Bitcoin gradually approached its all-time high but has now stalled somewhat. But also the number 2, Ethereum, the main driver behind the flourishing DeFi space, has reached an important milestone in which the $500 mark was exceeded. Will the Ethereum run follow? <\/p>\n
The entire cryptocurrency market has benefited from a strong run led by Bitcoin. The leading digital currency is known for pulling the altcoins along with it, so it is not surprising that the second-largest cryptocurrency, Ethereum<\/a>, also benefited. And ETH can also benefit as a strong platform for a variety of DeFi offerings<\/a>, which have been making more and more headlines recently. In addition, a major upgrade is in the pipeline, where important milestones on the road to Ethereum<\/a> 2.0 were recently launched. Some market participants seem to prefer a development towards staking rather than proof-of-work. Regardless, the developments around DeFi seem to have a greater impact on the market value of Ether. <\/p>\n What is \u201cTrue Value locked\u201d? TVL stands for the amount of capital used in DeFi applications. <\/em><\/strong><\/p>\n PrimeXBT’s leading analyst, Kim Chua, has predicted a rising TVL until November, but also noted that this will only show up in the market price with a delay. In her opinion, there is even more room for price growth thanks to the ongoing DeFi boom. <\/p>\n ETH has finally broken out above $500 despite the strong selling pressure that pushed the price down many times in November due to uncertainty about the launch of ETH 2.0. After ETH crossed $500, it continued to over $600. Now there is not much standing in the way of ETH’s price to rise to $830, its next resistance area,” explained Chua of PrimeXBT<\/a>. <\/p>\n On November 20, Vitalik Buterin, the founder of Ethereum, warned of a possibly bad reaction to the update that the implementation of the full Proof of Stake could take another year. The actual goal for ETH 2.0 was only 25% achieved by November 20, but within just nine hours, Ethereum’s deposit contract reached its threshold of 524,288 Ether on November 24. <\/p>\n Despite the critical comments of the Ethereum founder, the price recorded noticeable gains and exceeded its preliminary resistance of $488 to an increase to $560 on Saturday. This shows that the price is not as strongly influenced by the development around ETH 2.0 as is generally assumed. Another reason could be that many investors assume that the supply of ETH on the free market will decrease with the date of December 1 and ETH, which was deposited in the ETH 2.0 contract, would have flooded things. Therefore, many investors are still buying ETH before December in anticipation of this supply glut. <\/p>\n The goal of ETH 2.0 has already been achieved: In just 2 days, around 400,000 ETH went into the deposit contract. At the time of the article, even more ETH are deposited (600,000). This gives an outlook on the hopes of the users in ETH. This is also supported by the recent resurrection of the altcoin market. <\/p>\nEthereum Run? ETH Still Has some Growth Reserves <\/h2>\n