Ether’s price hit a new record high Wednesday, rising by more than 14% in a day to above $1,500. Messari reports that the current market price of Ethereum is $1,531.
The market capitalization of Ethereum, the second largest cryptocurrency behind Bitcoin has risen to more than $170 billion.
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45 minutes
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— Martin vastik (@martin_vastik) July 21, 2022
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— Mallet Thierry (@MalletThierry4) July 21, 2022
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In January the cryptocurrency’s price surged, and it stayed above $1,000 for 28 consecutive days. Decentralized exchange trading volumes also meant that ETH did nearly twice as much daily transferred value (over $19 billion) as BTC over the month. Growth on the Ethereum blockchain is mostly driven by decentralized financial apps.
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These applications enable users to engage in financial transactions without the need for intermediaries like banks. According to DeFi Pulse, a record of over $28 billion is now stored in Ethereum-based DeFi protocols.
Ethereum and DeFi have followed a similar upward trend so far this year.
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