Ether has experienced a significant increase of over 7% in the last 24 hours, outperforming the broader digital asset market. The CoinDesk 20 Index shows a rise of 2.7% during the same period.
Breaking through the $2,800 mark for the first time since early August, ETH has moved out of the $2,300-$2,600 range that it had been stuck in while other cryptocurrencies were experiencing rallies. The recent surge in Ether’s price may be attributed to President-elect Trump’s victory, which has sparked hopes of a “DeFi Renaissance”.
Arthur Cheong, co-founder at DeFiance Capital, expressed optimism about the future of decentralized finance (DeFi) with the incoming Trump administration. He believes that the deregulation and crypto-friendly policies expected from a Republican administration and Senate could lead to a significant uptick in the price of ether.
