Recently Bitcoin has been contracting since its rise above the $40,000 level; Ethereum has had more than one trick up its cover. Currently, the price of Ethereum rose to hit a new record-high at $1460. According to CoinMarketCap, it reached a high of $1467 before pulling back slightly. Ethereum’s bullish momentum appears to be still open-ended, as ETH is trading at around $1428 at the time of writing. In the last 24 hours, it is up 15%.
The community is optimistic about cryptocurrencies as Bitcoin recently hit above the $40,000 level once again. It has since drawn back, nevertheless, consolidating approximately $33,000. This year alone, Bitcoin has increased by 11% so far. Notwithstanding its growth, on a year-to-date basis, Ethereum on its end may have exceeded Bitcoin, as it has shown an 88% increase. Presently, whether the bulls take charge will decide the level of consolidation of Ethereum. The cryptocurrency’s improvement has helped to drive it higher and defeat Bitcoin.
DeFi ecosystem to fuel rise in Ethereum price
Analysts in the crypto community appear to view that Ethereum may surge more in the future than Bitcoin. As a blockchain network, it is highly asked after by developers as a platform to treat decentralized finance (DeFi) projects. The DeFi sector mostly operates on Ethereum’s network and recently has above $26 billion in total value locked. The DeFi trend, which fundamentally leverages Ethereum to manage smart contracts, may increase Ether’s value.
Moreover, Ethereum is gaining significance and mainstream adoption as CME (Chicago Mercantile Exchange), the world’s most significant derivative platform, has declared its intentions to launch ETH futures by Feb. 8. Once it achieves the U.S. CFTC (Commodity Futures Trading Commission) regulatory approval, traders will also possess ETH futures as an option, attached to the prevailing Bitcoin futures accessible.
This will allow investors to trade Ethereum contracts without owning the underlying asset, and investors can benefit from gambling on Ether’s future price (ETH). Additionally, Ethereum may witness an inflow of institutional investors, just like Bitcoin did, with institutional investors’ opportunity to soon trade ETH futures. For the time being, the crypto sector is expecting Ether’s rally to $2000.
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