The widespread adoption of cryptocurrency will continue to reach new heights in 2021 thanks to the growth of popular sectors such as decentralized finance (DeFi) and intangible currencies (NFT).
The explosive growth of the past year would not have been possible without the Ethereum network, as the price of Ether (ETH) moved to a new permanent function on April 27 after the successful launch of the Berlin Update on April 15 …
4 hour ETH / USDT chart. Source: TradingView
Data from Cointelegraph Markets and TradingView shows that the price of Ether has risen 27% over the past five days, from a low of $ 2,107 on April 25 to a new all-time high of $ 2,680 on April 27, as altcoins seem to be gaining popularity.
ETH / BTC anticipated the move
Signs of an impending hack have appeared for some time, noted Raul Pal, founder and CEO of Real Vision Group.
After a sharp price spike on April 24, when Bitcoin (BTC) fell to $ 46,000 and then returned more than $ 54,000, ether took a position at the top of the cryptocurrency.
The struggle with rising transaction costs and slow confirmation times has had a major impact on Ether’s price over the past few months, as tensions over DeFi and NFT have led to very high activity on the network.
After the Berlin Update was completed on April 15th, the average gas tax began to decline to more manageable levels, which led to an increase in trading volumes on the leading decentralized exchanges such as Uniswap and SushiSwap.
With most of the better DeFI and NFT protocols currently running on Ethereum, the surge in activity has caused the price of Ether to rise faster than BTC in the short term, many analysts have predicted.
VORTECS data from Cointelegraph Markets Pro began to define bullish expectations for Ether on April 25, before the latest rally.
Cointelegraph’s exclusive VORTECS Crude Score is a mathematical comparison of historical and current market conditions drawn from a range of data points, including market sentiment, trading volume, recent price movements, and Twitter activity.
VORTECS ™ score (green) for ETH. Source: Cointelegraph Markets Pro
As shown in the chart above, the Ether VORTECS valuation began to rally on April 23 and peaked at 71 on April 25, about five hours before the price began to rise by 11% over the next two days.
With DeFi-related activity surging again, interest in Ethereum 2.0, and a full swing to prove the effort, the price of Ether appears to be well positioned for further growth.