Ethereum is slowly rising in the background of the Bitcoin and DeFi boom

CONTENT

  • Ethereum price is still undervalued compared to all-time highs.

  • Vitalik Buterin claims Ethereum is not an ordinary store of value.

  • ETH 2.0 Launch Could Become A Race Driver To New Highs.

International consortium of news organizations developing transparency standards.

Ethereum may be overshadowed by the bitcoin hype, but analysts point to significant upside potential for ETH.

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In recent days, the crypto market has been bullish across almost the entire spectrum. Bitcoin (BTC) has become the main driver of the current rally, responding with enthusiasm to the news that payment giant PayPal has decided to add support for Bitcoin to its infrastructure..

Against this background, Bitcoin first broke the round level of $ 12,000, and then updated the highs of 2020 above the $ 13,000 mark. Meanwhile, the scale of the intra-week growth of the Ethereum rate was noticeably weaker. The currency opened this week at $ 380 and has struggled with the $ 400 mark ever since. Yesterday’s testing failed, and only in the last hours did ETH break above that mark again.

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However, since the beginning of this year, ETH has shown steady growth, which is expected to continue into the next year, supported by technical and fundamental factors. In addition, the Ethereum rate is still about 70% below its all-time high, while Bitcoin has only about 35% left to get to it..

Ethereum – the whole world

The BeInCrypto editorial team has repeatedly talked this year about a whole list of fundamental factors that promise bullish prospects for the Ethereum blockchain, which celebrated its fifth anniversary in July..

In general, 2020, with its unexpectedly unfolding boom in the decentralized finance segment (DeFi) confirmed that Ethereum is indeed a completely independent financial ecosystem. This fundamentally distinguishes it from many cryptocurrencies, which are simply one of the store of value or hedging tools against fiat assets..

In this regard, Ethereum founder Vitalik Buterin stated:

“In simple terms, everyone should understand: in 2020, continuing to consider ethereum an“ altcoin ”is the same retrograde approach as calling a Lamborghini a“ horseless cart ”.

In plain language everyone can hopefully understand:

Watch Before 2020 Ends! Cryptocurrency About To Explode In 2021! Bitcoin & Ethereum Just The Start!

In 2020, continuing to refer to ethereum as an "alt" is as outdated as referring to a lambo as a "horseless carriage". https://t.co/CMmP6MEXlU

– vitalik.eth (@VitalikButerin) October 21, 2020

Currently, according to DeFi data, Decentralized Finance (DeFi) is a financial services built on blockchain technology that offer users access to an open, efficient and … More Pulse, a record 9 million ETH is blocked in DeFi protocols, which is 8 % of the total and reflects an increase since the beginning of the year by 200 +%.

ETH locked in DeFi. Source: DeFi Pulse

Ethereum is slowly rising amid the Bitcoin and DeFi boom

It’s worth noting that institutional investors are also showing interest in ETH. So, we recently talked about how the Grayscale Ethereum Trust officially became the first Ethereum trust to be registered with the US Securities and Exchange Commission (SEC).

ETH 2.0 as a welcome push?

Against this background, some members of the crypto community predict active growth for the Ethereum rate even before the end of 2020.

How $ ETH could play out
8% locked in DeFi and growing daily
Grayscale locked 2%

Staking starting this week Phase 0

On chain data showing largest accounts are accumulating and moving OFF exchanges

Sorry fam, there won’t be any eth for Paypal users to buy at this rate pic.twitter.com/RoaUtAIvrl

– Pentoshi (@ Pentosh1) October 21, 2020

Perhaps the blockchain needs a new catalyst to enhance the DeFi effect. It could be an update to the Ethereum network protocol and the long-awaited launch of Ethereum 2.0. Perhaps this will happen in a matter of weeks, as even the developers of the phase 0 Beacon Chain themselves have begun to get impatient about this issue..

While all staking opportunities may not materialize right away, many investors will remain loyal to ETH and agree to wait a bit. And then truly tectonic shifts can begin in the financial system..

Disclaimer

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Ethereum is slowly rising amid the Bitcoin and DeFi boom

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Ethereum is slowly rising in the background of the Bitcoin and DeFi boom
Ethereum is slowly rising in the background of the Bitcoin and DeFi boom

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