|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.
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...