Green is the color of the week in crypto and it’s not only because “orange coin go up” In fact we’ve seen a few new all-time highs from the denzians of the top 10 led by none other than Ethereum.
It certainly looks like we’re in alt season and In fact, most of the news this week is about the great crypto pump and there’s no better place to start than the smart contract platform that started it all.
Ethereum has been flirting with its all time high for a few weeks, testing the $1,400 level then backing off. Well, the courtship is over and Ethereum is well into what seasoned traders call “price discovery.”
Of course, it helps that Grayscale is scooping up tens of millions of dollars worth of ETH a day. They bought $38 million worth of ETH That brings their total holdings of Ethereum up to $4.2 billion. Grayscale is now holding about 2% of all ETH in existence.
DeFi is also definitely playing a role. DeFi coins like UNI, AAVE, COMP, UMA, and SOL have also seen double-digit gains this week.
The recent Robinhood fiasco woke up a lot of people to how inefficient the current financial system is. Although it’s a cliché to say that crypto fixes this, in this case Ethereum could actually be a way to bring our financial system into the current century. Or could it be Cardano.
Cardano is a smart contract platform with a radically different development framework than Ethereum. As you know, when Ethereum launched it was a fully functioning smart contract platform. You could build a dapp or create a custom token from day one. Cardano, taking a more measured approach, launched with almost no features. When it was released Cardano was just a dead simple cryptocurrency with little functionality besides sending and receiving payments.
Since that time though, the Cardano team has been slowly upgrading the platform. First came staking, and now it’s smart contracts. Later this month Cardano is going to enable their first smart contract functionality so that users can create dapps and custom tokens.
That’s big news and Cardano is surging! ADA was up 30% in one day and it’s currently trading at a prices not seen since 2018.At this rate Cardano is on track to overtake XRP in the crypto charts, which has never happened! That’s good news for you if you hodl Cardano, your patience is paying off.
UMA is yet another crypto project that’s pumping hard this week. Although there’s been something of a pullback in the last few days, at one point UMA hit $40 per coin. That price was more than double its previous all time high. In case you’ve never heard of it, UMA is a protocol that lets users trade blockchain based assets that track the price of popular stocks. It’s a cool bit of technology, and UMA has been getting a lot of attention since Robinhood shut down trading on Gamestop. Once again we’re seeing how blockchain can solve real world problems. Although it’s impossible to say what will happen to UMA in the next few years, this looks like one project you don’t want to short.
It’s common knowledge that Elon Musk is a Doge coin fan, but the billionaire’s recent tweets are having more of an impact on the price than they ever did before. With just a couple of tweets Elon has caused the price of Doge to go up by more than 500% in the last month! That’s absolutely stunning, even by crypto standards, and it was enough to propel Doge into the top 10 crypto rankings for a short moment. We even reached a point where some people predicting 1 Doge would be worth 1 dollar in the not too distant future. That never happened, but Elon isn’t done tweeting yet either… Of course prudence demands that we ask, is it really Elon that’s causing this massive price spike? Does his Twitter account really have that much of an impact? And the answer appears to be yes...
The Blockchain Research Lab has looked into it and they’ve found that there is a strong correlation between what Musk says to his 44 million Twitter followers, and what happens to the price of Doge. So there you go! Doge coin holders can celebrate as Elon tweets their coin to the top of the crypto charts.
We’re going to take a quick hop arcross the world and look at some new proposed legislation from India From a regulatory point of view, India has traditionally been very unfriendly towards cryptocurrencies. The Indian government banned crypto at one point, then that ban was overturned by the Indian supreme court and crypto became legal again. That was great news for crypto users in India, but it wasn’t meant to last. Last week the Indian Parliament introduced a bill to ban all private cryptocurrencies while simultaneously clearing the way for a national, government approved state currency.
Although this could prove fatal for India’s burgeoning cryptocurrency community, it doesn’t have to be this way! Indiawantsbitcoin.org is a community built website that lets Indians reach out to parliament and comment on the proposed bill. American crypto users were able to make a difference by commenting on the stable act, and now hopefully Indians can rally together and let their government know that they want to keep using crypto!
Bluford Putnam, who is the managing director of the CME group, has said that he believes Bitcoin could be a, quote, “emerging competitor to gold.” That’s hardly news for anyone in crypto, but it’s really cool to hear someone from deep within the financial establishment acknowledge this fact. More people are waking up to this digital gold narrative and as the threat of inflation looms large, things could really start to get interesting in crypto land later this year. When it does, we’ll be right here to share the news.