The Price of Ethereum has Broken Beyond $1,500 to set a New all-time Record

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.

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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