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Ethereum Market Cap Reaches All Time High Level Since August 2018

Ethereum has recently touched a market capitalization of forty billion USD, the highest level since August 2018. Analysts are attributing this upsurge primarily to the rapid rise of decentralized finance.

Market cap is calculated by multiplying the price of a virtual currency with the number of tokens in circulation. It’s a practical standard for measuring the size of a blockchain network. The mounting market capitalization of Ethereum is linked to its increasing price, which, likewise, hasn’t been this high since August 2018.

The good fortune of Ethereum is primarily linked to this month’s boom in the Defi space. DeFi primarily refers to non-custodial financial products. These include decentralized stablecoins, synthetic stocks, or lending protocols that provide users an uncomplicated admission to high-interest rates.

The rapid upsurge of DeFi has helped spike the whole cryptocurrency market capitalization. Subsequent to the digital asset market’s rapid decline in mid-March, when its market cap crashed to around one hundred and twenty two billion USD amid the shock to global financial markets caused by the coronavirus pandemic, the digital currency market capitalization has since almost tripled.

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