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May 4 Daily Report: Dogecoin Passes Tether’s Market Cap, Bitcoin Price Opens The Door For Altcoins, EBay Exploring Crypto Payment Options And NFT Auctions, Defi Resurgence Lifts Maker, Aave, And Compound Price To New Highs And CME Group Introduces Micro Bitcoin Futures


Range-bound Bitcoin price opens the door for altcoins to move higher

Bitcoin remains pinned below $58,000 while Ethereum price soars to new highs and the number of ETH held on centralized exchanges falls. In the past 2 months, altcoins to move higher as a whole has seen its value increase 119% and flipped the 2017 peak into a new support level.

Dogecoin passes Tether’s market cap following eToro integration

The news also comes as DOGE proponent Elon Musk is expected to pump the token price during his Saturday Night Live appearance this week. According to data from AssetDash, the market cap of Dogecoin is $52.5 billion, more than $400 million higher than that of Tether (USDT) at $52 billion. 

eBay exploring crypto payment options and NFT auctions

According to CEO Jamie Iannone, eBay will be “exploring opportunities” to enable nonfungible tokens. Major online marketplace eBay will be pursuing crypto payment options for its customers along with exploring ways to introduce nonfungible tokens on the platform.

Defi resurgence lifts Maker, Aave, and Compound price to new highs

As Ethereum rallied to new highs, the total value locked in multiple Defi platforms surged above $10 billion, lifting MKR, AAVE, and COMP toward new all-time highs. All three of the projects are based on the Ethereum (ETH) network and have benefited from the rising price of ETH as well as a recent decline in the average gas fee that has led to an uptick in user engagement with decentralized finance (Defi).

CME Group introduces micro Bitcoin futures

The new contract is worth one-tenth the size of a single Bitcoin. The Chicago Mercantile Exchange, or CME, has officially launched its newest Bitcoin (BTC) derivatives product, setting the stage for wider mainstream adoption of digital assets. The Micro Bitcoin futures contract is worth 0.1 BTC, which provides traders with an additional tool to hedge their digital currency price risk.

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