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Ethereum fairing better than Bitcoin recently because of DeFi popularity

Written by  Jun 23, 2020

Ethereum, the second-largest cryptoasset by market capitalisation, has continued to outperform bitcoin for weeks now amidst a resurgence in decentralised finance (DeFi) popularity.

According to data from CryptoCompare, ether has experienced a 14.56% rise against the dollar over the last 30 days, compared to just 3.44% for bitcoin.

bitcoin ethereum dollar
Ethereum has outperformed bitcoin relative to the dollar | Source: CryptoCompare

Data collected by DeFi Pulse shows the total value locked in decentralised financial systems reached an all-time high last week. DeFi now accounts for $1.53 billion in total funds, compared to the previous high of $1.24 billion set in February 2020.

Since taking off on 14th June, the total amount of ether, bitcoin, and dai locked in DeFi has surged more than 58%.

Speaking in an interview with CoinTelegraph, DappRadar communications director Jon Jordan claimed the rising popularity for DeFi is in part being driven by anticipation for the launch of Ethereum 2.0.

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He said, "Two of the main obstacles to making dapps on Ethereum easier to understand and use are gas fees and slow block times. Ethereum 2.0 will fundamentally solve these, making Ethereum dapps feel much more like using the standard web and mobile apps we’re all used to."

defiAlso see: What is Decentralised Finance (DeFi)?

If you are new to the Cryptocurrency world and would like to open an account we recommend Cex.io.

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Peter Flynn

Senior Editor and self confessed Crypto addict, bringing a variety of Crypto tech news, help and advice in the UK. I have worked in various fields throughout my career such as a Systems Administrator, Cyber Security Consultant and other technical related roles, these days I concentrate on Cryptocurrency journalism and technical writing.

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