Ethereum trades at $2.636,08 and seems to be leading this alt season, with a 7% increase over the past day and a 53.4% in the monthly chart.
Sharing data to demonstrate the bullish case of Ethereum is real and ETH’s potential to push into uncharted territory for the rest of 2021, former Goldman Sachs executive, Raoul Pal, is intending to switch to Ethereum at the expense of his Bitcoin.
Up 10% against Bitcoin (BTC), ETH operates as the cryptocurrency to price “anything up in DeFi, NFT, community tokens or even metaverse world”, said Pal. Most of the crypto space’s current trends are based on Ethereum and seem to be blooming. In particular, DeFi has seen impressive growth.
Data from DeFi Pulse shows this sector reached an all-time high in Total Value Locked (TVL) on April 15th, when it reached $62 billion. Although it registered a small decline over the past week, this metric stands at $60.01 billion with its top 3 DeFi protocols (MakerDAO, Compound, Uniswap) with a TVL of over $24 billion. Pal said:
ETH is rapidly becoming the currency of the digital world and BTC is the pristine collateral and base layer.
The former Goldman Sachs executive added that ETH space registered a 100% Year on Year (YoY) growth, as seen in the chart below. In contrast, BTC’s YoY growth stands at 50%. Also, Ethereum has been “attracting a massive proportion of the developer talent and applications”.