The price of Ether (ETH), the native cryptocurrency of the Ethereum blockchain network, has been soaring since the beginning of the new year. What’s more, it has outperformed Bitcoin (BTC) since Jan. 1, gaining roughly 81% compared to Bitcoin’s 26% in their respective USD pairs year-to-date.
There are three main reasons why ETH has been outpacing BTC throughout the past several days.The factors are Ethereum’s accelerating growth, the improving sentiment around DeFi and BTC’s current period of relatively low volatility.
Ethereum is seeing rapid growth fueled by DeFi sentiment
DeFi tokens have been surging rapidly as of late, led by majors such as Aave and SushiSwap, as Cointelegraph reported.
The rally of DeFi tokens is partly fueled by the fast-growing total value locked (TVL) of the DeFi market, which estimates the amount of capital deployed to DeFi protocols.
BTC is consolidating with low volatility
Throughout the past several days, Bitcoin has been mostly consolidating with low volatility allowing many altcoins to catch up. This has led the demand for altcoins with lower volume and liquidity to increase.
The Ether price rally coincides with what traders describe as “altseason,” a period wherein many altcoins rally in tandem especially when Bitcoin sees small price movements.
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