Cryptocurrency Ethereum hits a new record fuelled by the boom in decentralised finance (DeFi). DeFi are platforms that host crypto-denominated lending. Ethereum hit an all time high of $4,200. Ethrem is the second largest coin by market capitalisation.
The largest cryptocurrency, Bitcoin, was down by 2.9% at $56,632. Blockchain data provider, Glassnote said that there are indications that a portion of bitcoin capital is rotating toward ethereum and dogecoin. Dogecoin is up by 700% in the last month but dropped sharply and was last down 10% at 48.2 cents after Elon Musk called it a “hustle.”