Friday, February 26, 2021
pool-ads
Home Latest News Ethereum Ether Cryptocurrency Passes $1,800 for the First Time

Ether Cryptocurrency Passes $1,800 for the First Time

Ether has more than doubled in value this year, outperforming bitcoin.

In the middle of a continued drying up of sell-side liquidity in the industry, Ethereum’s ether cryptocurrency rallied to fresh lifetime highs early on Tuesday.

 During the European trading hours, the second-largest cryptocurrency reached a record high of $ 1,824.59, surpassing the previous peak price of $ 1,761.35 hit on Feb. 5, according to data from CoinDesk 20. 

According to coindesk.com, the cryptocurrency is now priced lower at $1,764 on a 24-hour basis, marking a 5.5% gain. Ether has more than doubled in volume this year, outperforming bitcoin by 58 percent.

 The most recent gains may be due to assumptions that the ether futures governed by the Chicago Mercantile Exchange (CME) would improve institutional involvement. On Monday, the CME futures contracts went public.

 Support from the latest GameStop saga and turmoil in legacy markets may have been the bullish sentiment, underlining what some claim is a need for more financial democratization. The decentralized financial room is dominated by the Ethereum blockchain. 

Aside from the above reasons, the cryptocurrency may have suffered from low market liquidity. According to data source Glassnode, the number of coins kept in trading addresses fell to a 16-month low of 15,243,945 on Monday.

Subscribe to our newsletter

To be updated with all the latest news, offers and special announcements.

Sourcecoindesk

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -
magazine-ads

Must Read

Total Estimated Crypto Users are Over 100 Million Worldwide

0
A recent study has been released by crypto exchange and debit card provider Crypto.com estimating that the overall number of crypto users worldwide grew...
Ethereum Hits USD 2,000

Ethereum Hits USD 2,000