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Ethereum Will Hit A New All-Time High Before Bitcoin

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Ethereum (ETH), the world’s second most valuable cryptocurrency by market value, has more than doubled in value over the last four months. This has left BTC, the world’s flagship currency, in the dust.
Data from Coinmarketcap showed that Ether was trading around $293 at the time of this report, representing about 262% gain since March 12th, 2020, when it traded at $112. It’s market capitalization presently at $32 billion. Together with Binomo, you can make money on the Ethereum currency. In addition, ETH miners are smiling to the bank as data feed obtained from Glasscode has shown revenue from fees surging to an all-time high. On the hourly chart, Nairametrics observed that more than a third of the ETH miner revenue currently comes from fees rather than blocks; up from less than 5% in April.
Recall that Nairametrics had earlier given valuable insight about Ethereum’s price action, revealing ETH was finally breaking out of its long $200-$250 daily close range, and that it was time to revisit its historical model that illustrated the number of times a daily close transition had occurred between psychological support levels. ETH is sitting in its “sweet spot” where the most polarization has historically unfolded (between the $200 and $300 levels) during its five-year history. A close above $300 in the near future would be the 42nd instance of the price closing above or below it.

ETH is a cryptocurrency designed for decentralized applications and deployment of smart contracts, which are created and operated without any fraud, interruption, control or interference from a third party. It is a decentralized system, fully independent, and is not under anyone’s authority. It has no pivotal point, and its platform is connected to thousands of its users through their computing system around the world, which means it’s almost impossible for ETH to go offline. Like with many other crypto assets, speculating with Ethereum can be highly profitable and has had a good history of giving its investors huge returns. However, there are also many other options to make income from Ethereum. These options include Ethereum mining, Ethereum faucets, and ETH staking.

Not only is Ethereum on the verge of its 2.0 revolution, the revolution that will begin unlocking the true promise of the network, it’s got another tailwind. DeFi. Olymp Trade allows you not only to conduct a detailed analysis of Ethereum but also to make money on favorable terms.

DeFi is decentralized financing. In the simplest terms its a means of collateralizing blockchain, coins and tokens in a way that facilitates lending. Lending means loans and that means interest payments, cash flow, and profits. When it comes to DeFi there are several protocols to rely on, the salient point for investors and traders in cryptocurrency is that Ethereum and ERC-20 token protocols are the leading basis for DeFi business. The most visible DeFi start-up is MakerDai. Maker is an Ethereum-based protocol that allows users to collateralize ETH in order to take out a loan in Dai.

What this means to ETH prices is that 1) ETH is getting bought up and/or hoarded by miners getting ready to stake their ETH 2.0 POS operations 2) ETH is getting tied up in DeFi networks as users take out loans in DAI and other coins and 3) there is an influx of speculative buying as traders bet on points 1 and 2, and use money from their DAI loans to buy more ETH. Bottom line, we’ve got a powerful rally in play that could easily take ETH to its all-time-high.

Over the weekend, ETH/USD accelerated to ballistic quality advancing more than $100 or very close to 100% in only  a week. The move has price action trading above the previous and long-standing 1-year high and on track to hit a more-than two year high very soon. The two-year high, near $365, is important for traders because it will open the door to price levels like $600, $800 and $1200. The risk, and there is always risk with crypto, is that some of the rally is speculative, and that speculation is driven by leveraged buying via DeFi lenders. While still early in the move, the stage is set for a giant bubble that will eventually burst. The question is when, and at what price level?

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