Just while you have been paying all the attention to Bitcoin (BTC) at the moment, and why not, it would be a good thought to look at Ethereum (ETH) that doing equally well. Earlier today, Ethereum (ETH) crossed the crucial levels of $700. At press time, ETH is trading at $701 with a market cap of $79 billion.
As CoinGape reported yesterday, 2021 could be the year of Ethereum investors with institutional ETH buying going up. Moreover, considering that ETH is trading at a 50% discount from its all-time high, there’s enough room for it to catch up with BTC. Looking at these parameters, ETH could be the best risk-return for investors at this po int.
On the other hand, if we even look at the charts, Ethereum continues to higher highs and higher lows. With news highs, ETH has been taking crucial support at every move upwards.
Furthermore, after the massive BTC bull run in the last three days, the ETH/BTC pair has entered oversold territory. It is currently at a crucial resistance and hinting at bullish divergence ahead.
Institutions Will Soon Their Eyes to DeFi
One of the biggest strongholds of Ethereum is that the blockchain has been host to some of the biggest decentralized finance (DeFi) applications. Ethereum controls more than 70% of the DeFi activity at the moment. Due to the DeFi mania in summer 2020, ETH also remains the most-traded crypto asset for the year.
Crypto market expert Alex Krüger believes that institutions will eventually turn their eyes to DeFi. He writes:
So just at the time when you have been enjoying the wild run in Bitcoin (BTC), you probably won’t want to missout the Ethereum opportunity as well.
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