It’s “Up Only” For ETH and DeFi

ETH RECORD

Ether and the most popular DeFi metrics are all smashing through new records.

Ether continues to push higher, hitting a record of $2487 earlier today, according to CoinGecko. Rising ETH prices is pushing total value locked in DeFi to a new high in dollar terms of $55.9B.

ETH locked in DeFi hit an all-time high of 10.78M on Apr. 3 according to DeFi Pulse, largely because of the 639K ETH contributed to the Fei Protocol. ETH accounts for about 45% of assets deposited in DeFi smart contracts. 

Lending protocol Compound Finance is the biggest contributor to TVL with $11B locked, followed by Maker, Uniswap and Aave, all holding at least $6B in assets.

The DeFi Pulse Index, DeFi’s leading index in terms of assets under management (AUM) is also at an all-time high of $504 at the time of writing. MakerDAO’s MKR is the best performing DeFi token in the past week, gaining 87%, according to CoinGecko.

ETH Gains Ground on BTC

Ether’s price relative to Bitcoin has also gained 10% on the week, despite BTC’s 8.6% pump. The ETH/BTC ratio is 0.039 at the time of writing, highest point since Feb. 5, when it hit 0.045. The highest ETH/BTC has ever been is 0.11, which came on on Jan. 18, 2018.

Not Quite Mania

Daily active addresses on Ethereum are nearing an all-time high too, though their approach has been less steep than the still-standing high which came on Jan. 18, 2018, at the end of the last bull cycle. This may suggest that despite the noise, the top may not be in yet.

It seems that for now, it’s up only.

✊ Head to THEDEFIANT.IO for more DeFi news 📰

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