Ethereum rate reaches two-year high amid growth in ETH futures market
The price of ether has risen above $ 440 today, which is the best result in the last 2 years. Positive dynamics due to the growth of the market for derivatives and DeFi protocols.
Analysts point to a record high open interest in futures contracts on the ETH, which has remained stable over the past few years at $ 1.5 billion. Interest from large investors supports the optimistic mood of traders, which acts as a good catalyst for growth.
In recent months, rapidly gaining popularity projects in the field of decentralized finance also indirectly stimulated an increase in the exchange rate. The growth in user activity gradually increased the demand for ether and gas to pay transaction fees, part of which is bought for ETH.
Since Ethereum’s fees hit a record high on Tuesday, the price of Ethereum increased by 12%. At the time of publication, ETH is trading at $ 437. Over the past month, its cost has increased by 84%, and by almost 400% – compared to the March low.
text: Ivan Malichenko, photo: New York Post