Ethereum rises strongly and breaks through $1,500 to set a new historical high

According to Bitpush data, Ethereum, the second-largest cryptocurrency by market value, rose 12% on Tuesday, breaking through $1,500 to set a new all-time high. This is also the second time Ethereum has set a new all-time high since January 19. The current market value of the cryptocurrency has reached $172.2 billion.

Since the beginning of 2021, Ethereum has achieved a 100% increase, thanks to the booming decentralized finance sector. According to DeFi Pulse, more than $28 billion in value is now locked in Ethereum-based DeFi protocols, which is also a record high.

Another factor driving the rise in Ethereum prices comes from the crypto derivatives market. According to data from data analysis platform Laevitas, the Ethereum options market has recently shown strong bullish signals, and 80% of Ethereum trading volume on the Deribit exchange is bullish. Based on this volume trend, analysts predict that Ethereum is likely to rise sharply.

Over the past week, Ethereum has been trying to hit a new all-time high, but several attempts have failed. However, after failing to challenge the all-time high, the price of Ethereum did not experience a deep correction, which means that the resistance above is weakening.

In addition, digital asset management company Grayscale reopened its Ethereum Trust to qualified investors this week, which also enabled funds from institutions and qualified investors to flow into the Ethereum market. Through Grayscale's Ethereum Trust, investors can invest in Ethereum without having to purchase and store it directly.

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AuthorLiang Che

This article comes from Bitpush.News. Reprinting must indicate the source.