Bitcoin is the undisputed king of the cryptocurrency. Major part of the market depends upon the growth of Bitcoin. As Bitcoin rose above $9700 mark for a brief period of time, Ethereum saw the peak of 2020 at $318.
The surge this weekend has seen by surprise as the trading stays low at such times. Traders usually avoid the market in weekend due to the price volatility.
It could also be a morale boost for Ether as the total value of funds locked into decentralized finance platforms (DeFi) reached $4 billion today.
At DeFi platforms Maker, Aave, and Compound tops the list. It is now positioned at $875 million, $639 million and $616 million respectively.
According to a data in DeFi Pulse, the DeFI sector has grown considerably in 2020.
Ether, meanwhile, was expected to surge up to $317 level but it fell short of $7 in the weekend.
According to Cointelegraph contributor, Michael van de Poppe, “A major parabolic move is unlikely to happen so soon, as the price has some untested levels above, namely $9,900 and $10,100.”
“The most likely scenario would be a “staircase” pattern where the price of Bitcoin rallies towards the resistance zone, rejects, and then successfully tests the previous resistance zone for support. Next, the price move is likely to accelerate upward once Bitcoin breaks above the high of $10,100.”