While Bitcoin is making headlines by setting new unprecedented records day after day, its big brother Ether does not disappoint and engages in this unprecedented bull run. The price of ether (quotation ETH) on Sunday broke the $ 1.100 mark for the first time since January 2018, just hours after hitting a high of $ 800 for the first time since March of that year.
Bitcoin's bull run also pulls Ether up
The native currency of the Ethereum network hit a nearly three-year high with $ 1.142,59 up 29,4% in the past 24 hours. Ether is currently the second largest cryptocurrency by market capitalization, with a total value of $ 114,2 billion.
The surge in Ether fits into a period characterized by a growing institutional interest in cryptocurrency as a financial investment and with the imminent launch of ETH futures on the CME on February 8.
Furthermore, ether is almost certainly getting a reflex upside from the incredible run in bitcoin prices over the past 3 days. The shift of a portion of Bitcoin's profits towards altcoins is something that has already been seen during the 2017 bull market.
While ether's bull run isn't as spectacular as bitcoin's, the rise in the price of ether is accelerating. After surpassing $ 600 for the first time from May 2018 to November 2020, it crossed the $ 700 milestone for the first time since the same month of 2018 on December 27, 2020 and has now taken the top of $ 800 and $ 900 in the same. morning.
Ether continues to rise as Bitcoin has stalled above $ 30.000
While bitcoin's surge at the start of the new year was astounding and came under the scrutiny of even those less familiar with the industry, bitcoin's price rise appears to have stalled in the past few hours as the 'ether rose sharply against the major cryptocurrency during the same period.
The price of an ether in bitcoin terms is now close to 0,03, the highest in nearly a month. As of Sunday, it was only 0,02309 on Coinbase. It's a roughly 30% rally in just 15 hours. Volumes of Ether on major exchanges have been substantially higher in the past month.
As of Saturday, the seven-day average of total volume of ether transactions on these exchanges was $ 3,3 billion, according to data from CryptoCompare. A month ago, it was $ 1,5 billion. Analysts expect this trend to continue as long as Bitcoin continues to hover between $ 32.000 and $ 34.000 as it is doing right now.
