Ethereum DeFi Activities On A Roll: Will It Drive A Bullish Price Surge?
31 Oktober 2023 - 8:28AM
NEWSBTC
Ethereum, often hailed as the pioneer of smart contracts, has
cemented its position as the frontrunner in the world of
decentralized finance (DeFi) and blockchain technology. Recent data
reveals that Ethereum was the primary catalyst behind the surge in
crypto Total Value Locked (TVL), amassing an impressive 75% of all
deposited funds during the past week. Ethereum’s journey began with
the groundbreaking innovation of smart contracts. It was the first
protocol to introduce this game-changing technology, enabling the
creation of self-executing contracts with predefined rules and
conditions. This innovation laid the foundation for the entire DeFi
ecosystem, as it provided the framework for decentralized
applications and automated transactions. One of the most compelling
indicators of Ethereum’s continued dominance is the recent surge in
decentralized exchange (DEX) volumes. In the past week, Ethereum
recorded a historic milestone, with over $9 billion in transactions
settled on its network. This marks the highest weekly volume since
mid-June and underscores the platform’s pivotal role in
facilitating peer-to-peer trading and liquidity provision.
.@ethereum dominated this week’s TVL growth rankings, accounting
for $6.68B of the total $8.76B TVL growth across crypto last week.
pic.twitter.com/45rqb3Seml — 0xScope (🪬 . 🪬) (@ScopeProtocol)
October 30, 2023 Related Reading: Artificial Intelligence Crypto
Boom: What’s Behind The Double-Digit Surge? ETH Price Dynamics And
The BlackRock Factor As Ethereum continues to take center stage in
the crypto landscape, the question on many investors’ minds is how
this data will impact the price of ETH. Currently, according to
CoinGecko, Ethereum is trading at $1,798, showing a modest 0.6%
increase in the last 24 hours, with a minor 0.9% decrease over the
past seven days. Venture capitalist Arthur Cheong has provided
intriguing insights into the potential price trajectory of
Ethereum. Cheong, the founder of DeFiance Capital, suggests that
ETH could experience a significant rally if a specific scenario
unfolds. He points to BlackRock, a financial giant, and its
application for a spot Bitcoin (BTC) exchange-traded fund (ETF). If
BlackRock’s BTC ETF application is successful, it could pave the
way for a similar Ethereum ETF application in the future. “ETH is
probably the best six to 12 month long among large-cap assets now
when BlackRock applies for a spot ETH ETF six to 12 months down the
road,” Cheong wrote on the social media platform X. ETH is probably
the best 6 to 12m long among large cap assets now when BlackRock
applies for spot ETH ETF 6 to 12m down the road. Ethereum’s ESG
friendliness and native staking yield will be appealing to
institutional investors should BTC spot ETF turn out to be a
success. — Arthur (@Arthur_0x) October 24, 2023 Related Reading:
Ethereum Resilient Above $1,800 Pre-FOMC Meeting – Details ETHUSD
currently trading at $1798.3 on the daily chart: TradingView.com
Implications And Future Prospects The significance of Ethereum’s
role in DeFi and blockchain technology cannot be overstated. Its
smart contract functionality revolutionized the crypto space and
enabled the birth of countless decentralized applications and
platforms. The recent surge in DEX volumes underscores its pivotal
role in facilitating crypto trading. As the crypto world closely
watches developments surrounding BlackRock’s potential ETFs,
Ethereum’s future appears promising. Should a BTC spot ETF
materialize and pave the way for an Ethereum ETF, institutional
investors may flock to Ethereum for its ESG attributes and staking
yield opportunities. (This site’s content should not be construed
as investment advice. Investing involves risk. When you invest,
your capital is subject to risk). Featured image from iStock
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