The course of Bitcoin has shown its otherwise very atypical relaxed side in the last 2.5 months. After the course recovered from the Corona crash in mid-March, after the halving on May 11th, there was not much dynamic. In the last few weeks since mid-June, the BTC price has only ranged between $9,000 and $9,600, showing very low volatility that has not been seen since November 2018.
However, the course of Bitcoin has 2 exciting days behind it. Now the price for a coin of the most famous cryptocurrency could finally exceed the magic limit of $10,000 again. At the time of writing, the exchange rate is over $10,800 and could thus increase by almost 9.5% within 24 hours.
However, not only the Bitcoin exchange rate has shown itself from its best side in the last few days. When taking a closer look at the crypto market, the already well performing king of cryptocurrencies had to admit defeat by Ethereum.
Within the last 7 days, the crypto market increased by more than 36%, almost twice as much as BTC in the same period. While Ethereum’s strong fundamentals are certainly contributing to this rally, the value stored in Decentralized Finance (DeFi) applications is breaking the $4 billion mark. The latest developments in DeFi and the Ethereum share price are summarized in this article.
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Ethereum course beats Bitcoin course by far
After the long period of consolidation in the Bitcoin exchange rate and many other cryptocurrencies, the market finally seems to have woken up from its “summer sleep” and is showing its better side again for the last two days. Especially the Ethereum course performed very well and can beat the course of Bitcoin (despite its strong performance) on several time levels.
The course of Ethereum increased by 36% in the last 7 days. Looking at the long term, it looks even rosier. In the last 30 days, the ETH price increased by 45% and since the beginning of the year by almost 150%.
While this massive rally in the Ethereum share price is mainly driven by the increasing dynamics in the entire crypto market, the strong fundamentals of the ETH network also play an important role.
ETH’s DeFi breaks through the $4 billion
According to the DeFi analysis and ranking site “DeFi Pulse”, the value of money deposited in DeFi applications has risen to $4 billion. The chart shared by the company on Twitter showed the parabolic growth of the Ethereum trend.
A large part of this development is due to the last 3 months. In April, the value was still below $1 billion. The metric climbed to $3 billion on July 22nd and then to $4 billion on July 25th – an increase of over 33% in three days and over 320% in three months.
Based on the value deposited in the protocol, Maker (MKR), Compound (COMP) and Aave (LEND) are the top 3 DeFi protocols. All three are lending protocols running on the Ethereum. According to DeFi Pulse, $1 billion is included in Maker, while $735.5 million and $456 million are included in Compound and Aave.
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First published in CRYPTO MONDAY, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
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