- Support around $2,950 is critical for ETH bulls to maintain their momentum in the short run.
- Blockchain forensics company Chainalysis has released new research.
Even though there has been a lot of speculation that Ethereum will overtake Bitcoin in terms of market value, it’s still hanging on to its position as the most valuable cryptocurrency. For Ethereum fans, though, there is still a lot to rejoice about.
Total Realized Profits in 2021
Blockchain forensics company Chainalysis has released new research that shows that the second-largest cryptocurrency, Ethereum, narrowly outperformed Bitcoin in total realized profits in 2021. If one sells a financial item, such as a share of stock or a commodity, one will be able to claim realized gains.
The report read:
“We believe this reflects increased demand for Ethereum as the result of DeFi’s rise in 2021, as most DeFi protocols are built on the Ethereum blockchain and use Ethereum as their primary currency.”
From $20 billion to $150 billion in 2021, the market capitalization of decentralized finance (DeFi) protocols has grown by 7.5 times, while its portion of the crypto market has doubled, from 2.8 percent to 6.5 percent. However, it remains to be seen whether this pattern will persist. DeFi’s statistics dashboard analysis, called DeFi Llama, indicates that the second most active crypto network has a 54.43 percent market share.
Support around $2,950 is critical for ETH bulls to maintain their momentum in the short run. Ethereum breached the $3,150 level of resistance to climb higher. A short-term top was created at around $3,180 as ETH failed to build momentum above the $3,150 mark. According to CMC, the Ethereum price today is $2,972.26 USD, with a 24-hour trading volume of $20,225,357,335 USD. Ethereum has been down 5.66% in the last 24 hours.
