Ethereum tops $1,400 and hits new all-time high in last 24 hours
A breakout at this time brought Ethereum into high focus, with Bitcoin breaking the $1,400 level within 24 hours, with new prices… $0 level, high…… New History… New high new high new high new high new high……
What Happened: The second-largest cryptocurrency by abacus was driven by systematic finance in DeFi.
Variant general partner Spencer Noon tweeted on Tuesday that DeFi users surpassed 1.25 million, a number that is trending upward.
“Ethereum’s biggest use case is making a product marketable,” Noon said.
6: #DEFI currently has over $25B locked up, with 21 different projects holding over $100M in TVL (indicating that the ecosystem is maturing rapidly and reaching institutional level). PIC.TWITTER.COM/E7FT6QVC6E
— Spencer Noon (@SPENCERNOON) January 19, 2021
According to the analyst, ETH continues to “dwarf the entire cryptocurrency space” in terms of fees paid, currently averaging $7.25 million per day. Noon is called ETH “the most useful network in the world.”
Enthusiasm for ETH (even though the fees are higher) (known as gas in ETH parlance) has not been affected.
According to DeFi Alliance partner Jacob Franek, the large amount of gas is a positive sign, Cointelegraph reported.
“It’s the most direct measure of the overall willingness to pay for [demand] for block space. Currently, Ethereum has the most valuable block space of any cryptocurrency,”Franek said.
As reported by Cointelegraph, cryptocurrency trader Jonny Moe said that the BTC-USD pair, which has been staying in the range, is likely to fall.
“Every time I start convincing myself to take a bullish stance, the more I look at this chart, the more bearish I end up. The truth is, I feel like this is going to sink and we’re going to end the week in the red and I can’t get out of it.”
Why it matters: BTC’s lack of liquidity has led investors to turn their attention to other altcoins.
According to Bloomberg, Vijay Ayyar, head of business development at Singapore-based cryptocurrency exchange Luno, said: “Bitcoin has been range-bound for the past few weeks, giving capital time to” shift to other digital assets.”
Around 12:00 UTC, ETH surged to $1,439.33. It surpassed the all-time high of $1,432.88 set on January 13, 2018, according to the CoinDesk Price Index.
So far this year, ETH has returned 85.78%, while the top cryptocurrency (BTC) has returned 20.24%.
At press time, ETH was trading up 3.38% at $1,369.51, while BTC was trading down 2.97% at $35,456.79.
Grayscale Ethereum Trust on Tuesday
Grayscale Bitcoin Trust closed up 17.16% at $16.46
It closed down 3.27% at $38.06.
Cointelegraph independently reports that major traders and exchanges are opening ETH short positions, in part due to the heavy use of leveraged derivatives.
According to information provided by Cointelegraph, this can be interpreted as a sign that top traders are not overly optimistic about ETH.
