Three Reasons Why Ethereum Surged to $1,650 Earlier Today

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Wed, 03/03/2021 - 14:38
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Yuri Molchan
Earlier today, Ethereum's exchange rate increased to tap the $1,650 level; here are the possible drivers
Three Reasons Why Ethereum Surged to $1,650 Earlier Today
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The second-largest cryptocurrency, Ethereum, has managed to briefly tap the $1,650 level today, rising from $1,518.

By now, it has printed a red hourly candle and declined to $1,612.

Here are the reasons that have cumulatively helped ETH demonstrate a rise.

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Image via TradingView

Ethereum now available on Amazon blockchain

On March 2, it was reported that customers of Amazon Managed Blockchain can now use Ethereum nodes and connect to the public ETH main network. They can also test such networks as Ropstein and Rinkeby.

Amazon Managed Blockchain allows its users to synchronize with Ethereum quickly and seamlessly, automating ETH upgrades and improving users' ability to utilize Ethereum infrastructure.

Customers can also build DeFi apps and analytical tools, like tools for monitoring smart contracts and software for detecting fraud and other problems.

Ethereum-based DeFi is prospering, ETH 2.0 zero phase launched

In 2020, decentralized finance apps on Ethereum began growing, expanding with new ones emerging on ETH and offering yield-farming, such as Uniswap, Compound, Yearn.Finance and YAM.

This year, the DeFi boom continues to expand and, since December 2020, the zero phase of Ethereum 2.0 has been in operation.

Although other blockchains, such as Tron and EOS, are also offering DeFi products, Ethereum remains the leader with its major opportunities for building new apps and liquiditywhich ETH provides for DeFi dapps.

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Bitcoin surging back to $52,000

The global king crypto has always been a locomotive that has pulled altcoins, including Ethereum, along with it to the North.

Earlier today, Bitcoin demonstrated a quick and unexpected rise first to $51,000 and then to the $52,500 level, pulling Ethereum up to $1,650.

Earlier this year, on Feb. 20, the second-largest cryptocurrency managed to hit a new all-time high of $2,000, but then a correction began.

At press time, ETH is sitting at the $1,590 mark.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.

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