Bitcoin

The ether price is approaching $ 300 as the bitcoin price and DeFi tokens fuel the new rally

Ether price (ETH) performed incredibly well this week Has risen more than 22% since the beginning of the week and is currently less than a dollar after reaching a new high for 2020.

According to Coinmarketcap, Bitcoin’s market cap is currently $ 176,564,818,023.

Crypto market weekly price chart

The ether price is approaching $ 300 as the bitcoin price and DeFi tokens fuel the new rally
The ether price is approaching $ 300 as the bitcoin price and DeFi tokens fuel the new rally

Price chart for a week of the crypto market. Source: Coin360

As Cointelegraph reported, the upcoming Ethereum 2.0 update and the explosive growth of the decentralized financial sector (DeFi) are attributed to the current bullish sentiment that captures the second largest cryptocurrency by market cap.

The bullish movement started on July 21 When the price of Bitcoin (BTC) rose to $ 9,430 and a rise in high volume pushed the price of ether above the downtrend line and the level of the high volume visible profile (VPVR) to $ 246.

Once it exceeded $ 245, the price was from Ether broke the VPVR gap from $ 246 to $ 263, bringing the resistance level to $ 263 – $ 271.

ETH / USD daily chart

Daily chart of the ETH / USD pair. Source: TradingView

If the bulls are able to push the price above the February 14, 2020 high to $ 288.32, a rapid rise to $ 317 is possible. If this level is exceeded, the ETH price can retest the June 2019 high of $ 367.

Ether price in% of the BTC price

Ether price as% of Bitcoin price. Source: Skew

The ETH / BTC pair is also increasing And according to skew data, the price of ether has risen to a new high as a percentage of the price of bitcoin.

Ether daily price chart

Ether daily price chart. Source: Coin360

As the price of ether rose to $ 287.23, the price of Bitcoin fluctuated around the $ 9,600 level. Many of the top 20 altcoins also saw moderate gains.

Cardano (ADA) rose 8.42%, Binance Coin (BNB) rose 7.73% and Litecoin (LTC) rose 6.42%.

According to CoinMarketCap The total market cap for cryptocurrencies is now $ 289.3 billion. At the same time, Bitcoin’s domain index has been trending down from its 2020 highs of 67% to currently 61%.

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