Ethereum is finally getting some time in the spotlight, with ETH surpassing $3,700 on Monday evening, while Bitcoin remains above $70,000 after a price surge to $72,000 for BTC.
The current dynamics of the cryptocurrency market show increased interest in decentralized staking protocols like Lido DAO and Rocket Pool ETH, which are also seeing significant increases.
Interest in DeFi and Ethena Boosts Ethereum
The rise of Ethereum against Bitcoin could be attributed to the sustained interest in the DeFi protocol Ethena. It has recently seen its total value locked (TVL) exceed $2.2 billion, a significant leap after crossing the $2 billion mark on April 6th.
The recent adoption of Bitcoin as collateral for the synthetic stablecoin USDe on Ethena could be a key driver of this rise, suggesting that the interest in ETH is driven by demand rather than anticipation of the imminent approval of an ETF Ethereum Spot.
Speculations around the ETF Ethereum Spot
Bets on the Polymarket platform show that expectations for an imminent approval of an Ether spot ETF in the US are moderate, with only 16% chance of approval by the end of May and 45% by the end of June.
Bitcoin and Ethereum have recorded respective losses of 1.8% and 2% since this morning, with BTC nearing $70,000 and ETH back to $3,600.
