Ethereum Update - Price Hits Over $1.4k In Within An Hour.

Ethereum Update - Price Hits Over $1.4k In Within An Hour.

2021-02-02 | Selina Mathew

Ethereum Update - Price Hits Over $1.4k In Within An Hour.

The price of Ethereum [ETH] hits all-new record highs today on Tuesday, amid expectations that the recent GameStop trading saga would accelerate the adoption of crypto assets along with the Decentralized Finance [DeFi]. The market price of the second-largest cryptocurrency reached as high as $1,457 USD but still, $3 USD below the lifetime high of $1,459.93 USD reached last month, consistent with CoinMarketCap. The latest leg higher from $1,200 USD came alongside turmoil within the stock markets, where brokerage platforms like Robinhood have restricted transactions to rein volatility fueled by Reddit-based retail traders’ coordinated purchasing in stocks like GameStop. The retail frenzy prompted by Reddit forum r/WallStreetBets forced hedge funds to unwind short bets in GameStop, resulting in a 1,700% price rally within the 17 days to 28th Jan. Cryptocurrency analysts believe the restrictive actions could bring more users into the DeFi ecosystem, that is dominated by Ethereum’s blockchain. “With investment and trading platform Robinhood halting trading of certain assets like GameStop and Nokia, and NASDAQ president and CEO Adena Friedman calling for regulations to stop retail investors from coordinating on social media, the case for crypto assets only grows stronger,” Nicholas Pelecanos, head of trading at NEM Ventures, explained. In line with Messari’s Ryan Selkis, the door for mass adoption of Bitcoin [BTC, +1.15%], Ethereum [ETH, +5.96%], DeFi, and Web 3.0 assets has been flung open. “Buy ethereum to secure the fledging decentralized economic system and potentially make tons of cash, but also to inform your bank to f**k off,” Selkis explained within Thursday’s daily market brief. Ethereum also features a store-of-value appeal, and a growing number of institutions have taken positions within the cryptocurrency, Coinbase’s recently released 2020 annual review added. While Ethereum is moving towards a new lifetime high, Bitcoin [BTC] is down a min of $7k from its record peak price of $41,962 USD reached on 8th Jan. this year.

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