Ethereum is the second-largest cryptocurrency according to market capitalization as well as volume. They have successfully managed to reach their all-time high owing to increased institutional demand in this space.
Ethereum is standing on the verge of a big break-out after over a week since the launch of the futures exchange by Chicago Mercantile. The digital currency has touched a record high of $1,938 and this indicates a 4.6% spike.
Ethereum Bull Run Spurred By Institutional Interest
The CME in the previous week was launched for futures on Ethereum, the virtual currency or token which facilitates transactions on the blockchain of ETH. In the cryptocurrency market, the terms Ethereum and Ether have almost become interchangeable.
The growing institutional contribution in cryptocurrencies has also motivated BTC which is the biggest and most popular crypto asset that was trading at $52,640 on 17th February, Wednesday.
Luis Cuende, Aragon co-founder which is a decentralized app on ETH blockchain has informed that ETH is severely undervalued and he considers that this is so owing to their more complicated narrative.
He further added that a worldwide computing network aimed at Web3 is completely new and very thrilling. He believes that during the forthcoming 3 months, he might be able to see ETH touching $2,500.
On the other hand, BTC is presently consolidated after reaching its all-time high and had slightly declined by 0.3% to $52,000. Some of the mainstream companies and investors which have lately joined the bandwagon of BTC are Mastercard, BNY Mellon, and Tesla.
CME data reveals future contracts of ETH being 1,900 were traded in the past 5 days after their launch that is worth almost $160 million.
Approximately 27% volume has come from outside the US and over 33% traded in non-US trading sessions.