It began sometime around 3 weeks ago, when out of the blues the Defi industry started drawing a lot of attention and began booming as hell and that affected Eth prices, it was a massive boom. And then Bitcoin rallied and pushed down most Alt coins. It was a beauty to watch for the Bitcoin maximalists. But historical data has shown us that with this kind of buzz around Defi once the price of Bitcoin drops rapidly again it will be an all out boom.
This week was a crazy one. The price of Eth went as high as $415, while Bitcoin also growing as well hit $12,000. While I honestly have never bought into the hype, I'm getting pretty excited for Alt coin season. Since after going up to $12k, BTC has dropped to around $11,200 right now and Eth is now trading at around $380. I think as long as the Defi boom and hype is still around we will keep experiencing the price of Eth going up.
Uniswap is doing so well right now that they are beginning to compete against many centralised exchanges and the use case of Ethereum is skyrocketing. As the Use case of Ethereum's keeps growing it will be a replay of 2017 all over again. New blood will come into the market looking for quick coins to pump and get rich off.
Over Uniswap experienced a surge in users, and I saw some crazy tokens boom over 100% profit. The craziest of them all for me was one called Retard token that was experiencing crazy gains. And we haven't even seen the new girls come in yet, these are still the old money and institutional investors booming prices.
I had never been one to buy into the hype but I'm getting pretty excited right now. Also been an Eth fan boy that has a big personal bias for the coin doesn't help lol. But be that as it may, the market is looking like it is beginning to smile favourably on us. Be smart as you invest though, and don't fall into the FOMO trap.
