Cryptocurrencies begin the new week with a positive note.
The world’s second-largest digital currency, Ethereum rise by more than 4% in 24 hours Monday to hit a new record of the all-time high of more than $4,700. The token was the last trading at $4,740, as per Coin Metrics data.
On the other hand, Bitcoin rise by 7% to reach $66,250, inching again to a high record above $66,900 in late October.
The trend is relatively common as Cryptocurrencies are famous for their changing price, with increases or decreases of up to 20%.
It comes amidst a growing trend in the Crypto market of DeFi (decentralized finance) that seeks to build financial apps like trading and lending on the Blockchain.
Ethereum is the most important player in decentralized finance. Some of the biggest DeFi services, such as lending platform Aave and decentralized exchange Uniswap, run on the Ethereum network.
Ethereum is also the pillar for many non-fungible tokens (NFTs).
Ethereum is up against the tough competition. Rival tokens such as Cardano and Solana have increased in price this year.
