Chainalysis CEO Michael Gronager says that fundamental changes in Ethereum are contributing to the growth of other crypto assets, particularly in one subsector.
In an interview on Bloomberg Technology, the head of the blockchain data platform explains that Ethereum (ETH) has seen large price appreciation over the past few weeks largely due to protocol changes and growth in the network, as well as decentralized finance (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.
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.”
According to DeFi Pulse, 120 of the