[Introduction]: This week, the cryptocurrency market has diverged in the trend. The price of cryptocurrencies such as BTC remained stable in a sideways trend during the week, still fluctuating slightly around the 20-day moving average. The second-generation public chains represented by ETH saw a price spike this week. On the 1st, the price of ETH rose by $399.06 in a single day, soaring from $3,428.86 to $3,827.92, a one-day increase of 11.64%. Thanks to the renewed strength of the DeFi project, the price of ETH successfully broke through the upper limit of the Bollinger band, achieving an upgrade in the price range. Currently, the total locked position of DeFi project on Ethereum has returned to the pre-May level. After the price surge on the 1st, the spot price of ETH has also entered a sideways adjustment phase, with the price currently stabilizing at around $3,800. If the DeFi lockup continues to increase, the ETH price may rise further.
[Key words]: BTC, Axie Infinity, Ethereum, DeFi (decentralized finance), DeFi lock-up volume
Click here to read: [Hot Spots]: Poly Network Heist — Alarm Bells in DeFi Security
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Sep. 3rd, 2021
