Ethereum Price Up By 8.11% – Time to Buy ETH?
Please note that we are not authorised to provide any investment advice. The content on this page is for information purposes only.
- Nomic Foundation launches spurring fresh interest in investors to buy ETH
- Ethereum controls more than 50% of the DeFi marketplace
- Ethereum rally invoking interest in DeFi once more
The crypto market has recently seen a brief relief from the bearish trend. Premier digital asset Bitcoin is leading the nascent industry back to the green zone with a 24-hour rally of 8.35%. Ethereum is following closely spurring several investors to buy ETH.
The total recorded value (TRV) for the crypto space is up 6.65% with the digital asset ecosystem now trending back to $1.9 trillion. Ethereum has been a principal character in this resurgence as the foremost smart contract platform has seen its 24-hour trading volume shoot up 7.84% to $16.26 billion in traded assets.
Ethereum is a layer-1 smart contract protocol that enables the development of decentralized applications (dApps). The protocol relies on the ancient proof-of-work (PoW) network.
This comes at a cost with high gas fees and network congestion. Meanwhile, the foremost altcoin’s pivot to the new proof-of-stake (PoS) consensus algorithm has raised hopes on its capability to perform long term in the new fast-paced decentralized economy. This has served as a boon for several investors looking to buy ETH.
Nomic Foundation Launches With Ethereum Backing
Ethereum currently boasts as one of the largest and most impressive ecosystems in the blockchain ecosystem. Most of the top decentralized finance (DeFi) protocols call the close Bitcoin rival home and Ethereum is rapidly expanding its crypto service offerings.
One of the latest is the Nomic Foundation which is a non-profit organization closely affiliated with the Ethereum network. According to a Medium post, Nomic Foundation is a service offering from Nomic Labs, famed makers of the Hardhat suite of tools for developers. The protocol recently closed an investment of $15 million and is a public goods company aimed at facilitating long-term growth in the Ethereum platform.
Nomic Foundation aims to enable organic growth for Ethereum and enable developers to better facilitate a decentralized economic engine for the world.
The growing need for decentralized financial services and Ethereum’s strong position makes ETH a must-have for savvy investors. This makes now an ideal time to buy ETH for the long term.
ETH Still Retains 50% Of DeFi Market
Ethereum’s woes have led to the rise of more energy-efficient and low-cost protocols. This has seen several new generation layer-1 protocols snap up significant market share in the DeFi space.
However, Ethereum has been able to retain a large share of the booming DeFi ecosystem. According to data from DeFi data aggregator website DeFiLlama, Ethereum retains over 54% of the DeFi market share with $113.98 billion in total value locked (TVL) hosted on the smart contract network.
Ethereum Rally A Boon For DeFi
The Ethereum protocol has been hard-hit by the bearish waves since the year began. The principal actor in the DeFi space lost as much as 50% of its all-time high (ATH) price of $4,891.70 following a tame start to the year. This has largely impacted investor confidence in the short term.
However, this is changing at the moment as Ethereum begins to find its feet once more. With a successive daily rally, this may be a great time to buy ETH and surge with the market.
Technical Analysis of ETH – A Potential Breakout Brimming
The moving average convergence and divergence (MACD) stand in the neutral with a potential to flip bullish. The relative strength index (RSI) figure of 49.75 shows that ETH is trading in the underbought region.
Buy Ethereum at eToro from just $50 Now!
