Why Ethereum Has Hit An All-Time High As The Bitcoin Price Flatlines – Forbes

Why Ethereum Has Hit An All-Time High As The Bitcoin Price Flatlines – Forbes

Ethereum, the world’s second biggest cryptocurrency by value after bitcoin, has broken fresh ground today for the first time since early 2018.

The ethereum price, traded as the digital token ether, usually moves in tandem with the bitcoin price—but has surged higher over the last week as bitcoin trades sideways (though some smaller cryptocurrencies have made far larger gains).

Ethereum’s huge rally, that’s seen it climb almost 300% since bitcoin and other cryptocurrencies broke out in early October, is thought to be largely driven by the emerging decentralized finance (DeFi) market—the idea bitcoin and cryptocurrency technology can be used to recreate traditional financial instruments such as loans and insurance.

MORE FROM FORBESAfter Huge Bitcoin Price Rally, Here’s What Billionaire Mark Cuban Thinks Is Next For Bitcoin And Crypto