DeFi has been instrumental in the adoption of Ethereum.
DeFi users on Ethereum have reached a historic level of 4 million users, according to “Dune Analytics.
The same source also clarified that Uniswap is the most popular DeFi platform on the Ethereum network.
This sector, working hand in hand with the non-fungible token industry (NFT), is where the latter technology emerged as the new kids in the cryptocurrency market.
Since DeFi is built on blockchain-based smart contracts and performs certain financial functions based on the underlying code, some experts expect this sector to continue to expand into a multi-billion dollar industry.
For example, Matthew Roszak, a veteran crypto investor, has stated that the DeFi sector will become a $800 billion industry, thanks to increased crypto adoption, the search for returns, and increased inflation.
A recent study showed that Ethereum was switching to cold wallets for DeFi-related activities based on diminishing supply in cryptocurrency exchanges.
On the other hand, decentralized trading platforms are also seeing a rise in activity, given that the monthly volume for November is close to $100 billion.
Is Ethereum eyeing the $6000 level?
According to crypto market analyst Matthew Hyland:
Ethereum retested the top and dealt with the breakout and bounced!
The target price for the cup and the breakout handle is $6,600 or higher.
Crypto market analyst Ali Martinez agreed with this proposition and stated:
Ethereum is still on its way to reach a new all-time high at $6,300.
As long as Ethereum continues to hold above $3,985, bullish expectations remain.
Ethereum has enjoyed an impressive bullish run this quarter despite its current bounce.
The second largest cryptocurrency recorded a historic high of $4,860 earlier this month.
Ethereum is up 0.84% in the past 24 hours to reach $4,730 in intraday trading, according to CoinMarketCap.
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