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Ethereum Surpasses $800, but It's Far from Its All-Time High

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Sun, 01/03/2021 - 08:44
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Alex Dovbnya
Ethereum tops $800 as DeFi protocols surpass $15 billion in total value locked
Ethereum Surpasses $800, but It's Far from Its All-Time High
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Ethereum, the second-largest cryptocurrency, has hit the $800 level for the first time since May 6, 2018.

Its market cap has now reached $91.7 billion once again, surpassing Godman Sachs, Uber and travel giant Booking.com.   

DeFi protocols top $15 billion  

On Jan. 3, the decentralized finance (DeFi) ecosystem — which is primarily powered by the Ethereum blockchain — also passed $15 billion in total value locked, according to data provided by DeFi Pulse.    

DeFiPulse
Image by defipulse.com

It took only one quarter for this sector to go add $5 billon in spite of cooling enthusiasm.

MakerDAO ($3.06 billion), Compound ($2.16 billion), and Aave ($2.15 billion) are the top three largest protocols, with Uniswap ($1.87 billion) being within a hair's breadth of the pedestal.    

A year ago, the entire DeFi ecosystem was worth only $658 million, just some months before it appeared at the forefront of the whole industry last summer.

Ethereum is also up a staggering 485 percent from where it was trading exactly a year ago.

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Ethereum is still 44 percent from its ATH

With that being said, Ethereum’s untamable rally is currently being totally eclipsed by Bitcoin. As reported by U.Today, the largest cryptocurrency by market cap recently hit its highest dominance level since mid-2017 after surpassing the $34,000 level.        

The ETH/BTC pair is down 16 percent over the past six days alone, with another altseason seemingly being nowhere in sight.

Ethereum
Image by tradingview.com

While Bitcoin has already dwarfed its longstanding all-time high that was reached in December 2017, Ethereum is still 44 percent from touching its early 2018 peak $1,442.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.