Ether Continues to Outclass Gains of Bitcoin, which Hits New Record High of $22,265
As Bitcoin (BTC) continues to record fresh all-time highs, other altcoins are following suit. Specifically, Ether (ETH) has hit new YTD (year-to-date) high following the announcement that CME (Chicago Mercantile Exchange) intends to roll out ETH futures contracts next year.
Bitcoin (BTC), at the time of writing this article, has gained 14.1% in the last 24 hours to trade at $22,169.
With several crypto traders, enthusiasts and even institutions tracking Bitcoin closely, Ether (ETH) has also hit fresh yearly highs after appreciating 8.5% yesterday. The price hit an intra-day high of $656 today on BitMEX exchange, before cooling down to $644, reflecting a gain of 9% in the last 24 hours.
The uptrend followed announcement that CME aims to roll out ETH futures in 2021, subject to regulatory endorsement. It reflected robust client demand for the investment vehicle. Back in December 2017, CME introduced Bitcoin futures contracts. Interestingly, the rally fizzled out in the same month.
There are crypto analysts who forecast sharp increase in the price of Ether from current level. For example, Twitter user who goes by the name ‘Altcoin Sherpa’ pointed out that ETH has started multi-month appreciation earlier this month. Interestingly, the cryptocurrency has recorded minimum gains of 100% per year since 2017. Analysts forecast that Ether will soon exceed $1,000, a price level seen three years before.
$ETH has started its run every December the last 3 years with at least 100%+ ROI over the following months. What makes you think this year will be any different? #Ethereum to $1000+ within the next few months IMO. $ETHUSD pic.twitter.com/TWznrDjXaU
— Altcoin Sherpa (@AltcoinSherpa) December 15, 2020
Popular Ether bull ‘wolfofethereum.eth’ pondered that “the $ETH show is just getting started,” underlining that Ether has eclipsed Bitcoin by 185% in the last 12 months.
Anthony Sassano, product marketing manager of Set Protocol, has tweeted an image equating the metrics of Ethereum, when it previously breached $500 and the current scenario, pointing to a 900% rise in active coders, roughly 80% rise in 24-hour transaction volume, 60% growth in active addresses and a 150% rise in hash rate of the network.
$ETH first hit $500 on November 29th, 2017 during the late stages of the last bull market.
Recently, $ETH hit $500 again so I decided to track how a few different metrics have grown since November 29th, 2017. pic.twitter.com/dvyilK8Vuc
— Anthony Sassano | sassal.eth 🏴 (@sassal0x) December 16, 2020
Open short positions on ETH/BTC pair is currently at historical lows, implying that markets anticipate Ether (ETH) to surpass gains of Bitcoin in the predictable future. Interestingly, long positions in the ETH/BTC pair are near their peak since February 2018.
Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.