The second-largest currency, ETH, is witnessing a revival of interest largely due to massive development of DeFi as more and more ETH is being locked in these dapps.
Recently, the ETH price managed to surpass the $200 threshold and, at the time of writing, the coin is exchanging hands at $278, as per data from CoinMarketCap.
Now, an economist and crypto trader Alex Kruger shares some bullish data regarding Ethereum on his Twitter page.
‘Somebody has been buying a lot of ETH.’
Today, Alex Kruger took to Twitter to share a chart from the BitMEX exchange which shows a major rise in the ETH trading volume over the past week. The figure is 4 times larger than the previous volume in the second half of last year.
The trader concludes that someone has been buying a great amount of Ethereum.
In the comment thread, users are assuming that it could be those who are jumping on the Ethereum bandwagon now that the price has finally started to increase.
‘Now everyone starts to adore ETH’
Analyst Michael van de Poppe has noted that Ethereum and other crypto projects, previously almost forgotten and often referred to as ‘dead’ by many, are now on a revival wave. Ethereum is among them, and many are once again bullish on the second-largest cryptocurrency.
This is happening, the analyst points out, due to candles on the charts going green again and the price moving to the North.
A period in red candles, basically due to price.
— Crypto Michaël (@CryptoMichNL) February 18, 2020
Weiss Ratings on the recent DeFi app hack
Earlier this week, the DeFi trading platform bZx was hacked twice in succession, each time losing around half a million dollars. The app was used for trading on the Fulcrum contract and after the hacks, all operations on it were halted.
The Litecoin co-founder Charlie Lee slammed DeFi, accusing it of being heavily centralized and breaking the principles of crypto.
However, the analytical financial agency Weiss Ratings has a different take on this. In its recent tweet, it says that what happened to bZx was that a trader simply found a weak spot in this lending platform and took advantage of it.
1/3 A few days ago, a trader exploited a vulnerability in #bZx lending platform; now the same thing has happened again. This wasn’t a hack or unethical move of any sort. It’s simply a trader realizing #sUSD can’t keep a peg to the dollar and then taking advantage of it.
— Weiss Crypto Ratings (@WeissCrypto) February 18, 2020