The ETH price logged a new lifetime high on Tuesday as it gained bullish momentum and accelerated above $1,400.
The ETHUSD pair briefly traded to a new high of $1,500.63, surpassing its previous peak of $1,459 set a few weeks ago. At the time of writing, the ETH price is up 13.5% at its price of $1,478.
ETHUSD Chart By Tradingview
The fresh upward move that saw ETH soar from the $1,200 level to set a new price record came as brokerage platform Robinhood moved to curtail investors from buying stocks such as Nokia (NOK) and GameStop.
The saga began last week when Reddit forum r/WallStreetBets rallied against Wall Street and decided to force hedge funds to unwind short bets in GameStop. Robinhood moved quickly to restrict traders from buying Gamestop stocks in an attempt to rein volatility caused by Reddit-based retail traders.
The blocking of trades infuriated investors, who argued that the platform overstepped its boundaries and cost its clients opportunities to cash in on Gamestop stocks.
The whole saga has caused a renewed belief in DeFi, which has boosted the ETH price to hit a new ATH. The latest ETH price uptick has seen the altcoin gain more than 97% this year, outperforming BTC which is up just about 18.59% in 2021.
GameStop Saga Strengthens Case For Crypto
The shortcomings of the current financial system have been exposed through the Gamestop trading saga, as restrictive actions of a few trading platforms continue to anger retail traders.
According to Nicholas Pelecanos, head of trading at NEM Group, the Robinhood saga may have opened the door for mass adoption of crypto, an asset class that offers users financial freedom.
“With investment and trading platform Robinhood halting trading of certain assets like GameStop and Nokia (NOK), Nasdaq President and CEO Adena Friedman calling for regulations to prevent retail investors from coordinating on social media, the case for cryptocurrencies only grows stronger,” Pelecanos noted.
The analyst also believes that more users will continue to eye DeFi alternatives as they move away from centralized financial service providers.
A DeFi boom would be bullish for the world’s second largest cryptocurrency, as the Ethereum blockchain dominates the decentralized finance space.
UNI Price Surges to New ATH
Uniswap’s UNI seems to be benefiting from the renewed interest in decentralized finance as the Gamestop saga drags on. The popular DeFi token gained pace above the $18.00 and $18.80 resistance levels in today’s trading sessions and even hit an all-time high at $20.78.
The UNIUSD pair is currently correcting gains at its price of $18.42, as per data from CoinMarketCap. However, today’s strong upward move that saw the token outperform ETH and BTC will undoubtedly capture crypto traders’ attention.