The price of Ethereum’s ether (ETH) has broken through the $1,500 mark to hit a new all-time as the recent GameStop (NYSE: GME) trading saga has seen several analysts push for the adoption of cryptocurrencies and decentralized finance (DeFi).

Ether is currently trading at $1,540 after falling from a new all-time high of $1,574.09. The move higher seemingly came in response to recent turmoil in stock markets, where several brokerage platforms like Robinhood have restricted transactions buying specific stocks to curb volatility brought by a Reddit-fueled pump.

The trading frenzy started after WallStreetBets traders started buying up GameStop after finding there was excess shorting compared to the company’s free float. The pump has forced short interest to plunge as the short squeeze has progressed.

Robinhood and other platforms restricting GME buys after its 1,700% surge, however, saw cryptocurrency analysts point toward the decentralized finance (DeFi) space as a solution, as decentralized exchanges operating on it cannot restrict trading

Coinbase’s annual review has also revealed ETH has a store-of-value appeal, as a growing number of institutions have been taking positions in the cryptocurrency. 

Source: https://www.cryptocompare.com/email-updates/daily/2021/feb/03/