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Ethereum (ETH) breaks through Odai, inflow of institutional money is also strong

Cryptocurrency

Ethereum continued

Cryptocurrency (virtual currency) Ethereum prices are continuing to grow in fiat currency. ETH, which reached $ 3,000 for the first time on the 3rd, continued to grow, recording a 9% increase from the previous day to $ 3,100.

The rate of increase / decrease since the beginning of the year has exceeded 300%, showing a high rate of increase / decrease compared to about 100% higher than Bitcoin (BTC). In May, the flow of funds flowing into the Alto market also reflects the impact of the soaring Ethereum.

Source: TradingView

In terms of dominance (market share), Bitcoin (BTC), which has the largest market capitalization, is on a downward trend. Bitcoin’s dominance reached 47.8% on the 3rd, the first level in 3 years since 2018, falling below the 50% level for the first time in 2 years on the 28th of last week.

The strong Ethereum has reached the 15% level for the first time in three months since early February 2009.

Source: CoinMarketCap

Relation:Ethereum hits record highs, 4 reasons for soaring factors

Ethereum on-chain data

ETH’s monthly transactions in April hit a record high, according to data from CoinPost affiliated media The Block.

In addition, the unsettled open interest (OI) of Ethereum futures trading provided by CME (Chicago Mercantile Exchange) in April also reached a record high level in the month, and new institutional money will flow in along with the Ethereum ETF. doing.

Frank Chaparro, news director at The Block, said the total amount of locks on the Ethereum-based DeFi (decentralized finance) protocol reached about $ 78 billion. The DeFi market, which was about $ 700 million last year, has grown 100 times in a year.

Relation:What is DeFi (Decentralized Finance)?Easy-to-understand explanation of features and mechanism even for beginners

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Author: Noah Sakamaki

Images used under Shutterstock license
“Cryptocurrency” means “cryptographic assets”

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