DeFi Overtakes Ethereum In The Media, Data Shows

Tony "The Bull" Severino

1 year ago

3 mins read

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Ethereum is the primary cryptocurrency benefiting from the DeFi trend. And while a rising tide lifts all boats, the demand for the top-ranked altcoin is second-to-none.

And while Ethereum is dominating the crypto market right now, its DeFi that is dominating the headlines in the media, not the altcoin that makes it all possible.

DeFi Dominates Ethereum Mentions In The Media

Decentralized finance is on the tips of everyone’s tounges these days. It is hard not to notice even for passerby the enormous profits being generated out of what seems like thin air thanks to a variety of DeFi tokens.

The DeFi trend has helped bring the crypto market out of the troughs of the bear market and breaking 2020 highs. And while bitcoin has failed to set a higher high on high timeframe price charts, Ethereum, the altcoin central to the DeFi world, has achieved the important feat.

A higher-high is a sign an uptrend is forming, and throughout 2020, Ethereum has exploded in price. It has been one of the best performing altcoins and beat out nearly every other asset as the best investment to make with a stimulus check after Black Thursday.

Even now, despite a deep correction, anyone who did just that is still deep in profit thanks to DeFi buzz and demand driving up ETH prices. In addition to driving up prices, media mentions of Ethereum are on the rise.

But its nothing compared to the spike in DeFi mentions, which has now surpassed the top-ranked altcoin itself.

DeFi Versus Ethereum Media Mentions | Source: The Tie

ETH Gas Fees Drive Demand Due To Unstoppable Decentralized Finance Trend

The altcoin is in enormous demand thanks to the DeFi trend. Most tokens are built as ERC-20 tokens on the Ethereum blockchain. To move these tokens to and from liquidity pool platforms, decentralized exchanges, and other wallets, it costs a transaction gas fee in ETH.

For example, the liquidity swap platform Uniswap recently debuted its UNI token, giving away 400 free tokens to early users of the platform.

ETHUSD Daily Price Increase Driven By DeFi Trend | Source: TradingView

But to access the tokens, users need to pay extremely high fees in ETH to move the UNI to and from any destination to sell it.

Because it was free money, essentially the crypto version of the stimulus check, users rushed to cash out the UNI and it caused Ethereum gas fees to break an hourly record for reaching over $900,000 worth of ETH.

Rising fees in Ethereum are a controversial topic, claiming that it shows that the platform needs to scale in order to survive. Others say that this is simply a sign of enormous demand, and the demand will keep Etheruem prices rising and DeFi in media headlines for years to come.

Featured image from DepositPhotos, Charts from TradingView

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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