NEW YORK/LONDON/SINGAPORE - Cryptocurrency ethereum climbed to a new peak for a third straight day on Monday on continued optimism about further growth in decentralized finance or "DeFi", although some analysts said it was overvalued at current levels.
"The myriad possibilities of decentralized ledger technologies should be likened to a technological force of nature that will continue to disrupt finance and other businesses," said Paolo Ardoino, chief technology officer of cryptocurrency exchange Bitfinex. But some analysts said ethereum's increasing valuation was not underpinned by data of how widely it is used.
Blockchain data provider Glassnode, in a research report on Monday, said there are indications that a portion of bitcoin capital is rotating toward ethereum and dogecoin.