The price of the second-largest cryptocurrency, Ethereum, today hit $1,005. The second-largest crypto glanced poised for a notable price move for some time. Ether’s movement corresponds with increasing institutional interest in the cryptocurrency and the expected launch of ETH futures on the CME on Feb. 8. Also, ETH is almost surely receiving support from the eye-popping price run of bitcoin in the last 24 hours.
The last few days have been specifically optimistic across the markets, with Bitcoin reaching new highs every day. It topped at $34,685 earlier today. However, when Ether is in demand, the price of gas, small amounts of Ether required to conduct transactions on Ethereum have also risen. The ETH Gas.watch aggregator has suggested a rate of 500 Gwei to make an immediate transaction.
Intricate details about Bitcoin and Ethereum’s trendÂ
Where Bitcoin has customarily been leading new all-time highs, Ether was hanging somewhat behind until today. It’s still approximately 34% short of its $1,448 high reported back in January 2018. With a rise of 20%, the crypto markets present a trend that’s worked out time and again in the last few years. With Bitcoin’s bullish rally, Ether is usually not far behind.
Further, Ethereum’s success and most of the significant altcoins rally are Bitcoin’s bull run. Altcoins often track Bitcoin’s price, given Bitcoin’s dominance over the market. The cost of one Ether in Bitcoin terms is recently near 0.03, the highest it has been in over a month. Earlier on Sunday, it was just 0.02309 on Coinbase. Moreover, that’s a rally of about 30% in 15 hours.
During 2020, a prevailing narrative amongst top investors has been that gold will ultimately quit some of its market capitalization to Bitcoin. The Bitcoin and Ethereum’s rise is due to institutional interest and recognition of BTC hedge value. Therefore, the retail investors, especially the younger generations, are now also viewing cryptocurrency as an alternative hedge asset to gold.
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