Ethereum’s native currency has broken $700 for the first time in over two years. The asset has followed Bitcoin’s violent move upwards over the Christmas period.

just crossed $700. It’s the highest price the asset has traded for since May 2018.

Ethereum Back Above $700


The digital currency has performed well over the last few weeks, following the launch of Ethereum 2.0 on Dec. 1. Its value has soared by around 12% today.

The main factor for this might be the Christmas fervor surrounding : in the last three days, the original crypto has seen a 16% jump in price. It hit an all-time high of $25,000 on Christmas Day and has been moving upwards since then. It’s now trading at $26,796.

ETH often follows BTC’s price movements. When BTC looks bullish, ETH and other digital currencies tend to draw liquidity soon after. Unlike BTC, though, ETH is still 50% short of its all-time high price.

The ETH:BTC ratio is currently 0.025 (back in January 2018, it topped out at around 0.1).

Nonetheless, signs remain positive for Ethereum believers. Following exponential growth for DeFi in 2020, the total value locked in Ethereum-native protocols like Aave, Synthetix, and Uniswap is currently at $13.3 billion, and there are now over 1 million users.

If DeFi continues to grow on Ethereum at the same pace in 2021, its native currency may well follow suit.

Original Post

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Source link