The Bitcoin course has 2 exciting days behind it. So the price for a coin of the most famous cryptocurrencies could finally exceed the magic limit of 10.000 USD again. At the time of writing, the exchange rate is over 10,800 USD and could thus increase by almost 9.5% within 24 hours. But not only the Bitcoin exchange rate has shown itself from its best side in the last few days. When taking a closer look at the crypto market, the already well performing king of cryptocurrencies had to admit defeat by Ethereum.
Within the last 7 days, the crypto market increased by over 36% and therefore almost twice as much as BTC in the same period. While Ethereum’s strong fundamentals are certainly contributing to this rally, the value stored in Decentralized Finance (DeFi) applications is breaking the USD 4,000,000,000 (billion) mark. We summarize the latest developments in DeFi and the Ethereum share price in this article.
Ethereum beats Bitcoin
After the long period of consolidation in the Bitcoin exchange rate and many other cryptocurrencies, the market finally seems to have woken up from its „summer sleep“ and is showing its better side again for the last two days. Especially the Ethereum course performed very well and can beat the Bitcoin course (despite its strong performance) on several time levels.
The Ethereum course increased by 36% in the last 7 days. Looking at the long term, it looks even rosier. In the last 30 days, the ETH price increased by 45% and since the beginning of the year by almost 150%.
While this massive rally in the Ethereum share price is mainly driven by the increasing dynamics in the entire crypto market, the strong fundamentals of the ETH network also play an important role.
ETH’s DeFi breaks through the USD 4 billion
According to the DeFi analysis and ranking site „DeFi Pulse“, the value of money deposited in DeFi applications has risen to 4 billion dollars. The chart shared by the company on Twitter shows the parabolic growth of the Ethereum trend.
A large part of this development is due to the last 3 months. In April the value was still below USD 1 billion. The metric climbed to $3 billion on July 22nd and then to $4 billion on July 25th – an increase of over 33% in three days and over 320% in three months.
Based on the value deposited in the protocol, Maker (MKR), Compound (COMP) and Aave (LEND) are the top 3 DeFi protocols. All three are lending protocols running on the Ethereum. According to DeFi Pulse, $1 billion is included in Maker, while $735.5 million and $456 million are included in Compound and Aave.