Crypto Recap: ETH Rallies, BTC Closes In on $10K

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Crypto Recap - ETH Rallies, BTC Closes In on 10K

ARLINGTON, V.A. – Bitcoin had a dynamic week. The digital currency saw its price moving from $9,100 to almost $10,000. But for the first time in weeks, Bitcoin (BTC) was outclasses by other currencies like Ethereum (ETH).

Bitcoin reached a record-breaking $10,000 on February 9. It was a fitting start to a new month after an already historic start to the year.

According to data from both Coinbase and Cointelegraph, BTC/USD price was at $10,000 in the early morning hours of February 9 after a high-volume surge. However, the coin quickly dropped to $9,975 afterwards.

BTC reaching five figures was surprising after almost four months of sluggish trading. During those long weeks, the BTC/USD pair went as low as $6,400 before January’s bullish run saw it gain by 35%.

Bitcoin’s accomplishment was preceded by the BTC futures market, which entered the arena on February 6. It gave traders an indication that the currency was about to make a powerful directional shift, with some analysts predicting a $9,550 support level.

BTC wasn’t the only digital asset performing last week. Other cryptocurrencies even outperformed BTC, especially Ethereum (ETH). The coin received a massive boost and advanced by 22% as investors finally got moving.

ETH rallied on Friday to gain 4.83% and closed the day at $223.37. It continued its rally over the weekend as it inched up by 0.07% Saturday. The coin had a bearish start yesterday and even fell to an intraday low of $213.24. But it had a late afternoon rally to peak at $$228.40. ETH is presently up by 1.97% at $227.76.

The previous week also revealed that Ethereum’s decentralized finance (DeFi) system is expanding faster than Bitcoin’s. The total capital invested on ETH DeFi applications has surpassed one billion.

Meanwhile, renowned investor and philanthropist Warren Buffett reportedly received a Lunar New Year gift from TRON CEO Justin Sun. The TRON leader was invited for dinner at Buffett’s Nebraska hometown, along with Litecoin’s Charlie Lee, Helen Hai of Binance Charity Foundation, eToro’s Yoni Assia and Chris Lee of Huobi.

Sun was said to have gifted Buffet, a crypto skeptic, bitcoins stored on a Samsung Galaxy Fold, two Samsung Galaxy Fold devices integrated with TRON, a bronze horse, and a rat paper cutting. The latter was a nod to the Chinese New Year.

Buffet was reportedly impressed by Sun’s generous gifts, but he still held fast to his belief that Bitcoin isn’t a proper investment yet.