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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Ethereum DeFi Activities On A Roll: Will It Drive A Bullish Price Surge?

Christian Encila
Christian Encila
1 year ago
3 mins read
Ethereum

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Created by industry experts and meticulously reviewed
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Ethereum, often hailed as the pioneer of smart contracts, has cemented its position as the frontrunner in the world of decentralized finance (DeFi) and blockchain technology.

Recent data reveals that Ethereum was the primary catalyst behind the surge in crypto Total Value Locked (TVL), amassing an impressive 75% of all deposited funds during the past week.

Ethereum’s journey began with the groundbreaking innovation of smart contracts. It was the first protocol to introduce this game-changing technology, enabling the creation of self-executing contracts with predefined rules and conditions.

This innovation laid the foundation for the entire DeFi ecosystem, as it provided the framework for decentralized applications and automated transactions.

One of the most compelling indicators of Ethereum’s continued dominance is the recent surge in decentralized exchange (DEX) volumes.

In the past week, Ethereum recorded a historic milestone, with over $9 billion in transactions settled on its network. This marks the highest weekly volume since mid-June and underscores the platform’s pivotal role in facilitating peer-to-peer trading and liquidity provision.

.@ethereum dominated this week’s TVL growth rankings, accounting for $6.68B of the total $8.76B TVL growth across crypto last week. pic.twitter.com/45rqb3Seml

— 0xScope (🪬 . 🪬) (@ScopeProtocol) October 30, 2023

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ETH Price Dynamics And The BlackRock Factor

As Ethereum continues to take center stage in the crypto landscape, the question on many investors’ minds is how this data will impact the price of ETH. Currently, according to CoinGecko, Ethereum is trading at $1,798, showing a modest 0.6% increase in the last 24 hours, with a minor 0.9% decrease over the past seven days.

Venture capitalist Arthur Cheong has provided intriguing insights into the potential price trajectory of Ethereum. Cheong, the founder of DeFiance Capital, suggests that ETH could experience a significant rally if a specific scenario unfolds.

He points to BlackRock, a financial giant, and its application for a spot Bitcoin (BTC) exchange-traded fund (ETF). If BlackRock’s BTC ETF application is successful, it could pave the way for a similar Ethereum ETF application in the future.

“ETH is probably the best six to 12 month long among large-cap assets now when BlackRock applies for a spot ETH ETF six to 12 months down the road,” Cheong wrote on the social media platform X.

ETH is probably the best 6 to 12m long among large cap assets now when BlackRock applies for spot ETH ETF 6 to 12m down the road. Ethereum’s ESG friendliness and native staking yield will be appealing to institutional investors should BTC spot ETF turn out to be a success.

— Arthur (@Arthur_0x) October 24, 2023

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ETHUSD currently trading at $1798.3 on the daily chart: TradingView.com

Implications And Future Prospects

The significance of Ethereum’s role in DeFi and blockchain technology cannot be overstated. Its smart contract functionality revolutionized the crypto space and enabled the birth of countless decentralized applications and platforms. The recent surge in DEX volumes underscores its pivotal role in facilitating crypto trading.

As the crypto world closely watches developments surrounding BlackRock’s potential ETFs, Ethereum’s future appears promising. Should a BTC spot ETF materialize and pave the way for an Ethereum ETF, institutional investors may flock to Ethereum for its ESG attributes and staking yield opportunities.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from iStock

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Christian Encila
Christian Encila

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Read more

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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