Ethereum is growing popularity has largely been attributed to the rising interest in DeFi projects, what's going on? Will ethereum finally be able to leave it's 3 figure value?
The number of daily addresses interacting with ETH has surge in the past 24 hours to a Two Years single day high of 486,000 addresses! The last time Ethereum's address activity was this high was on May 5th, 2018
Even though that Ethereum is on a bullish move, I wouldn’t count on DeFi in being the big reason of ETH gaining back it’s 4-figure value. I know that there are some who have moved their BTC to ETH due to the rise of DeFi. I also know that DeFi is the nex big thing in the cryptocurrency and blockchain space.
However, the market condition is so unpredictable. There would be various circumstances later on after the bullish move. Remember Ethereum smart contract scams like Forsage, Voomo.io, MMM, OpenAlexa.io, etc.? It encourages people to buy Ethereum to lock positions in the matrix. It may contribute to the rise of ETH’s price, but may also led to a possible downfall when scammers are going to dump it if the right opportunity comes. At the same time, gas fees are ridiculously high as well.
I would love seeing Ethereum back to 4-figures, but it would take a long while for it to happen and I may not count it on DeFi as the main reason (same thing with smart contract scams). Just my two sats.