Ethereum climbs to record high: $ 2,000 is drawing closer

Ethereum climbs to record high: $ 2,000 is drawing closer

Ethereum gave the opening dance on the trading floor a new impetus. The gap to the nearest thousand mark is gradually closing.

With a weekly plus of around 20 percent, the Ether course (ETH) set a new all-time high of 1,826 US dollars at the time of going to press

Drive received the second largest cryptocurrency through the start of trading in Ether Futures on the CME. Due to the price jump, the distance to the 2,000 mark is getting closer and closer. The indicators do not point to an end to the Ethereum rally anytime soon.

The introduction of Bitcoin Era on the world’s largest futures exchange, the Chicago Mercantile Exchange (CME) in December 2017, was a bad time. Only a few weeks after the high altitude rush at that time, Bitcoin and with it the entire crypto market collapsed massively. The crypto winter followed, which caused quite a few pessimists to call the end of digital currencies.

Almost three years later, the time for the official start of trading in Ether Futures on the CME could hardly have been better. The overall market is on the move. There is hardly a top coin that has not climbed to a record high these days. The central position of the Ethereum blockchain as a smart contract anchor point is becoming increasingly important.

Ethereum, like Bitcoin, is increasingly tapping into the select group of institutional investors. This is evidenced by the volume of futures trades on the CME already measured on the first day of trading. According to the on-chain data portal Glassnode, total contracts were traded for 34.1 million US dollars. The open interest of all outstanding contracts is $ 20 million.

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Each of the contracts represents 50 ethers , whereby the “block trade size”, ie the minimum trade amount, is five contracts. At the current exchange rate, the value is over 450,000 US dollars per contract. The derivatization of the second largest crypto asset is therefore proving to be a door opener for massive capital inflows.

A new Ethereum chapter

The recently published annual report of the crypto exchange Coinbase confirmed that the demand for exchange-traded financial products among large investors is increasing . Accordingly, Ethereum is increasingly developing as a store of value. The asset manager Grayscale also speaks of an undervaluation in connection with the previous performance and the growth potential that has yet to be exploited .

The futures launch at the CME underlines this development. As Ryan Sean Adams, founder of Mythos Capital, tweeted, the start of trading creates another bridge to institutional investors. Accordingly, with the blessing of the US regulators, Ethereum is developing into a globally accepted commodity money.