Ether has seen a significant increase of over 7% in the last 24 hours, surpassing the broader digital asset market, which has risen by 2.7% according to the CoinDesk 20 Index.
Breaking through the $2,800 mark for the first time since early August, ETH has broken out of the $2,300-$2,600 range that has been holding steady even as other cryptocurrencies were rallying.
There is speculation that President-elect Trump’s victory may be fueling hopes of a “DeFi Renaissance,” potentially leading to a surge in the price of ether. Arthur Cheong, co-founder at DeFiance Capital, mentioned in a recent post that the “DeFi Renaissance thesis is progressing as expected with Trump deregulation and crypto-friendly policy and rule-making from Republican administration and Senate.”
This recent surge in ether’s price indicates a positive outlook for the cryptocurrency and the broader digital asset market as a whole. Investors will be closely watching to see if this trend continues in the coming days.
