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2 Reasons Why Ethereum (ETH) Drags Other Cryptos Higher

Ethereum has been making lots of headlines these days, especially due to the significant surge in price. At the moment of writing this article, ETH is trading in the green, and the coin is priced at $3,917.07.

Just recently, Ethereum creator Vitalik Buterin surprised his followers with an AMA session on Twitter. He said that only the people whom he is following could ask him whatever they want to.

Check out his post below.

Reasons for which ETH drags more coins higher

Now, the main reasons for which ETH is able to drag more digital assets higher are debated.

It’s been revealed that Chainalysis CEO Michael Gronager said that fundamental changes in Ethereum are contributing to the growth of other crypto assets, and this is especially happening in one subsector.

In an interview on Bloomberg Technology, he said that Ethereum (ETH) had seen large price appreciation over the past few weeks largely due to two main reasons:

  • protocol changes
  • growth in the network, as well as DeFi

“Basically we see Bitcoin…we’ve seen Ethereum grow a lot over the last couple of weeks, and then about a month ago we saw bigger platform changes to Ethereum. The network got stabilized [and] got better in various ways. So I think that facilitated more trust in Ethereum as a whole.”

He continued and explained the following:

“On top of that, we’ve seen the trend of DeFi that’s been growing and growing…that’s been pumping the interest in Ethereum, and Ethereum is then dragging along a lot of the other cryptocurrencies with it.”

He also made sure to point out the fact that BTC can hit $100k.

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