How do you explain the rally of Ethereum and Bitcoin?

While the rest of the cryptocurrencies recover their position, Ethereum y Bitcoin continue to strengthen. ETH above $4,700 and BTC above $66,900 respectively. DeFi are definitely a trend that perfectly explains the success of cryptocurrencies.

In only 24 hours, Ethereum increased its value by 4%obtaining a historical quotation above 4700 dollars. The cryptocurrency of the blockchain Ethereum.

At the same time, the Bitcoin traded over 7%.reaching a value of $66,250 dollars, a value close to its all-time high at the end of October.

Although swings of up to 20% up or down are common in these fluctuations, Mikkel Morch, chief executive officer of the hedge fund for Cryptocurrenciesbelieves that a price of $70,000 is imminent for BTC.

According to experts, the listing of these two cryptocurrencies is not related to leverage, but rather explained by the increase in demand from the spot market. That is, the growing participation in decentralized finance as a new market dynamic, where cryptocurrencies seek to integrate financing and trading methods.

In this context, ETH is a key element for the decentralized exchange mechanisms already in place; and the backbone of the NFT market most important.

Considering the exponential growth that NFTs have shown during this year, the ETH consolidation against BTC is very logical. Despite that, cryptocurrencies such as Solana and Cardano continue to strengthen, as important ALTCOINS.

Since Bitcoin and other cryptocurrencies have been strongly questioned for their high energy consumption, ethereum is undergoing a major upgrade that promises to make this network faster and more environmentally responsible.

In context, as bitcoin is just shy of surpassing its all-time high, cryptocurrency advocates highlighted the importance of this growth, which is unmistakably a sign of the cryptocurrencies consolidation in traditional investment media such as Wall Street. Importantly, these kinds of rallies in BTC are usually positive signals for investing in ALTCOINS. Take it into account.