{"id":414402,"date":"2020-02-12T19:00:45","date_gmt":"2020-02-12T19:00:45","guid":{"rendered":"https:\/\/uniquehot.com\/?p=414402"},"modified":"2020-02-12T16:14:14","modified_gmt":"2020-02-12T16:14:14","slug":"epic-ethereum-rally-key-factors-crypto","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/epic-ethereum-rally-key-factors-crypto\/","title":{"rendered":"What&#8217;s Really Triggering This Epic Ethereum Rally? 3 Key Factors Behind Upsurge"},"content":{"rendered":"<p class=\"p1\"><span class=\"s1\">The number two crypto asset by market cap, <a href=\"\/tag\/ethereum\" rel=\"nofollow\">Ethereum<\/a>, has been outperforming most of the rest of the market over the last few weeks, including <a href=\"\/tag\/bitcoin\" rel=\"nofollow\">Bitcoin<\/a>.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">But what is causing this epic rally? Here are the three most important factors fueling the latest Ethereum bull run.<\/span><\/p>\n<h2>Three Major Factors Influencing Ethereum&#8217;s Latest Bull Rally<\/h2>\n<p class=\"p1\"><span class=\"s1\">Since the start of January, <a href=\"\/tag\/ethereum\" rel=\"nofollow\">Ethereum<\/a> has more than doubled in USD value and has risen over 30% against Bitcoin, outperforming the number one cryptocurrency by market cap by a wide margin.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">The number two cryptocurrency has also outperformed many other altcoins, including XRP, Litecoin, and thousands more.<\/span><\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/uniquehot.com\/2020\/02\/12\/ethereum-altcoins-reach-critical-resistance\/\">Proceed With Caution: Ethereum and Altcoins Reach Critical Resistance<\/a><\/strong><\/em><\/p>\n<p class=\"p1\"><span class=\"s1\">But what has been the reason for Ethereum pumping far more so than the rest of the crypto market, Bitcoin and altcoins included? <\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">There are actually a number of reasons for Ethereum\u2019s recent rally, but the three most important factors include the growth in decentralized finance, weak hands being shaken out of the market, and an epic short squeeze that took bearish crypto traders by surprise.<\/span><\/p>\n<h3 class=\"p1\"><span class=\"s1\">DeFi Growth Causes Spike of Interest in Ethereum<\/span><\/h3>\n<p class=\"p1\"><span class=\"s1\"><a href=\"\/tag\/defi\" rel=\"nofollow\">DeFi<\/a>, or decentralized finance, is a movement to leverage cryptocurrency platforms and their underlying protocols to replace traditional finance with solutions that do not require a third-party intermediary.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">The total USD value locked away in <a href=\"https:\/\/www.forbes.com\/sites\/ilkerkoksal\/2019\/09\/29\/the-shift-toward-decentralized-finance-why-are-financial-firms-turning-to-crypto\/#63cd52aa6392\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">decentralized finance applications<\/a> reached a milestone of $1 billion recently.<\/span><\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/uniquehot.com\/2020\/01\/16\/over-359-companies-are-building-the-future-on-ethereum\/\">Over 359 Companies Are Building The Future On Ethereum\u00a0<\/a><\/strong><\/em><\/p>\n<p class=\"p1\"><span class=\"s1\">The explosive growth in crypto-backed loans and the emergence of the <a href=\"\/tag\/ethereum\" rel=\"nofollow\">Ethereum<\/a>-based DAI stablecoin, have increased demand for the Ether token. This surging demand combined with a low available supply due to the next key factor, has caused values to spike over recent weeks.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Ethereum takes the cake when it comes to decentralized finance and centralized finance (cefi) applications as well, with projects like Maker, Compound, and Instadapp. Defi applications on\u00a0ETH\u00a0touched a\u00a0milestone\u00a0on February 6, when the total value lockedTVL surpassed $1billion <a href=\"https:\/\/t.co\/rTyZSs7XbI\" rel=\"nofollow\">pic.twitter.com\/rTyZSs7XbI<\/a><\/p>\n<p>&mdash; Jason (@Jasonvalliere2) <a href=\"https:\/\/twitter.com\/Jasonvalliere2\/status\/70793728?ref_src=twsrc%5Etfw\" rel=\"nofollow\">February 9, 2020<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h3 class=\"p1\"><span class=\"s1\">Early ICO Investors and Weak Hands Fully Shaken Out<\/span><\/h3>\n<p class=\"p1\"><span class=\"s1\">While demand is rising for <a href=\"\/tag\/ethereum\" rel=\"nofollow\">Ethereum<\/a>, the available supply being sold into the market is diminishing by the day.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Following two full years of drawdown and bear market, Ethereum has reached critically oversold levels. <\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Not only does this make Ethereum a more attractive buy for long-term investors, but it also means that over the last two years, those who were in profit and interested in selling Ethereum, have already done so, and what\u2019s left is people willing to hold for the long run.<\/span><\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/uniquehot.com\/2019\/12\/10\/room-to-fall-ethereum-may-be-down-90-but-ico-investors-are-still-up-over-400x\/\">Room To Fall: Ethereum May Be Down 90% But ICO Investors Are Still Up Over 400x<\/a><\/strong><\/em><\/p>\n<p class=\"p1\"><span class=\"s1\">According to data, the aggregated ETH balance of all 8,893 genesis wallets \u2013 the very first investors in the Ethereum ICO \u2013 have sold off most of their holdings in profit. Those that remain, are likely not interested in selling at current prices if they have failed to do so over the last two years of a selloff.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">81% of these wallets only have 1% or left in ETH, suggesting that the supply available to be sold is extremely low.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Aggregated ETH balance of the 8,893 genesis wallets.<\/p>\n<p>Aka the wallets that participated in Ethereum&#39;s own ICO. <a href=\"https:\/\/t.co\/w9i6nP7xl4\" rel=\"nofollow\">pic.twitter.com\/w9i6nP7xl4<\/a><\/p>\n<p>&mdash; Alex Svanevik \ud83d\udc27 (@ASvanevik) <a href=\"https:\/\/twitter.com\/ASvanevik\/status\/01328640?ref_src=twsrc%5Etfw\" rel=\"nofollow\">February 11, 2020<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h3 class=\"p1\"><span class=\"s1\">Epic Short Squeeze of Over-Confident Crypto Traders<\/span><\/h3>\n<p class=\"p1\"><span class=\"s1\">Finally, while low supply and rising demand caused the initial surge in <a href=\"\/tag\/ethereum\" rel=\"nofollow\">Ethereum<\/a>, it\u2019s likely been crypto traders in short positions covering as prices rise, that\u2019s further fueled the parabolic push.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">When short trades are closed, it acts as a \u201cbuy\u201d of an asset. So as more buy pressure drives up the price of Ethereum, it further forces short traders to close out their positions, increasing the force and momentum of the price movement in what analysts refer to as a short squeeze.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">With two years of a bear market, crypto traders have been mentally conditions to always expect more downside, causing them to open short positions at each key resistance level.<\/span><\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/uniquehot.com\/2019\/12\/30\/crypto-comeback-after-two-years-of-bear-market-bitcoin-and-ethereum-may-be-ready-to-rebound\/\">Crypto Comeback: After Two Years of Bear Market, Bitcoin And Ethereum May Be Ready To Rebound\u00a0<\/a><\/strong><\/em><\/p>\n<p class=\"p1\"><span class=\"s1\">But as <a href=\"\/tag\/ethereum\" rel=\"nofollow\">Ethereum<\/a> and other crypto assets have pushed through each level with ease, shorts have only piled up further, causing a massive short squeeze and epic rally for the history books.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">The only fear is, once the short squeeze has ended, a violent long squeeze could occur in the opposite direction, and with prices reaching parabolic levels, a steep crash cannot be ruled out in the days ahead.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The number two crypto asset by market cap, Ethereum, has been outperforming most of the rest of the market over the last few weeks, including Bitcoin. But what is causing this epic rally? Here are the three most important factors fueling the latest Ethereum bull run. Three Major Factors Influencing Ethereum&#8217;s Latest Bull Rally Since the start of January, Ethereum has more than doubled in USD value and has risen over 30% against Bitcoin, outperforming the number one cryptocurrency by market cap by a wide margin. The number two cryptocurrency has also outperformed many other altcoins, including XRP, Litecoin, and thousands more. Related Reading | Proceed With Caution: Ethereum and Altcoins Reach Critical Resistance But what has been the reason for Ethereum pumping far more so than the rest of the crypto market, Bitcoin and altcoins included? There are actually a number of reasons for Ethereum\u2019s recent rally, but the three most important factors include the growth in decentralized finance, weak hands being shaken out of the market, and an epic short squeeze that took bearish crypto traders by surprise. DeFi Growth Causes Spike of Interest in Ethereum DeFi, or decentralized finance, is a movement to leverage cryptocurrency platforms and their underlying protocols to replace traditional finance with solutions that do not require a third-party intermediary. The total USD value locked away in decentralized finance applications reached a milestone of $1 billion recently. Related Reading | Over 359 Companies Are Building The Future On Ethereum\u00a0 The explosive growth in crypto-backed loans and the emergence of the Ethereum-based DAI stablecoin, have increased demand for the Ether token. This surging demand combined with a low available supply due to the next key factor, has caused values to spike over recent weeks. Ethereum takes the cake when it comes to decentralized finance and centralized finance (cefi) applications as well, with projects like Maker, Compound, and Instadapp. Defi applications on\u00a0ETH\u00a0touched a\u00a0milestone\u00a0on February 6, when the total value lockedTVL surpassed $1billion pic.twitter.com\/rTyZSs7XbI &mdash; Jason (@Jasonvalliere2) February 9, 2020 Early ICO Investors and Weak Hands Fully Shaken Out While demand is rising for Ethereum, the available supply being sold into the market is diminishing by the day. Following two full years of drawdown and bear market, Ethereum has reached critically oversold levels. Not only does this make Ethereum a more attractive buy for long-term investors, but it also means that over the last two years, those who were in profit and interested in selling Ethereum, have already done so, and what\u2019s left is people willing to hold for the long run. Related Reading | Room To Fall: Ethereum May Be Down 90% But ICO Investors Are Still Up Over 400x According to data, the aggregated ETH balance of all 8,893 genesis wallets \u2013 the very first investors in the Ethereum ICO \u2013 have sold off most of their holdings in profit. Those that remain, are likely not interested in selling at current prices if they have failed to do so over the last two years of a selloff. 81% of these wallets only have 1% or left in ETH, suggesting that the supply available to be sold is extremely low. Aggregated ETH balance of the 8,893 genesis wallets. Aka the wallets that participated in Ethereum&#39;s own ICO. pic.twitter.com\/w9i6nP7xl4 &mdash; Alex Svanevik \ud83d\udc27 (@ASvanevik) February 11, 2020 Epic Short Squeeze of Over-Confident Crypto Traders Finally, while low supply and rising demand caused the initial surge in Ethereum, it\u2019s likely been crypto traders in short positions covering as prices rise, that\u2019s further fueled the parabolic push. When short trades are closed, it acts as a \u201cbuy\u201d of an asset. So as more buy pressure drives up the price of Ethereum, it further forces short traders to close out their positions, increasing the force and momentum of the price movement in what analysts refer to as a short squeeze. With two years of a bear market, crypto traders have been mentally conditions to always expect more downside, causing them to open short positions at each key resistance level. Related Reading | Crypto Comeback: After Two Years of Bear Market, Bitcoin And Ethereum May Be Ready To Rebound\u00a0 But as Ethereum and other crypto assets have pushed through each level with ease, shorts have only piled up further, causing a massive short squeeze and epic rally for the history books. The only fear is, once the short squeeze has ended, a violent long squeeze could occur in the opposite direction, and with prices reaching parabolic levels, a steep crash cannot be ruled out in the days ahead.<\/p>\n","protected":false},"author":517,"featured_media":414405,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3,13625],"tags":[6664,11920,70707,54512,1946],"class_list":["post-414402","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","category-ethereum","tag-crypto","tag-dai","tag-decentralized-finance","tag-defi","tag-ethereum"],"acf":[],"yoast_head":"\n<title>What&#039;s Really Triggering This Epic Ethereum Rally? 3 Key Factors Behind Upsurge<\/title>\n<meta name=\"description\" content=\"The number two crypto asset by market cap, Ethereum, has been outperforming most of the rest of the market over the last few weeks, including Bitcoin. 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The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions. In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony\u2019s expertise to guide their trading strategies. Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies. Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders. His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics. Tony\u2019s nickname, \\\"The Bull,\\\" aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice. In summary, Tony \\\"The Bull\\\" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. 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