The daily line has seven consecutive positives, and the weekly increase is 36%. Can the Ethereum car still be used?
Author | Qin Xiaofeng
Editor | Mandy
Produced | Odaily
Author | Qin Xiaofeng
Editor | Mandy
Produced | Odaily
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According to the OKEx market, at 4:00 a.m. Beijing time today, Ethereum (ETH) broke through the $300 mark.
After 12 hours of consolidation, at 16:00 pm, ETH continued to rise, once breaking through $310, reaching 318.54 USDT, a new high in nearly a year. Since the beginning of this year, ETH has risen by 144%.
Despite ETH’s strength, the past few days have seen bears attempting to short, which ended up being the fuel to accelerate the rally. According to the contract data, in the past 24 hours, the entire network has liquidated 130 million US dollars, of which ETH reached 71.11 million US dollars, accounting for nearly 55%.
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(Contract liquidation data, picture from Contract Emperor)
For investors, the two questions that most want to know at present are: why the rise, and whether the rise can continue? We'll try to answer that below.secondary title。
Why rise?
But this is only a long-term positive and cannot explain the rise. In fact, the zero upgrade time of ETH2.0 has been pushed back and forth. According to the latest news, it will be launched in November at the earliest. Since staking has not yet been opened, it is difficult for the testnet that is now online to promote the rise of currency prices. recommended reading
"Ethereum is the king of the public chain, do not accept refutation"
On June 16th, Compound first launched loan mining, and various mortgage agreements competed to imitate, setting off a "loan mining wave". Although the major mortgage agreements accept multi-asset mortgages (that is, accept BAT, USDT and other assets), which seems to reduce the usage scenarios of ETH, but from the actual operation of Compound, users' preferred mortgage assets are DAI and ETH. accounted for nearly 75% of deposits.
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(Compound lending data)Defipulse image description
(List of MakerDAO collateral)
The data shows that the number of ETH locked on the entire DeFi chain has surged in the past month, from 2.618 million to 4.08 million, an increase of 56%, setting a new historical record.
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(DeFi locked ETH amount)
As NestFans Forum 12 said, ETH is the entry ticket for users to enter DeFi. "The last peak of Ethereum was the rise of IC0, which was the moment when ETH's financial attributes were the strongest; the price of ETH has risen again recently, the reason is very simple, the rise of DEFI has once again demonstrated the financial attributes of ETH, holding ETH will own Your ticket to the DEFI world.” Blockfyre secondary title
Will it continue to rise?John LilicIn the long run, ETH2.0 will eventually come, so it will also push up the price.
german analytics company
In a report in May of this year, it pointed out that four key indicators indicate that the value of ETH is seriously undervalued: developer activity, gas usage, miner balance and average investment time. According to Blockfyre, the positive trend of these four indicators is a strong proof that ETH is currently undervalued and ETH price is expected to surge.
ConsenSys researcher
