Ether reached its latest all-time high price at $1,637.21 on Tuesday. The price took a jump of 10.32% in the last 24 hours. Interestingly multiple decentralized finance tokens or DeFi and various blockchain-based cryptocurrencies are also seeing a significant price rise along with ether.
ETH, the second major cryptocurrency after Bitcoin, is showing steady growth in its market price, and recently it crossed the $1,500 mark.
DeFi Tokens Show Progress Along With Ether
Messari, a research firm, has recently informed that following the price rise of ETH, many decentralized finance tokens like Aave, SushiSwap, and Chainlink witnessed bullish momentum in their price. The blockchain-based cryptocurrencies like Solana and Polkadot, which are the major competitors of Ethereum, rallied up to remarkable high prices this Wednesday.
The senior content editor of OKEX crypto exchange, Hunian Naseer stated that the rising price of ETH is influencing the price value of DeFi tokens. Polkadot, which is considered as the ‘Ethereum killer’, is showing steady progress and moving towards their all-time high prices.
Investors are now showing more fascination for DeFi tokens and cryptocurrencies with blockchain systems as these are giving the broader prospect of profit in recent times.
21Shares, an investment product provider, recently announced its plan to launch an ETP or exchange-traded product, especially for DOT. According to the manager of Kraken Intelligence, Pete Humiston, the announcement of 21Shares has enhanced investors’ attention for trading on Polkadot. Humiston termed the recent influence on the traders as a “positive feedback loop.”
In this regard, cryptocurrency experts have shared their views about the role of WallStreetBets in the recent GameStop saga. The impact of WSB is also apparent on the bullish movement of DeFi tokens and ether itself.
The data released by Skew demonstrates that almost 24,800 ETH worth approximately $37.8 million, were added to Grayscale on Tuesday.
While the rising price of ETH is creating a buzz in the crypto market, DeFi and other competitive cryptocurrencies show impressive progress.
