Ethereum price breaks record with DeFi revival

Cryptocurrencies have gained massive mainstream prevalence in 2021 thanks to the growing popularity of industries such as decentralized finance (DeFi) and non-tradable token (NFT).

This growth would not be possible without the Ethereum network. That’s why the Ether (ETH) price reached an all-time high on April 27, following the successful “Berlin” update on April 15th.

4-hour chart of the ETH / USDT pair. Source: TradingView

According to data from Cointelegraph Markets and TradingView, the price of Ether increased 27 percent in the past five days from $ 2,107 to $ 2,680.

ETH / BTC pair signaled

Raoul Pal, Founder and CEO of Real Vision Group, said that the ETH / BTC parity signals the rise.

Ether gained value against the largest cryptocurrency after Bitcoin (BTC) dropped to $ 46,000 and rebounded to $ 54,000 on April 24.

Increasing transaction fees and lower transaction times due to the explosion of DeFi and NFTs have been putting pressure on the Ether price in recent months.

Following the Berlin update, the average gas fee declined to more reasonable levels, resulting in an increase in transaction volume on decentralized exchanges such as Uniswap and Sushiswap.

Since the majority of DeFi and NFT activity is taking place on Ethereum, the Ether price has increased faster than BTC in the short term.

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