Sentiment around Ethereum has been boosted by a few recent developments

Crypto currency markets are showing signs of recovery with Bitcoin and Ether rallying 4 per cent over the last two days.

Sentiment around Ethereum has been boosted by a few recent developments. Multiple asset management firms have applied to launch Ether-based exchange-traded funds (ETFs). Additionally, PayPal, the global payments giant with more than 400 million users, launched its dollar-backed stablecoin, PYUSD, on the Ethereum mainnet.

In the meantime, investors overwhelmingly expect the US Fed to keep rates unchanged at its impending meeting in September. Some even forecast a 25 basis points interest rate cut as early as the December meeting.

Bancor Network’s BNT has soared 55 per cent during the last week after releasing the primer for its new on-chain trading strategies protocol, Carbon. Coin98’s C98 climbed 30 per cent after a significant investment from VC company DWF Labs. DODO soared 28 per cent after unveiling DODO X, a cross-chain aggregation service.

Frax Finance’s governance token, FXS, soared 10 per cent after the founder’s proposal to bring Real World Assets (RWAs) to the network.

Solana, Toncoin, and Algorand have also gained during the last seven days, propelled by last month’s court ruling that XRP is not a security.

Kyber Network, Nest Protocol, and Bounce were the decentralized finance (DeFi) tokens that shed the most value during the last 7 days, declining 30 per cent, 24 per cent, and 18 per cent, respectively.

Rocket Pool, a leading liquid staking protocol, saw its RPL token drop by 12 per cent during the last week. RPL reached an all-time peak of $62 on April 26 and has declined 58 per cent since.

Compound’s COMP declined 10 per cent with investors likely booking profits following a stellar run for the token. Former Chief Executive Officer Robert Leshner stepped down to form a new firm.