Analysis: Ethereum rises strongly due to Asian buying, institutional allocation and DeFi recovery

PANews reported on July 21 that Matrixport said in today's chart that the recent altcoin market has been driven by the Asian market, with Ethereum (ETH) and Ripple (XRP) performing outstandingly. Ethereum continues to strengthen under the catalyst of a number of potential positive factors, and market sentiment remains positive even if the network Gas fee remains low. At present, ETH's funding rate has risen to double digits, coupled with futures positions and continued inflows of ETF funds, the market heat has gradually increased, although the current overall level is still in a moderate range. Last week, the agency analyzed Ethereum's performance in various trading sessions around the world. Since then, the influence of the Asian market has become more and more significant, and has led to a strong rise in ETH over the weekend. However, this round of market is not only driven by speculative funds and institutional allocations, the recovery of DeFi activity has also become an important driving force for Ethereum's rise.