Although Bitcoin continues to push into new all-time highs, after reports that the Chicago Mercantile Exchange plans to introduce ETH futures contracts in 2021, Ether has also tagged new year-to-date highs.
On December 16, BTC spiked into new highs, earning 10 percent from $19,140 to $21,340 in one day. To date, December 17, has seen BTC extend the rally by an additional 4 percent, with the market currently finding support around $21,800 after posting a local peak of $22,160. Although several traders tend to be glued to the Bitcoin charts, after gaining 8.5 percent yesterday, Ethereum also moved through new yearly tops. The market today rose to BitMEX’s local peak of $656, with prices already hovering half a percent above the closing price of $640.0 yesterday.
The rally followed reports that, awaiting regulatory approval, CME plans to introduce ETH futures in 2021. It cited high demand for the product from consumers.
In December 2017, CME released its Bitcoin futures contracts, which marked the peak of the historic rally of that year. For the ETH to come, others expect even greater movements upwards. The ‘Altcoin Sherpa’ Twitter user observed that in December, ETH started multi-month rallies that saw returns of at least 100 percent for two of the last three years. As such, for the first time since 2017, the researcher anticipates Ether will shortly exceed $1,000.
According to cointelegraph.com, Ethereum perma-bull ‘wolfofethereum.eth’ speculated that the $ETH show is just getting started,” stressing that over the last 12 months, Ether has outperformed BTC by 185 percent.
Anthony Sassano of Set Protocol posted a photo contrasting Ethereum’s statistics when it last broke $500 and the situation today, noting a 900 percent rise in active developers, an 80 percent rise in 24-hour transaction count, a 60 percent rise in active addresses, and a 150 percent rise in network hash rate.