Ether, a digital asset, has experienced a 7% increase in value over the last 24 hours, outperforming the broader market, which has risen by 2.7% according to the CoinDesk 20 Index. Ether crossed $2,800 for the first time since early August, breaking out of the $2,300-$2,600 range that has persisted even during other coin rallies.
The market’s recent performance may be attributed to President-elect Trump’s victory, as it has fueled hopes of a “DeFi Renaissance.” This sentiment has been expressed by Arthur Cheong, co-founder at DeFiance Capital, who believes that deregulation and crypto-friendly policy from a Republican administration and Senate could drive the price of ether even higher.
