Ethereum Price Surges Past $3,500
Ethereum is off to a strong start this week, as its price has surpassed $3,500, representing a 3% increase from the previous day. CoinGecko data reveals that Ethereum’s current price stands at $3,506.38, indicating a 15% growth in the past week. This surge marks the highest value Ethereum has reached since January 2022 when it experienced a decline following the bull run in late 2021. Furthermore, approximately 91% of all ETH held in wallets has appreciated in value since its purchase, according to blockchain analytics firm IntotheBlock.
The Countdown to the Dencun Upgrade Begins
Ethereum developers are eagerly awaiting the upcoming Dencun upgrade, which is set to go live on March 13. This highly anticipated upgrade will introduce proto-danksharding to the network, resulting in faster and more cost-effective transactions. Several developers have described this upgrade as groundbreaking and have expressed their excitement for its implementation.
DeFi Projects Flourish Amid Bullish Ethereum Market
Historically, when investors show optimism towards Ethereum, decentralized finance (DeFi) projects tend to gain more traction. The current market trend is no exception. As of Monday morning, the total value of assets in DeFi protocols has reached $94 billion—the highest it has been since the TerraUSD crash of 2022, according to DeFi Llama.
The TerraUSD Crash and Its Impact on DeFi
In simple terms, the TerraUSD crash and its subsequent effects caused significant capital outflows from DeFi protocols. Prior to the Terra collapse, the total value locked (TVL) in DeFi projects had reached $132 billion. However, following the crash, many projects and firms suffered losses, leading traders to become cautious of protocols that promised excessively high returns.
Recovery of the DeFi Ecosystem
Despite the setbacks caused by the TerraUSD crash, the TVL in the DeFi ecosystem has nearly tripled in value. Currently, Ethereum has experienced a 64% growth in the past month, surpassing its 54% price increase. Additionally, Solana has also witnessed significant growth, with a 57% increase in the last 30 days and a 34% gain in its native SOL token during the same period.
Hot Take: Ethereum’s Soaring Price and DeFi’s Resurgence
Ethereum’s recent price surge to over $3,500 signifies a positive start to the week for crypto enthusiasts. With a remarkable 15% increase in value over the past week, Ethereum is experiencing its highest price since January 2022. Furthermore, as almost all ETH held in wallets has appreciated in value, investors are reaping the benefits of their holdings.
The eagerly awaited Dencun upgrade is just around the corner, promising faster and more cost-effective transactions on the Ethereum network. Developers have expressed their excitement about this groundbreaking upgrade, which they believe will greatly enhance user experience and pave the way for further innovation.
Meanwhile, decentralized finance projects have seen a resurgence amid Ethereum’s bullish market. The total value of assets locked in DeFi protocols has reached an impressive $94 billion—the highest it has been since the TerraUSD crash. Although this crash initially led to caution among traders due to its far-reaching impact on other projects and firms, the DeFi ecosystem has made a remarkable recovery.
Both Ethereum and Solana have witnessed significant growth recently. Ethereum’s price has surged by 64% in the past month, outpacing its 54% price increase. Solana, on the other hand, has experienced a 57% growth in the last 30 days, with its native SOL token gaining 34% during the same period.
Overall, this positive momentum in Ethereum’s price and the resurgence of DeFi projects highlight the growing confidence and optimism within the crypto market. As Ethereum continues to make strides towards scalability and efficiency with the upcoming Dencun upgrade, it is likely that we will see further advancements and increased adoption in the DeFi space.
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