Daily Crypto News

DeFi Users on Ethereum Hit 4M for the First Time

The decentralized finance (DeFi) sector has played an instrumental role in Ethereum (ETH) adoption. For instance, Ethereum DeFi users reached a historic high of 4 million, according to Dune Analytics. 

The market insight provider also illustrated that Uniswap was the most sought-after DeFi platform on the Ethereum network. 

DeFi users have been going through the roof because this sector, together with the non-fungible tokens (NFTs) industry, has emerged as the new kids on the cryptocurrency block. 

Given that DeFi is founded on blockchain-based smart contracts fulfilling certain financial functions based on the underlying code, some experts expect this sector to continue being a billion-dollar industry.

For instance, Matthew Roszak, a veteran crypto investor, stated that the DeFi sector would become an $800 billion industry, thanks to increasing mainstream crypto adoption, the global chase for yield, and increased inflation.

A recent study showed that Ethereum was shifting to cold wallets for holding and DeFi-related activities based on diminishing supply on crypto exchanges.

On the other hand, decentralized exchanges are also experiencing an uptick in activities, given that November’s monthly volume is close to $100 billion.

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Is Ethereum eyeing the $6,000 level?

According to crypto analyst Matthew Hyland:

“Ethereum retested the Cup & Handle breakout and bounced!!!! Price target of the Cup & Handle Breakout: $6,600+.”

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Market analyst Ali Martinez echoed these sentiments and said:

“Ethereum remains on track to hit a new all-time high of $6,300. As long as ETH continues to hold above $3,985, the bullish outlook remains intact.”

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Ethereum has enjoyed an impressive bull run this quarter despite its current retracement. The second-largest cryptocurrency set a historic high of $4,860 earlier this month.

ETH was up by 2.26% in the last 24 hours to hit $4,427 during intraday trading, according to CoinMarketCap

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