RATE Group | Ethereum is Outperforming the Market Today, Here’s Why
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Ethereum is Outperforming the Market Today, Here’s Why

07 Mar Ethereum is Outperforming the Market Today, Here’s Why

Posted at 22:28h in Bitcoin News by

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A vast majority of the crypto market has been in a slump for the past 24 hours, but Ethereum stands apart as the lone top 5 coin in the green. Let’s take a look at why the #2 asset may be outperforming the market right now

Is the DeFi recovery turning investors bullish?

DeFi may be leading the Ethereum counter trend this morning. Decentralized Finance, the “killer-app” for the ecosystem is back over $1 billion in value, locked up in DeFi platforms.

DeFi took a hit over the last month as bZx exchange was hit by consecutive flash loan exploits and lost almost a million dollars worth of Ethereum. This flash loan exploit chilled a lot of the enthusiasm surrounding DeFi and many investors withdrew their funds.

Ethereum is also highly correlated to Bitcoin, so Bitcoin’s price decline from $10,500 to $8200 over the last three weeks has also impacted Ethereum prices. The second largest crypto had a 25% drawdown in price mirroring Bitcoin’s slump.

Now as the trend seems to be…

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