Ethereum DeFi has maintained a strong bullish outlook that has buoyed ETH due to the interest rates which made the cryptocurrency more appealing to investors.
ETH had ranged within $ 200 level in the last few days, Novogratz sees that in similitude with Bitcoin which has a $10,000 price level looming, however, ETH has reached key price levels which once hit support levels may spur the crypto-asset into a run.
As seen on Tradingview.com, Ethereum hit $ 216 in the day’s trading, peaking at 19 week high. In recent days, ETH market gains stand close to 9% as the bulls grasped a hold of the market.
ETH price peaked hitting a five-month high which is the largest bolstered move since it experienced a major rally in April 2019.
Novogratz says that although BTC has found use in macro portfolios as a safe-haven, ETH is continuing to gain the trust of investors after being buoyed by the crypto asset low price.
2020 has a good outlook for Ethereum with Phase 0 of proof of stake launching, offering more trust in the ecosystem, and major growth expected for DeFi markets, all of which are bullish for ETH demand.
At the moment, BTC dominance has waned further since the last seven months standing close to 65%, and the cryptocurrency market cap in the past one day increased by $13 billion while Altcoins has contributed significantly to this.