Ethereum, which lost its popularity a little in the past months and remained in the shadow of decentralized finance (DeFi) applications, took it back completely in the last 1 month. Especially in the first week of August, the ETH / USD trading pair, which rose significantly from the $ 250 band to $ 415 in an instant, has now refreshed the record for 2018.
Ethereum most recently reached these levels in July 2018. In fact, the price of ETH at that time is known as a decrease rather than an exit. ETH, which broke a record with the FOMO formed in early 2018 and reached $ 1,400, fell to $ 440 in July due to the fall of the leading cryptocurrency Bitcoin.
ETH, which could not rise to $ 440 even during the days when Bitcoin rose to $ 14,000 in 2019, shows that a new bull run has actually begun with this sign. So what’s behind Ethereum’s price surge and why are ETH investors buying so much this time?
Why Is Ethereum Price Rising?
It is possible to say that DeFi and Ethereum 2.0 are the most motivating factors for Ethereum investors right now. Ethereum, which will turn into a completely different network with ETH 2.0, promises to solve the scalability problem. The ETH network, which will switch to the Proof-of-Stake consensus model, therefore created a serious expectation. Some of the purchases may also be due to this.
Ethereum actually broke a historic record for open positions today and signaled that this price rise would come.