ETH hits new high again Gemini joint creation: $1500 is still undervalued

Last night and this morning, ETH continued to rise and set a new historical high.

At 00:59 Beijing time on February 3, ETH broke through $1,500. At 6:34, ETH rose to a high of $1,547.16. As of press time, it has fallen slightly and is currently priced at $1,513.

According to Cointelegraph, the dominant bullish trend in the ETH options market is the main factor in this round of increases. Analysts at the data analysis platform Laevitas said that before the price rose to a record high, 80% of Deribit's ETH trading volume was dominated by call options.

The growth of DeFi is also an important factor driving the rise of ETH.

According to DeBank data, as of 9:30 this morning, the actual locked amount of DeFi exceeded 30 billion US dollars, reaching 30.78 billion US dollars, setting a record high. The top five DeFi protocols/projects are: Maker, WBTC, Uniswap, Compound and Curve.

Prior to this, the head of crypto investment at DTC Capital gave 11 reasons for being bullish on ETH. He said there are 11 signs that ETH "will break its all-time high" : 1. In the crypto space, the Ethereum network has the highest fees. 2. The number of large ETH transactions is much smaller than when ETH reached its previous high in 2018, which means that larger participants have not yet entered the market. 3. The computing power is at an all-time high. 4. The number of daily active addresses (90-day MA) is at an all-time high. 5. Ethereum's main use, DeFi, is experiencing parabolic growth. 6. DeFi's TVL currently exceeds $28 billion (according to data provided by DeFi Pulse), and the number of projects with a TVL of more than $100 million shows that DeFi is "rapidly maturing and gradually moving towards institutional level." 7. Last year, the total value of stablecoins on Ethereum increased 10 times (from $2 billion to $20 billion). 8. DEX trading volume in January was $60 billion (the monthly trading volume on January 19 was about $30 billion). 9. There is more than $20 billion in funds in the loan agreement, "which shows that DeFi loans are undergoing more tests." 10. ETH is "steadily" leaving the crypto exchange, which shows that investors are accumulating. 11. As of February 2, the ETH 2.0 deposit contract address has received more than 2.9 million ETH.

Regarding the future development of Ethereum, Gemini co-founder Cameron Winklevoss tweeted today that ETH at $1,500 is still undervalued , just as the value of the Internet has no upper limit, in the long run, the possibilities of decentralized applications and computing are unlimited. Dallas Mavericks owner and billionaire Mark Cuban revealed on Reddit that his crypto portfolio includes Aave's LEND, SushiSwap's SUSHI, ETH, BTC and LTC. Cuban said he believes that decentralized finance and non-fungible tokens have the potential to explode in the next decade.