- Ethereum (ETH) price rallied with Bitcoin with an increase of 24 percent in a day
- This week also sees more bullish DeFi announcements
- Ethereum (ETH) is still following Bitcoin price action
Ethereum News Today – On October 25, the price of Bitcoin surprisingly surged by 42 percent. This is one of the largest upward moves the digital currency has posted in a day since 2011. Many altcoins also rallied with Bitcoin. Ethereum (ETH) is one of the altcoins that benefited from the rally as it surged by more than 24 percent in a day.
Positive News from DeFi Firms Follows the Massive Price Rally
There was also a series of positive news this week from DeFi (decentralized finance) firms that are increasing, expanding interest payments. They are also reducing interest rates on loans on several digital currency-based services and products they offer.
Some of the DeFi-related positive announcements include the relaunch of Dharma’s DeFi platform that now supports USD Coin and DAI. Nexo – a digital currency lending platform – reduced its loan interest rates to 5.9 percent on all instant credit lines. Voyager Digital – a digital asset broker – also announced that it would provide 3 percent interest on all Bitcoin held on its platform.
Ethereum (ETH) Price Today – ETH / USD
These developments might not be connected to Ethereum (ETH) directly. However, investors know that the number of ETH locked into DeFi platforms has significantly increased throughout this year. In addition, the majority of DeFi platforms are created on the blockchain of Ethereum.
Data from DeFi Pulse revealed that there is presently digital currency worth $598.5 million locked in DeFi platforms and 3.3 million ETH tokens in lockup. DeFi is gradually becoming synonymous with the Ethereum network and ETH. This could lead investors to see all DeFi news as bullish events for Ethereum (ETH).
Will Ethereum (ETH) Continue to Follow Bitcoin (BTC)?
The price of Ethereum (ETH) is up by about 31 percent this week. This massive upsurge backs up the claim that the price action of Ether has been riveting as of late. The week started with the collapse of BTC below the $7,500 mark, which affected ETH and caused its price to fall out of its descending wedge pattern.
Ethereum was trading in a gray zone prior to the massive Bitcoin price surge on Friday, which saw Bitcoin price surge by 42 percent and ETH 24 percent. ETH was nudging quietly against the bottom of the descending wedge trendline. The massive rally pushed the price of Ethereum (ETH) over the trendlines of the descending wedge to form a two-week high at $199. At the moment, the digital currency is correcting lower, following the correction of Bitcoin (BTC).
The price of Bitcoin is down by about four percent over the past day. Ethereum price is also down by about 3.5 percent, leaving the digital currency to trade at $180 at the time of writing.
Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.