Share this article
Bitcoin, Ether Dive While Some Alternative Cryptocurrencies Hit Record Highs
The balance of bitcoin held on major exchanges is on the rise in what some analysts say is a bearish sign.
By Muyao Shen
Updated Sep 14, 2021, 12:56 p.m. Published May 15, 2021, 5:42 p.m.
Make us preferred on Google
Ether, the second-biggest cryptocurrency by market capitalization, is poised to log its first weekly loss since the end of March, as its price, along with that of larger sibling bitcoin, are in the red on Saturday.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
At press time, ether was changing hands at $3,779.81, down 8.48% in the past 24 hours, according to CoinDesk 20. Meanwhile bitcoin, the No. 1 cryptocurrency by market capitalization, has also fallen, down 5.88% in the past 24 hours to below $48,000.
After a six-week-long winning streak, ether is set to end the week on a down note, according to data from TradingView and Kraken.
As for bitcoin, the balance of that cryptocurrency held on major exchanges is increasing again after dropping for more than a year, according to data from Glassnode. Some analysts interpreted that as a bearish sign for the market. as it could show more BTC is available to sell on exchanges.
Meanwhile, the winners of the day appear to be tokens of so-called Ethereum Killers and layer 2 scaling projects, as some of those tokens have logged new all-time highs on Saturday.
The price of scaling solution Polygon Network’s native token, MATIC, was up by more than 22% in the past 24 hours, according to data from Messari. Its price logged a record high on Saturday at around $1.87.
Year to date, MATIC has also chalked a 100-fold rise with its market capitalization soaring to more than $8.96 billion.
Meanwhile, the prices of tokens for smart contract platforms such as and were also rising. At the time of writing, ADA was up 18.30% in the past 24 hours to $2.25, and ATOM was up 5.39% to about $26.47.
The network congestion on Ethereum blockchain has increased demand for Ethereum alternatives as well as for layer 2 scaling projects like Polygon, which has sent their tokens' prices skyrocketing.
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
Gold tops $5,000 as bitcoin stalls near $87,000 in widening macro-crypto split: Asia Morning Briefing
Bitcoin’s onchain data points to supply overhang and weak participation, while gold’s breakout is priced by markets as a durable macro regime shift.
What to know:
- Gold’s surge above $5,000 an ounce is increasingly seen as a durable regime shift, with investors treating the metal as a persistent hedge against geopolitical risk, central bank demand and a weaker dollar.
- Bitcoin is stuck near $87,000 in a low-conviction market, as on-chain data show older holders selling into rallies, newer buyers absorbing losses and a heavy supply overhang capping moves toward $100,000.
- Derivatives and prediction markets point to continued consolidation in bitcoin and sustained strength in gold, with thin futures volumes, subdued leverage and weak demand for higher-beta crypto assets like ether reinforcing the cautious tone.
Top Stories
