Tuesday, October 19, 2021
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Ethereum Surges To $470 Amid ETH2 Launch And DeFi Rally

Ethereum has undergone a strong rally over the past few days, pushing as high as $470 and it is up around 10% in the past 24 hours, despite Bitcoin stagnating in the high $15,000s.

Ethereum has had a strong rally over the last two days, despite strong weakness over the last few weeks. Currently, the price of the leading cryptocurrency is $460, just below the $470 highs reached just hours ago. In the past 24 hours, ETH is up about 10 percent, despite Bitcoin stagnating in the high-$15,000s.

Ethereum ‘s higher rally comes when the other altcoins have rebounded. As money has cycled from Bitcoin through these smaller players, the values of leading digital assets like Yearn.finance, Litecoin, Stellar Lumens, and several others have benefited.

According to Bitcoinist.com, Ethereum is also printing a strong bounce against Bitcoin. One crypto-asset analyst recently said that the cryptocurrency has seen a strong bounce against Bitcoin:

“No denying this looks great and adding to spot here in the grand scheme of things is not a bad idea. However, a tap of the channel midpoint and weekly demand would seal the deal for me and cure any remaining bear market ptsd I had left.”

Ethereum is likely benefiting from fundamental trends. The Reserve Bank of Australia recently announced its intent to use Ethereum-based tech:

“The Reserve Bank today announced that it is partnering with Commonwealth Bank, National Australia Bank, Perpetual and ConsenSys Software, a blockchain technology company, on a collaborative project to explore the potential use and implications of a wholesale form of central bank digital currency (CBDC) using distributed ledger technology (DLT)… The project will involve the development of a proof-of-concept (POC) for the issuance of a tokenised form of CBDC that can be used by wholesale market participants for the funding, settlement and repayment of a tokenised syndicated loan on an Ethereum-based DLT platform.”

ETH2 is also in the midst of being rolled out, adding to the coin’s bull case.

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