Foreign exchange Tianyan APP news: Ethereum price has risen strongly to start 2021. It has outperformed Bitcoin since January 1st. On January 24, the price of Ethereum surged to $1,454.32, setting another all-time high. Despite the temporary pullback, it remains one of the strongest performers among the top ten assets.
DeFi Enhanced Protocol
DeFi tokens have been a major factor in the growth of ETH. The demand for Ethereum is also driven by the growing demand as many people are using it. Recently, some DeFi protocols such as Aave and Bitcoin have broken records. The two currencies have reportedly ranked among the 20 largest cryptocurrencies on the market. Currently, the DeFi market has an allocated value of over $24 billion. At current prices, this figure is approximately R$127 billion. This number is a record and shows that the need is huge. This is crucial for Ethereum’s momentum and especially its price.
Ethereum is about to follow BTC and land on CME
Chicago Mercantile Exchange’s (CME) Bitcoin (BTC) futures trading product has seen record trading volumes over the past 12 months. As CME trading volume continues to increase, data shows that the average daily trading volume (ADV) of Bitcoin in December reached 11,179 contracts (equivalent to 55,900 BTC), a year-on-year increase of 114%. At the same time, the price of Bitcoin has continued to rise. In the past three months, it has continued to create history and hit new highs repeatedly.
According to the latest news, on February 8, 2021, the Chicago Mercantile Exchange (CME) officially launched Ethereum futures and is currently awaiting a final review decision. With the previous successful experience of Bitcoin, ETH will have a high probability of successfully passing the review. Once successfully passed, the traditional financial market will completely open the door to Ethereum. Investors can invest in Ethereum without actually purchasing and storing Ethereum. In other words, it's as easy as buying gold on Alipay. Just imagine, if "new money" starts flowing to ETH like it flows to Bitcoin through futures, then ETH will inevitably become the same as BTC, and the investments of traditional investors will continue to push ETH to new heights.
Ethereum transaction volume grows
In 2020, the value of transactions recorded on the Ethereum blockchain exceeded $1 trillion. These figures exceed the transaction volumes of other payments giants, which have more than 350 million users and average transaction volume of no more than $200 billion per quarter. Each transaction incurs network fees paid in ETH. Since the network’s growth rate remains high, we can confidently expect Ethereum’s “bullish” trend to continue. Interest in cryptocurrencies continues to grow, as does the number of active wallets, the number of transactions on the network, and the average transaction size.
Summarize
Ethereum is off to a perfect start in 2021, outpacing Bitcoin. When Bitcoin was consolidating with low volatility, Ethereum didn’t follow but instead fought back, growing transaction volume significantly. The future trends are definitely exciting!
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