Ethereum TVL Outshines Solana and Tron with $7.79 Billion Surge
Ethereum’s total value locked (TVL) surged by $7.79 billion over the past week, making it the blockchain with the highest TVL growth during this period. This significant development coincides with a temporary increase in ETH price to $4,000, indicating renewed investor confidence in the cryptocurrency.
Blockchain is not the only technology experiencing significant growth. However, according to recent data, no other project has experienced Ethereum’s levels of growth.
Confidence in Ethereum reaches new heights
On December 2, Ethereum TVL was just under $70 billion. But today, this indicator has grown to $77.15 billion. TVL is a key metric in cryptocurrencies and decentralized finance (Decentralized Finance) ecosystem.
It represents the total value of assets locked or staked in a decentralized application (dApp), smart contract, or blockchain-based protocol. This indicator is used as growth indicatorsadoption rate and user confidence in DeFi platforms.
Higher TVL indicates that more users are using these systems, express trust in their functions and Safety. On the other hand, a decrease in this indicator indicates reduced liquidity, indicating fewer deposits on the blockchain
Therefore, the rise in Ethereum TVL indicates the cryptocurrency’s growing adoption and popularity among investors. This surge demonstrates increased trust in Ethereum-based decentralized applications and protocols.
If this trend continues, it could push ETH appreciates further price, as rising TVL is typically associated with increased network activity and demand for the asset. It is also worth noting that Tron and Solana’s TVL also increased by $900.23 million and $618.4 million respectively.
In addition to this, Glassnode data shows that Ethereum exchange inflows have fallen to their lowest levels in more than a month. When foreign exchange inflows increase, it means The holder is willing sell.
However, now that it is down, it suggests that many ETH holders have decided not to liquidate their assets, which is bullish for the price.
ETH Price Prediction: Targeting Near $4,200
The ETH/USD 3-day chart shows that the cryptocurrency traded within a descending triangle between June and November. A descending triangle is a generally recognized bearish chart pattern consisting of a series of gradually lower highs and A flat trendline forms along a consistent price level, acting as support when an asset’s price tests it multiple times.
A descending triangle usually means that sellers are gaining control, possibly leading to a break below the support line. However, ETH price has broken through The existence of this channel indicates that the value of the cryptocurrency may be higher.
If this trend continues, then Ethereum May Climb Higher It broke above $4,096 and touched $4,200 in the short term. However, if selling pressure increases and Ethereum TVL declines, this prophecy Probably won’t happen. In this case, ETH could drop to $3,175.
Disclaimer
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