DeFi markets hits $1 billion milestone – Can Ethereum profit?

  • Ethereum reaches a new all-time high for the last 4 months.
  • The Decentralized Finance (DeFi) market benefits from Ethereum’s rally and reaches a new milestone of one billion dollars.

Good news for Ethereum (ETH) holders as ETH reaches its highest price in the last four months. At the time of publication, the price of ETH trades at USD 220 with slight gains of 2.39% in the last 24 hours. In the weekly and monthly charts it can be seen that ETH has had a significant rise and records an upward movement of 19.20% and 53.97% respectively.

Tradingview shows that on February 6th Ethereum broke through a significant barrier at $200 and rose to the current price. By comparison, Bitcoin (-0.83%), XRP (-0.56%), and Bitcoin Cash (-1.29%) have moved sideways in the same period. This makes ETH one of the biggest winners of the last 30 days, along with the Bitcoin SV, which had a rally of 154%. The rise of the BSV is probably related to the legal developments of its promoter Craig Wright.

Ethereum reigns over the DeFi market

The rally of Ethereum has had a direct impact on the Decentralized Finance market. It is currently estimated that the DeFi market has surpassed $1 trillion. According to Electric Capital co-founder Avichal Garg this achievement compares to a start-up reaching $1 trillion in less than two years. Garg said:

Imagine a Fintech startup tweeted:
“We launched two years ago. Today we have $1 Billion in collateral and have given out a cumulative of $1B in loans!”

Every VC in the world would want to know what the hell the startup does and how it works.

Garg was enthusiastic about the possibilities of the crypto-industry in 2020. In addition the user evan.ethereum.eth also celebrated the fact that the DeFi market has surpassed $1 billion. The user wrote:

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DeFi crosses the $1 billion mark.

Thanks to Bitcoin’s Lightning Network for contributing 8.5m to get it over the hump!

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As reported by CNF, despite the fact that the Ethereum dominates the DeFi market with $3 million in applications up until now, there was no influence on its price yet. This could be positive for ETH’s performance during 2020 if the trend continues and Ethereum manages to attract fresh capital.

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About Author

Reynaldo Marquez has closely followed the growth of Bitcoin and blockchain technology since 2016. He has since worked as a columnist on crypto coins covering advances, falls and rises in the market, bifurcations and developments. He believes that crypto coins and blockchain technology will have a great positive impact on people's lives.

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