Just a little over two months after breaking above $2K, Ethereum (ETH) has added another grand to its value, resulting in a swift takedown of the $3K milestone.
The Road To $3,000
This year, the price of ETH entered the new year sitting at a respectable $760 after an impressive surge throughout 2020.
On Monday, however, the price of ETH skyrocketed, surpassing the latest milestone of $3,000 – painting a new all-time high, respectively.
The COVID-19 Financial Crash Catalyst
In combination with the exponential growth of the decentralized finance (DeFi) space, the timing of the early-2020 market fallout could not have been better for those who were opportunistic and patient – one of many catalysts for the immensely bullish sentiment behind the Ether run.
To put things in perspective: following the COVID-19 financial crisis in March of last year, the lowest ETH price was approximately $90.
The Decentralized Finance Catalyst
The rising popularity of DeFi and decentralized exchanges (DEXs) have also been compelling ETH growth.
For example, the number of unique Ethereum addresses that have interacted with ETH-based protocols has seen a sharp over the past couple of months, as volume has continued to ramp up heavily.
Leading the charge have been top DEX heavyweights like 1inch Exchange (1INCH) and Uniswap (UNI).
The second-largest cryptocurrency by market cap, Ethereum, has continued its 2021 run with an impressive performance by registering yet another record.
At the time of writing, Ethereum has surpassed prominent names like PayPal, Toyota Motor Comp., Coca-Cola Company, Inter, Netflix, and more.
With the EIP-1559 gas-saving upgrade scheduled for July, it’s doubtful the bullish trend propelling Ethereum to sky-high prices will be quelled anytime soon.
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