At the weekend, Ethereum briefly broke the psychologically important mark of $ 2,000. Which factors are currently driving the ETH price rally? The market update.At $ 2,042.93, Ethereum hit a new all-time high on Saturday. Since then, the second-largest cryptocurrency by market capitalization has been in a consolidation phase. The ether price is currently hovering between $ 1,800 and $ 2,000.In the past 24 hours, Ethereum is down 3.22 percent, and at press time, an ETH costs $ 1,878.28. On a monthly basis, Ethereum has nevertheless achieved impressive growth and in the last 30 days alone, Ether has increased by more than 50 percent. In the following, we take a look at three key factors that contribute significantly to the enormous price growth of ETH.According to DeFi Pulse\u2019s Total Value Locked Indicator, the current total value of capital managed by DeFi projects is more than $ 41 billion. The term Total Value Locked (TVL) is used to measure the amount of capital that each individual DeFi protocol maintains.For example, if a decentralized exchange (DEX) like UniSwap (UNI) has locked $ 2 billion in the protocol to provide liquidity, then that means the TVL of the protocol is $ 2 billion.In addition, Ethereum benefits directly from a growing decentralized finance sector. That\u2019s because Ether is used as a means of paying transaction fees on every DeFi application. The higher the demand for and use of DeFi projects, the greater the demand for Ether.On February 8, 2021, trading in ETH futures started on the Chicago Mercantile Exchange (CME). Before the listing, many feared that the CME would cause the price of ETH to fall significantly because the listing of the CME Bitcoin futures in 2017 coincided with the then all-time high.But this was not the case with Ethereum, and since the listing,\u2026<\/p>","protected":false},"excerpt":{"rendered":"
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