eToro Notes That Ethereum Surges and Bitcoin Breaks $10K

eToro Notes That Ethereum Surges and Bitcoin Breaks $10K

eToro, one of the most popular online trading platforms in the world, is very excited about the recent trends being seen in the cryptocurrency market. The cryptocurrency market is growing based on continuous positive news, as Bitcoin breaks an extremely important psychological barrier of $10,000 (and now is on it’s way to already breaking $11K), while Ethereum has broken through the $300 barrier for the first time since July of 2019. This recent surge in the two most popular cryptocurrencies marks a quick end to recent low volatility in the space. While stocks and traditional indices have remained relatively stagnant over the course of the last week, Bitcoin has risen well over 12%.


Instead of being correlated and following stocks, it seems that the cryptocurrency market now may be setting the pace for itself, with both Ethereum and Bitcoin massively benefiting from increased use, positive news, and user adoption. One major component that is directly driving the price increase of Ethereum is the continued growth and use of DeFi, an acronym for Decentralized Finance. Last Tuesday, the total amount of value locked in to DeFi applications surpassed $3 billion, a massive milestone for the DeFi community. Only three days later, the amount of value locked into the network jumped to over $4 billion. These factors have lead Ethereum to continue to grow by over 36% in the last week alone and to pass an important price milestone, $300. On top of that, Ethereum is up over 150% in 2020, which is three times the amount of price growth that Bitcoin has seen (with BTC having 44% growth so far this year).


Besides the adoption and growth of decentralized finance, there has also been overall adoption in the cryptocurrency space as a whole. Recently, Paypal, one of the largest online payment systems in the world, has announced that they will be getting involved in the cryptocurrency space. Similar announcements have been made by Visa, one of the largest financial services companies in the world, who has a plan to create their very own digital currency.


Since we are also seeing increases in other “store of value” assets, such as precious metals, according to eToro, it is possible that this bullish breakout in the cryptocurrency space will continue and sustain an upward trend in the market. The analysts at eToro think that the closing candle at the end of month will give a better indication of longer term market momentum.

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