{"id":175342,"date":"2021-02-11T01:48:52","date_gmt":"2021-02-10T22:48:52","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/ethereum-killers-and-layer-2-tokens-rally-despite-5-bitcoin-price-drop\/"},"modified":"2021-02-11T01:48:52","modified_gmt":"2021-02-10T22:48:52","slug":"ethereum-killers-and-layer-2-tokens-rally-despite-5-bitcoin-price-drop","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/ethereum-killers-and-layer-2-tokens-rally-despite-5-bitcoin-price-drop\/","title":{"rendered":"# Ethereum killers and layer-2 tokens rally despite 5% Bitcoin price drop"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a410b7a3bdbd\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a410b7a3bdbd\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/ethereum-killers-and-layer-2-tokens-rally-despite-5-bitcoin-price-drop\/#Traditional_markets_dip_after_setting_new_all-time_highs\" >Traditional markets dip after setting new all-time highs<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/ethereum-killers-and-layer-2-tokens-rally-despite-5-bitcoin-price-drop\/#Bitcoins_correction_weighs_on_altcoins\" >Bitcoin\u2019s correction weighs on altcoins<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Ethereum killers and layer-2 tokens rally despite 5% Bitcoin price drop <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-5a136f3a>On Feb. 10, Bitcoin (BTC) price pulled back 5% from its newly established $48,220 high and a number of altcoins also underwent slight corrections.\u00a0<\/p>\n<p>Data from Cointelegraph Markets and <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\">TradingView<\/a> shows Bitcoin has declined 4.96% since yesterday\u2019s highs and currently trades at $44,900. <\/p>\n<p>The pullback to the $45,000 level could simply be the result of traders taking recent profits from Bitcoin and altcoins as the rally <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>eared to be losing momentum around the $48,000 level. <\/p>\n<p>A recent announcement from JPMorgan analysts saying that they don\u2019t expect to see any large firms follow Tesla\u2019s recent $1.5 billion Bitcoin purchase could have caused jitters among some investors but data from Grayscale Investments shows most institutional investors are keen to learn more about investing in BTC. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-02\/370e5d55-ef01-48aa-956d-5cd743d02409.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USDT 4-hour chart. Source: <\/em><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/\"><em>TradingView<\/em><\/a><\/figcaption><\/figure>\n<p>A bit of positive <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a> came from <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a> CEO Jack Dorsey, who doubled down on his support for the crypto sector by donating $1 million to Coin Center, a Washington D.C.-based advocacy group. Dorsey also revealed that Twitter is exploring the option of how it could pay employees in BTC. <\/p>\n<p>Congestion and high transaction fees on the Ethereum network have put a spotlight on layer-2 and Ethereum Virtual Machine (EVM) compatible protocols as projects and traders alike flood to Matic (MATIC) and Avalanche (AVAX). <\/p>\n<p>This steady inflow of funds to each project resulted in price rallies of more than than 200% over the past week. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-02\/16c34bb6-42cb-4bb0-8ae7-7475c3c50a28.png\"><figcaption style=\"text-align: center;\"><em>AVAX\/USDT vs. BNB\/USDT vs Matic\/USDT price growth 4-hour chart. Source: <\/em><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/\"><em>TradingView<\/em><\/a><\/figcaption><\/figure>\n<p>Binance Coin (BNB) has also seen significant price appreciation in recent days, reaching a new high at $148 on Feb.10. The move to a new all-time high comes as the Binance Smart Chain (BSC) grows in prominence and competes with Ethereum and DeFi platforms. <\/p>\n<h2><span class=\"ez-toc-section\" id=\"Traditional_markets_dip_after_setting_new_all-time_highs\"><\/span>Traditional markets dip after setting new all-time highs<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The three major stock market indices established new record-highs in today\u2019s early trading hours before falling under pressure to close the day mixed. <\/p>\n<p>The S&amp;P 500 and NASDAQ spent most of the day in the red and despite a late surge closed down 0.03% and 0.25% respectively while the Dow was able to hold bears off and finish up 0.20%. <\/p>\n<p>While there was no specific news prompting market pressure, all three indices have seen surging prices during the first week of February, so a modest pullback is expected in a normal market cycle. <\/p>\n<h2><span class=\"ez-toc-section\" id=\"Bitcoins_correction_weighs_on_altcoins\"><\/span>Bitcoin\u2019s correction weighs on altcoins<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>A new wave of selling hit the crypto market just as traditional markets closed and the top-25 altcoins fell under pressure. <\/p>\n<p>Notable exceptions to the bearish downturn include Cardano (ADA), which is currently up 28.11% and trading at a price of $0.892, and AVAX which is up 85.39%and trading for $58.26. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-02\/fcdf1d19-f5b8-4cc7-985a-46e5108a263c.png\"><figcaption style=\"text-align: center;\"><em>Daily cryptocurrency market performance. Source: <\/em><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coin360.com\/\"><em>Coin360<\/em><\/a><\/figcaption><\/figure>\n<p>Celo (CELO) is also put on a strong showing, up 40% to trade at $5.00 while The Graph (GRT) has seen its price spike 26% to a new all-time high of $1.26. <\/p>\n<p>The overall cryptocurrency market cap now stands at $1.37 trillion and Bitcoin\u2019s dominance rate is 61.3%.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/ethereum-killers-and-layer-2-tokens-rally-despite-5-bitcoin-price-drop\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Ethereum killers and layer-2 tokens rally despite 5% Bitcoin price drop &#8221; On Feb. 10, Bitcoin (BTC) price pulled back 5% from its newly established $48,220 high and a number of altcoins also underwent slight corrections.\u00a0 Data from Cointelegraph Markets and TradingView shows Bitcoin has declined 4.96% since yesterday\u2019s highs and currently trades at&#8230;<\/p>\n","protected":false},"author":1,"featured_media":175343,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDIvZGQ5ZGZiNDMtMzIwMS00N2Q2LWE4MDItMjJkM2E1YTVhMWM4LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74867,74862,74937,80586,74863,82402,74891,75150,73785],"class_list":["post-175342","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-altcoin","tag-bitcoin","tag-bitcoin-price","tag-celo","tag-cryptocurrencies","tag-ether-price","tag-ethereum","tag-market-update","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/175342","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=175342"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/175342\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/175343"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=175342"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=175342"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=175342"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}