Technicals aside, Ether’s rapid ascent to $309 could also be receiving a sentiment boost from the news that the total value of funds locked into decentralized finance platforms (DeFi) reached $4 billion today. Currently, the top three DeFi platforms are Maker Aave, and Compound with each having $875 million, $639 million and $616 million locked into an assortment of contracts.
Data from DeFi Pulse shows that the decentralized finance sector has grown tremendously in 2020 as the value locked at the start of the year was slightly below $1 billion. As discussed in a previous market update, Ether’s was expected to push toward the $317 level if the Feb. 14, 2020 high at $288.32 was cleared and Saturday’s rally to $309 fell just $8 short of topping the resistance cluster extending to $317. After a nearly 30% rally this week, a period of consolidation is to be expected but if bulls find renewed or Bitcoin rallies into the weekly close, there is a possibility that the price could clear $317 and the absence of overhead resistance could see bulls target the 2019 high at $367.
As Bitcoin and Ether pushed higher, a number of altcoins also made significant moves. Cardano (ADA) surprised investors with a strong 21% upside move to $0.1457, Binance Coin (BNB) also continued to rally with a 5% gain. Litecoin (LTC) followed alongside Bitcoin with a 12.88% move to $49.47.