The cryptocurrency market has remained relatively calm over the last 24 hours, with Bitcoin (BTC) trading at around $28,400 and Ethereum (ETH) seeing gains as the price hovers near the $1,900 mark. Despite the uncertainty in global markets, the total value of all cryptocurrencies remained just slightly higher at about $1.18 trillion or a less than 0.5% increase in the last 24 hours.
Curve DAO Token (CRV) was one of the biggest losers over the past day, falling 2.50%, while other cryptocurrencies like Dogecoin (DOGE), Cardano (ADA), and Binance Coin (BNB) remained relatively steady. However, Ethereum has recently reached a new milestone with a record-breaking 97 million non-zero addresses, indicating a growing interest in cryptocurrency and seen as positive news for the ETH ecosystem.
The rise of Ethereum’s popularity can be attributed to the increasing adoption of decentralized finance (DeFi) applications. The DeFi market has seen tremendous growth in the past year, with several notable projects such as Aave, Uniswap, and Compound, all built on the Ethereum blockchain.
Moreover, the growing interest in Ethereum is reflected in its long-term price outlook. According to analysts from the popular market analysis tool, TradingView, ETH has shown a positive trend since the beginning of the year and may reach as high as $3,000 by the end of 2021.
On a regulatory front, Arkansas has passed a bill to regulate Bitcoin mining activity within its borders. The state governor stated on social media that the move aimed to create guidelines for miners and protect them from discriminatory regulations and taxes. The new law could set a precedent for other states seeking to regulate the cryptocurrency mining industry.
In addition, according to Elliott Wave theory, Bitcoin is predicted to soar up to $130,000 by the end of 2021, drawing increased investment in BTC price – which could provide a significant boost for the overall market capitalization.
Despite the relatively quiet market, the cryptocurrency industry is steadily soaring with the growing interest and adoption by both retail and institutional investors. With the popularity of decentralized finance and the increasing regulatory efforts around mining, the future of cryptocurrency looks bright.
As such, many analysts believe that the prices of both Bitcoin and Ethereum could continue to rise in 2021, especially if Curve DAO Token (CRV) goes up more than 10%. Investors should be aware, however, that the entire cryptocurrency market is volatile and prices can swing wildly. It is important to research and assess the risks before investing in any cryptocurrency.
