ETH price tops US$1,450 for the first time
Ethereum cracks all-time high: ETH price tops US$1,450 for the first time
Ethereum (ETH) is unstoppable: While the Bitcoin (BTC) price is resting, the world’s second largest cryptocurrency is setting a new all-time high and some Decentralised Finance (DeFi) tokens are also reaching new highs. Where do we go from here?
For the first time in three years, Ethereum is setting a new all-time high. The last time the Ether price was above the US$1,400 mark was on 13 January 2018.
In the night from yesterday (Sunday) to today (Monday), the second largest cryptocurrency broke through the old all-time high and reached a new high with a price of 1,459 US dollars.
In the last 30 days alone, Ethereum recorded a price growth of more than 120 percent. In addition, Ether is one of the top performers within Bitcoin Trader the ten largest cryptocurrencies. At the time of going to press, ETH has a market capitalisation of almost 164 billion US dollars.
But what are the reasons for this enormous rise and why could this have been just the beginning of a major altcoin rally?
ETH exchange stocks are melting away
In the past, a decline in BTC held by exchanges has led to a price explosion for Bitcoin, provided demand remained persistently high.
The same phenomenon can now be observed with Ethereum. More and more Ether has been withdrawn from exchanges by investors in recent months. Many of these investors are long-term oriented and use ETH for staking or within DeFi protocols.
CME Ethereum futures to go live soon
The world’s largest futures exchange Chicago Mercantile Exchange (CME), announced last year on 16 December that it planned to launch Ether futures by 8 February.
Futures are essentially trading contracts that allow investors to bet on the future price of an underlying asset.
The announcement came just under three years after the CME introduced bitcoin futures. Ultimately, Ethereum futures will help Ethereum mature and provide more liquidity in the market.