exchange
At the time of writing, the live Bitcoin price is EUR 38,229.46 ($43,696.80). This is 0.36% lower than during our crypto update yesterday.
For prices of the top 25 crypto, we see a mixed picture. The biggest loser is Shiba Inu (SHIB), which loses 3.34% in 24 hours. The biggest gainer is the Leo Token (LEO), which shows a true price explosion with + 53.92%. Outside of that, the market is fairly calm. The biggest riser is Avalanche (AVAX) with + 3.24%. On the site of Tradeincrypto.com you can of course analyze all live crypto prices.
Good news from Russia doesn’t trigger market yet
Some time ago we reported on the proposed crypto ban in Russia and Vladimir Putin’s interference. This now seems to have taken effect. Instead of a crypto ban, there will actually be an official status for crypto coins in Russia.
This morning the official state press agency issued a statement in which the government announces its intention to integrate crypto into the financial system. To this end, regulations are being drafted to ensure that consumers are protected and that criminal financing is prevented.
However, the regulations will result in the partial removal of anonymity. It is also expected that a special portal will be set up for transactions from fiat (ordinary) money to crypto. You can read more in this translation of the press release.
Crypto rally for Ethereum (ETH)?
Analysts following the transactions surrounding Ethereum (ETH) are seeing an increase in interest from institutional investors. According to analyst Benjamin Cowen, in addition to the increasing interest, this is also due to the reduction of transaction fees (so-called gas fees) and the upcoming hard fork, where Ethereum 2.0 will be launched.
He therefore expects a strong breakout of the price that could push the value up to $7,000.00 to $8,000.00. In the short term, the omens are also good. In the analysis below you can see the short-term expectations.
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$ETH at $3225 has resistance ahead just below $3300. Climbing beyond that expect $3.6k & $3.9k
Supports laddering down from $3.1k, $2.9k pic.twitter.com/rxUPF6ClKs
– Crypto Thies (@kingthies) February 8, 2022
Can the Ethereum (ETH) price also turn bearish?
As always, there is a flip side to the coin. As you can see in the analysis below, there is a chance of a bearish price trend, but analysts do not take that into account until the price drops below $3,000.
The live Ethereum price is currently $3,151.69 and rose 1.82% in the past 24 hours. With that, a bearish scenario seems theoretical for the time being.
How are the Ethereum killers doing? Vitalik Buterin bites off his tongue
Ethereum (ETH) is currently the leader when it comes to connectivity with other tokens and projects, but many people speculate that competition could become strong as Ethereum has issues with cost and scalability. These other coins, so-called Ethereum killers, are often faster and cheaper. Ethereum founder Vitalik Buterin makes his views clear in a statement. The risk of increasing scalability is centralization and he warns against that.
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A quick post explaining the current choice of block times (both pre- and post-merge) and the tradeoff between speed and decentralization/safety.https://t.co/jYlt9ODzzE pic.twitter.com/EuP9u7NCgX
– vitalik.eth (@VitalikButerin) February 6, 2022
The comments immediately entice a look at the so-called Ethereum killers. Buterin’s criticism of centralization seems to be directed primarily at Solana (SOL).
Crypto Solana (SOL) under pressure from its own popularity
There, we indeed see that the cost is lower, but there are also problems. The problem is that Solana is often hit by network overloads, causing the network to crash.
Evidently this makes investors skittish, because the live Solana (SOL) price is $113.70. This is down 0.23% from yesterday. However, the monthly result is still down 19.82%.
Cardano (ADA) remains biggest contender for Ethereum killer title
Looking at the Ethereum killers, the biggest chance of beating Ethereum currently remains for Cardano (ADA). As we saw earlier this week, they continue to scale and investors can appreciate this. We can also see this in the current Cardano (ADA) price. This is currently $1.198. This is 1.10% higher than yesterday, but the weekly result is already +8.86%.
Of course, we will continue to monitor developments.
Want to stay up to date on the latest stock price developments?
You can always follow the developments yourself with our WANT crypto analyses or the background articles and previews on the crypto market and Bitcoin. Of course, you can also follow the live quotes 24 hours a day if you want to stay informed in real time. Are you interested in other investments besides crypto? Then our weekly Monday morning price forecast might be a reading tip. “Please note: We never give financial advice, so our contributions can’t be interpreted that way either. Always do your own research and decide on rational grounds if, when, what and how much you want to invest in.”