January Was Ethereum’s Biggest Month
Coming into the new year, Ethereum has been one of the digital assets that have made waves, with most of them bringing in their momentum from last year. With the momentum, the second digital asset, according to market capitalization, reached a new all time high figure, breaking past the previous one with ease.
All this was achieved last month, but a critical look shows that the digital asset didn’t only break above its all time high as it also had some remarkable achievements that it made on the way to hit the new mark. With the price of the asset now around the $1,300 price mark, investors have been able to witness another bout of profits.
Ethereum saw improvement in its price
One of the most significant events at the close of last month was the massive movement witnessed on the moving average front. Presently, the digital asset’s 20-month moving average has now made a massive leap to cross above the 50 month moving average. Another record set is Ethereum closing a month, the highest price after the digital asset closed, lasting with a whopping $1,313.
From analysts’ and experts’ perspectives, the digital asset is currently in a bullish run, and it is not known when the bull run would end. Even though there has been a general price consolidation on several digital asset parts, Ethereum has been one of the most gainers since the beginning of the new year.
Ethereum hit a new figure in its market capitalization as the digital asset finished last month with a massive $151 billion. With that new figure, Ethereum now posses about 15% less than the entire value of all the digital assets in the market. Another achievement is that Ethereum and Bitcoin now possess a joint dominance figure of 75% over other digital assets in the market.
Analysts see the DeFi sector and Ethereum 2.0 as the major trigger
According to Money Movers, data that was put together has shown that Ethereum has been involved in most daily transferred value than leading digital asset, Bitcoin. Presently, Ethereum has been used to complete transactions worth about $19 billion in just a day compared to Bitcoin, which stands at a minor figure of $9.78 billion.
This is not surprising because Ethereum has always had to bank on other factors to have this one over Bitcoin, including various decentralized exchanges on its network. Dune Analytics, an analysis platform that records the DeFi space activity, released a recent data where it stated that the total trading volume on the Ethereum blockchain increased by 135% in the last 30 days, which has seen the total value close in on 54 billion.
Asides from the DeFi sector with most of its protocol on the Ethereum blockchain, the growing funds that are being locked in the Ethereum 2.0 is another factor that has been noted for the increase. Presently, the DeFi sector’s protocols have about $27 billion locked in their respective smart contracts.