Cryptocurrency Ethereum Targets $1,500 after Posting Record Gains

Ethereum, the world’s second-largest cryptocurrency, registered an all-time high on Monday as the ETH price jumped more than 20% in the last 48 hours. Ethereum reached a high of $1,470 in the Asian session on 25 January.

According to the latest data, Ethereum now has a market cap of more than $160 billion. As of writing, the price of Ethereum is trading near $1,430 after jumping nearly 15% in the last 24 hours. The overall market cap of cryptocurrency assets reached $1 trillion on Monday.

Bitcoin, the world’s largest cryptocurrency is consolidating near $33,000 after posting a drop of nearly 10% in the last 7 days. BTC’s dominance in the crypto market has dropped below 63% for the first time since October 2020.

According to the data published by a crypto Analytics Analytics Analytics may be defined as the detection, analysis, and relay of consequential patterns in data. Analytics also seeks to explain or accurately reflect the relationship between data and effective decision making. In the trading space, analytics are applied in a predictive manner in an attempt to more accurately forecast the price. This predictive model of analytics generally involves the analysis of historical price patterns that are used in an attempt to determine certain price outcomes. Analyt Analytics may be defined as the detection, analysis, and relay of consequential patterns in data. Analytics also seeks to explain or accurately reflect the relationship between data and effective decision making. In the trading space, analytics are applied in a predictive manner in an attempt to more accurately forecast the price. This predictive model of analytics generally involves the analysis of historical price patterns that are used in an attempt to determine certain price outcomes. Analyt Read this Term company, Glassnode, the number of addresses holding at least 0.1 ETH reached an all-time high of 3,756,147. Ethereum whale addresses with at least 10,000 ETH reached the highest level in 13 months. Additionally, the company mentioned that the ETH balance on major cryptocurrency exchanges has dropped nearly 4.5% over the last week.

Impact of Ethereum on DeFi

The recent rally in Ethereum had a significant impact on DeFi Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term. Aave and SushiSwap, both are up more than 10% in the last 24 hours. Aave is now the world’s 15th most valuable cryptocurrency with a market cap of more than 3 billion. The cryptocurrency crossed $280 on Monday, up more than 50% in the last 7 days. Uniswap (UNI) jumped more than 20% in a single day to reach $12.40. Moreover, Sushiswap touched an all-time high of $9.80 on Monday.

Despite the recent dip in Bitcoin, the overall crypto market is up significantly since the start of 2021. Cryptocurrency assets like Ethereum, Polkadot, Cardano and Chainlink performed better than Bitcoin in the last few weeks. DeFi projects have taken center stage as the total value locked under DeFi reached an all-time high of $26.6 billion, according to the data published by DeFi Pulse.