The second most important cryptocurrency on the market, Ethereum, broke a new record and continued its recent bull run. Thus setting a new mark this Saturday, above $ 3,900. All this, amid speculation that the value of the network could skyrocket as more merchants approach the potential of decentralized finance, known as DeFi. And other uses like non-fungible tokens or NFT.
The new all-time high of $ 3,958 came less than a week after the cryptocurrency topped $ 3,000 for the first time. However, at the time of writing this article, the cryptocurrency is at USD 3,854, thus growing by 9% in the last 24 hours. This is recorded by our internal Crypto Online tool.
Ether now has a market capitalization of $ 443.8 billion, higher than that of Johnson & Johnson. As well as Walmart and UnitedHealth. The fact that Ethereum broke a new record today comes amid signs of growing interest in ETH from large institutional investors and Wall Street companies.
According to Glassnode, the amount of Ethereum locked on DeFi is almost double what is on exchanges
Ether locked in decentralized financial contracts has risen at a rapid rate this year. At the same time, the amount held in centralized exchanges continues to fall.
On May 7, analytics provider Glassnode published a chart comparing the number of Ethereum deposited in Ethereum-based smart contracts with the number of ETH held in centralized exchanges over the past 17 months.
Since the beginning of 2020, the share of supply represented by ETH on centralized exchanges has fallen by more than a quarter, from roughly 17% to 12%.
During the same period, the percentage of ETH locked in smart contracts has increased by three-quarters, from 13% to 22.8%. Which shows that DeFi is constantly eating the profits of centralized exchanges from Ethereum trading fees.
Figures from cryptocurrency data aggregator DeFi Llama suggest that ETH equivalent to about 9% of supply is locked into smart contracts hosted on networks other than Ethereum’s mainnet.
El Corte Inglés registered the Bitcor brand and could enter the cryptocurrency business
El Corte Inglés has requested the registration of the Bitcor brand before the European Union Intellectual Property Office (EUIPO). This was reported on the Cinco Días portal of the Spanish newspaper El País.
In the article published by that medium, they stated: «El Corte Inglés continues to advance in its strategy of diversification and entry into new businesses, which in recent months has led it to enter sectors as far removed from its main activity as mobile telephony or energy. Now we must add a first step in an incipient activity both in business and in social interest: cryptocurrencies».
Apparently, it is a double request, according to that publication: «That of Bitcor and one added under the name Bitcor El Corte Inglés, both requested on March 23 and which is currently in the process of receiving possible oppositions, although to date there are none. This period will end on June 28 and the brands will be formally registered».