A halt in Bitcoin's (BTC) bullish march has shifted attention to Ethereum (ETH) which has broken above $ 1,400 levels in recent 24 hours, briefly hitting a new all-time high.
What Happened: The second largest cryptocurrency by market cap was backed by a Decentralized Finance (DeFi) ecosystem.
General Partner at Variant, Spencer Noon, tweeted Tuesday that there are over 1.25 million DeFi Users, a figure on the uptrend.
"Ethereum's largest use case is on its because of adapting to the merchandise market,"
The analyst said ETH continues to "eclipse the entire crypto space" in terms of fees paid, which now stands at a daily average of $ 7.25 million.
The enthusiasm for ETH has not been dampened - even by high fees - known as gas in ETH parlance. According to Jacob Franek, partner of the DeFi alliance, the high amounts of gas are a positive sign, reported Cointelegraph.
“It's the best thanks to buy [demand] for space.block. now has the most valuable block space in crypto, ”said Franek.
Meanwhile, the BTC-USD pair, which has remained limited, could see a downward movement, according to the crypto trader Jonny Moe currency, according to Cointelegraph.
"Every time I start to convince myself to be discouraged, as I observe this chart I start to bearish. I think it will break if we close red every week, I can't get out of it.
Why this is important: The lack of movement in BTC prompts investors to look to other altcoins.
"Bitcoin has been in an area over the past few weeks that is giving the capital time to" turn to other digital assets, "Vijay Ayyar, business development manager at Luno, a Singaporean cryptocurrency exchange, told Bloomberg
ETH climbed to $ 1,439.33 around 12:00 UTC, surpassing the all-time high of $ 1,432. 88 hits on January 13, 2018, according to CoinDesk's price index.
See also: Polkadot overtakes Bitcoin, Rival Ethereum to join the Top 5 Cryptos: what you need to know
On a YTD basis, ETH returned 85.78%, while the top cryptocurrency - BTC - returned the 20.24% .
As of press time, ETH was trading 3.38% higher at $ 1,369.51 while BTC was trading less than 2.97% at $ 35,456.79.
The Grayscale Ethereum Trust (OTC: ETHE) closed 17.16% higher at $ 16.46 on Tuesday and therefore the Grayscale Bitcoin Trust (OTC: GBTC) closed 3.27% lower at $ 38.06.
Major traders and exchanges are opening positions Short on ETH thanks to As part of the high use of leveraged derivatives, Cointelegraph separately reported
This could be interpreted as a sign that major traders are not bullish on ETH, according to Cointelegraph.
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