Ethereum Up for 7 Consecutive Weeks, Could Become Longest Weekly Winning Streak in History

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Ethereum rally
  • If Ethereum continues to climb in the next two weeks, it will break the record for the longest weekly winning streak in history

Ethereum has performed strongly since the middle of December, rising from USD 120 to USD 220. This is a gain of 83%, which is a rally by any definition. Further, Ethereum has risen for seven weeks in a row, which is the longest weekly winning streak for Ethereum since January to March 2017. If Ethereum rises this week it will tie the record, and if Ethereum continues rising into next week, it will achieve the longest weekly winning streak in history.

In fact, Ethereum has been rising for a longer period of time than it did during the major rally of late 2017 when Ethereum rose from USD 300 to USD 1,400. In that case, Ethereum only rose for 5 weeks in a row.

It appears that Ethereum’s gains over the past seven weeks may have something to do with increasing decentralized finance (DeFi) activity. Apparently the DeFi sector is a USD 1 billion industry, and most of that sector is Ethereum-based, with MakerDAO accounting for 60% of the DeFi market share.

Beyond this, the crypto market has been rising in general since the beginning of the year, likely due to fears of an economic slowdown, and possibly due to speculation regarding the Bitcoin block halving in May.

 

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