Ethereum (ETH) has experienced a notable surge in value, reaching a peak of $2,850 before settling at $2,730, marking a 2% gain from a 7% increase. This rise occurred while Bitcoin (BTC) slipped below $96,000 to $95,500. Observers have noted that Ethereum's performance is outpacing that of Bitcoin and other high-cap cryptocurrencies, with some suggesting that this could signal the start of an 'altcoin season'. Ethereum's rise is attributed to its utility in decentralized finance (DeFi), with multiple sources emphasizing that Ethereum is the platform for DeFi applications.