Ethereum Hits Record High

Ethereum Hits Record High

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12/04/2021 by Koinal
588
Ethereum, the second-largest cryptocurrency in terms of market capitalization and volume, reached a record high triggered by rising institutional demand for Bitcoin.
Ethereum Hits Record High

Its futures were recently launched on the Chicago Mercantile Exchange (CME). The digital currency hit its all-time high of $1,938 and most recently increased 4.6% to $1,936.94. Ether’s price displayed a fantastic performance and rose 35% over 30 days. The investment trend that evoked the Bitcoin movement has begun to reflect on ether. Technical analysis shows that significant ether addresses are increasing, the digital token is being used more and more actively, and it is beginning to attract institutional investors’ attention.

Ethereum, the most popular digital currency after Bitcoin, witnessed an all-time high as investors started buying before forward contracts began to be traded on the Chicago Mercantile Exchange (CME). Ethereum is the digital currency that facilitates transactions on the Ethereum blockchain. In the crypto world, the terms ether and Ethereum have become interchangeable. Growing institutional interest and participation in cryptocurrencies and moving towards the adoption of digital currencies seem to be bringing a boom for the cryptocurrency industry and ecosystem. These developments spread positive vibes not only for Bitcoin or Ethereum but also for other altcoins.

Although it seems that there is a rivalry between digital currencies, particularly Bitcoin and Ethereum, in fact, their performance increases in parallel with each other. Cryptocurrencies are attracting more and more investors. The total market cap of all cryptocurrencies has risen above $ 1 trillion for the first time in early January. Many experts and analysts believe that Ethereum is likely to jump to $2,200 if the digital token breaks $2,000. Ether’s increase of %164 in value this year even surpassed Bitcoin, which has gained around %85 since the beginning of the year.

In addition to the increase in Ethereum prices, the number of large investors is snowballing. This can be considered a vital sign for the broader adoption of digital currencies by the mainstream. Coinbase announced in its report for 2020 that “institutional investors have started to be interested in the ether.” Blockchain data shows that the number of wallets that include at least 10 thousand ether has started to increase, especially after the second half of last year. At the same time, wallets that contain at least 1,000 Bitcoin have also begun to grow.

The number of active Ethereum addresses rose to 617.000 recently. Coin Metrics, calculating the data based on a seven-day average, announced a %8.6 increase compared to the previous weeks. The growing of active Ethereum addresses indicates that the demand for digital currency is also growing. The average value of transactions on the Ethereum network is around $312. Although the record for this was broken in January 2018, such a high number had not been seen for years.

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