Ethereum Breaks $400 Mark As Crypto Market Rally

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Ethereum (Courtesy: nairametrics.com)

Ethereum has broke the $400 mark barrier as the market continues to rally. Ethereum broke the barrier to reach as high as $402 today on the Kraken crypto exchange before correcting brought it down to the normal range.

It was a brief period of time that the Ethereum soared so high as it has not seen something like this since August 2018. A bearish market had drowned ETH below $100, losing almost 90% of its value by the end of 2018

ETH has turned things around in 2020, and has been performing well since mid-March of this year. It has been a strong last few months for Ethereum. Over the last month, the crypto market has grown by $100 million.

Yield farming and stablecoins have led a growing number of users and investors over to the Ethereum blockchain. 

“DeFi and Fiat propagandists say essentially the same thing, that value can be created by moving money around. In DeFi, that value is being stolen from suckers that haven’t figured out that they’re the mark. In fiat, it’s being stolen by laws and threats of violence,” Jimmy Song said in a tweet.

Glassnode report revealed that 90% of those with Ethereum are currently reporting profits.