Ethereum Dominates 76% of Crypto TVL: Impact on ETH Price

• Ethereum dominated the past week’s crypto investments, securing 76% of all deposited funds.
• Ethereum marked a historic week with over $9 billion settled in transactions.
• Arthur Cheong predicts a substantial ETH price surge if BlackRock’s Bitcoin ETF application paves the way for a similar Ethereum ETF.

Ethereum has emerged as the frontrunner, showcasing its dominance by securing an impressive 76% of all deposited funds in the past week. Recent data illuminates the platform’s pivotal role, especially in the surging crypto Total Value Locked (TVL).

.@ethereum dominated this week’s TVL growth rankings, accounting for $6.68B of the total $8.76B TVL growth across crypto last week. pic.twitter.com/45rqb3Seml

— 0xScope (🪬 . 🪬) (@ScopeProtocol) October 30, 2023

During this historic week, Ethereum shattered records by facilitating transactions exceeding $9 billion on its network. This achievement, marking the highest weekly volume since mid-June, underscores the platform’s unparalleled capacity to facilitate peer-to-peer trading and provide essential liquidity to the crypto market.

Arthur Cheong, founder of DeFiance Capital, has provided intriguing insights into Ethereum’s potential price trajectory. Cheong’s analysis hinges on BlackRock’s recent application for a spot Bitcoin (BTC) exchange-traded fund (ETF).

He speculates that if BlackRock’s BTC ETF application proves successful, it could pave the way for a similar ETF focused on Ethereum. According to Cheong, this development could trigger a significant rally in Ethereum’s price, positioning it as a lucrative investment opportunity.

As of the current moment, ETH is valued at $1,808.96. This indicates a slight decrease of 0.05% in the price over the last 24 hours, coupled with a modest increase of 0.97% in the past week.

The recent surge in Decentralized Exchange (DEX) volumes further solidifies Ethereum’s role as a linchpin in facilitating seamless crypto trading experiences. It’s worth noting that Ethereum’s allure lies not just in its technological prowess but also in its Environmental, Social, and Governance (ESG) attributes and staking yield opportunities, making it an enticing prospect for investors looking to diversify their crypto portfolios.

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