Ethereum, the world's second-largest digital coin, surged over 4% in 24 hours Monday to hit a new all-time high above $4,700.
, meanwhile, climbed 7% to a price of $66,250, inching back toward a record high above $66,900 set in late October.
The reason for the move wasn't clear. Cryptocurrencies are known for their volatile price swings, with moves of up to 20% higher or lower relatively common.It comes amid growing excitement about DeFi, or decentralized finance, a new trend in the crypto market which seeks to build financial applications like lending and trading on the blockchain.. Some of the biggest DeFi services, including decentralized exchange Uniswap and lending platform Aave, run on the Ethereum network.
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