Game of Alts
Beacon of Future Hope
The focus may be on Bitcoin and its seemingly inevitable run up to $20,000, but Ethereum looks particularly well-positioned for further upside. Fundamentally, the absence of any major network issues following the launch of the 2.0 Beacon chain supports bullish price outlook. Technically, $620 is proving to be the key level yet again, with charts exhibiting cup & handle formation.
As noted, the trend of locking Bitcoin on Ethereum has slowed dramatically and in fact has reversed lower. However, there are a number of factors to take into account that could lead to this misplaced view of apparent reversal of fortunes for wrapped Bitcoin, such as internal cash position requirements or the OTC order flow especially in the wake of the price appreciation.
In the Markets
That’s Mint
In addition, most of the original minting was done at much lower price and thus rebalancing at the current level would in fact lead to even more capital being deployed into the DeFi ecosystem.
On the subject of DeFi, Aave rallied sharply after it announced the eagerly awaited launch of their V2 protocol and there is an endless list of new features which includes swap your yield, swap your collateral, close your loan with your collateral and streamlined credit delegation.
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