Ethereum Mimics Bitcoin Run, ETH Reaches New ATH of Over $1,800

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by Oluwapelumi Adejumo · 3 min read
Ethereum Mimics Bitcoin Run, ETH Reaches New ATH of Over $1,800
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In the last 24 hours, Ethereum has seen its trading volume increase by 40% which translates to $56,017,441,224.

Following the spike in the price of Bitcoin in the last 24 hours, Ethereum (ETH) has scored a major goal and new ATH too within this period as its price quietly soared above the $1,800 mark and traded for as high as $1,807.68, according to available data from Coinmarketcap.

Ethereum (ETH) Reaches New ATH

The second-largest crypto-asset by market cap recorded a growth of over 9% in the last 24 hours. The surge was majorly driven by the launch of the ETH futures contract on CME Global on February 8 where close to 400 Ether futures contracts were traded on the platform on just the first day. This indicates that institutional investors’ interest in the digital asset is also very high and that most of them are willing to diversify their portfolio by investing in the coin.

In the last 24 hours, Ethereum has seen its trading volume increase by 40% which translates to $56,017,441,224. The asset has also seen its market cap also increase by above 9% placing it above major financial institutions like Wells Fargo, Morgan Stanley and even American Express.

As it stands, the crypto market has been on a general bull run since the beginning of the year when the total market cap of the industry surpassed the $1 trillion mark. The price of other crypto assets like Dogecoin, XRP, Stellar Lumens and others have recorded new highs from the beginning of this year.

Tesla’s Bitcoin Purchase Pushes the Value of Crypto Asset to ATH

Yesterday, we reported Tesla’s acquisition of BTC worth a whopping $1.5 billion. Since this news broke out, the popular crypto coin went on a similar price surge we witnessed in the early part of this year that resulted in its previous all-time high of $42,000.

Presently, the coin has not just broken past the barrier level at $45,000, it has also surged past $46,000 and $47,000 to record a new all-time high of $48,003.72 in the last 24 hours, according to data from Coinmarketcap. This indicates that the value of the asset gained over $9,000 within this period.

Some analysts had predicted that the crypto king might face a major resistance level at $45k but going by its current bull run, it soared past this price without much ado and it appears to be currently heading towards the resistance level at $50,000.

The two leading crypto-asset new highs are indicative of how institutional investors are helping to push the value of the industry higher. These investors are seeking a viable means of protecting their cash asset in an investment option that would better protect them against inflation.

Altcoin News, Bitcoin News, Cryptocurrency news, Ethereum News, News
Oluwapelumi Adejumo

Oluwapelumi is a believer in the transformative power Bitcoin and Blockchain industry holds. He is interested in sharing knowledge and ideas. When he is not writing, he is looking to meet new people and trying out new things.

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