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Daily Bitcoin and Crypto Analysis

October 5 Daily Crypto Update: ETH settles $6.2 trillion in transactions over past year

October 5, 2021

Justin d'Anethan

Yesterday, markets were supported by the potential for a covid oral treatment. Today, we’re focused on rising rates, economic slowdown, and Fed policy normalization, which forces investors to reconsider valuations.

The S&P, the Nasdaq, and the Dow all retraced. A tech issue with Facebook, Instagram, and Whatsapp also triggered a sell-off for that particular company. On the other hand, Tesla managed to rise still, thanks to positive delivery numbers.

Gold and the dollar are also falling.

In this environment, one could expect BTC to fall but, no, on the contrary. BTC rose 2.3% on the session, currently hovering around $49,300.

The BTC Dominance index rose along with it to 42.83, suggesting alts underperformed. Except for LUNA and STX, up 10% and 7%, respectively, most altcoins are down. ETH fell 1%, SOL is down 2%, and, among the worst performers, XTZ and COMP are down about 4-5%.

While ETH might not be doing well today, it’s fascinating to see this Messari chart showing over $6 trillion worth of transactions settled on the Ethereum blockchain. 

Looking at charts, I also came across this beautiful CryptoQuant snapshot of the ratio between BTC network activity and price. It gives us a good gauge of whether there is room for prices to grow or are currently overvalued. Right now, we’re very much in the first scenario and suggesting prices haven’t caught up yet.

Amongst headlines, we saw some interesting news come through. It’s great to hear of Societe Generale, one of the largest banks in France, working with MakerDAO. The idea is that the DeFi protocol would accept on-chain bond tokens issued by the bank as collateral for a stablecoin DAI loan.

We also heard of Hong Kong releasing a white paper for a CBDC. It doesn’t mean it will always become a reality, but it’s fascinating to see governments trying to adapt government currencies to blockchain technology.

Oh, and did you hear of Grayscale adding Solana and Uniswap to their investment fund. Pump coming?


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