Konstantin Anissimov, Executive Director at CEX.IO, shares his insights about the Bitcoin (BTC) and Ethereum (ETH) daily price movements. Feb 21
The bullish sentiment in the overall cryptocurrency market is currently at new highs making Bitcoin (BTC) the first crypto asset to have trillion-dollar valuations. With this, Bitcoin becomes the sixth most valued asset in the world.
As the price of Ethereum surged to its all-time high, there are expectations that a reversal may occur.
Ethereum has set a new ATH. In the last 24 hours, the second largest coin has climbed above $1,900. The digital asset is slowly inching closer to a much revered $2,000 price tag.
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The potentials in the price of Ethereum to soar to new levels is backed by the rise in the coin’s Total Value Locked (TVL) on DeFi platforms.
The upcoming hard fork in Ethereum 2.0 Beacon Chain will introduce critical updates in terms of introducing light clients as well as introducing the inactivity leakage mechanism to make life easy for stakers.
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Major cryptocurrencies including Bitcoin and Ethereum were able to rebound after yesterday’s sell-off before the FED statement.
The Ethereum has been correcting for two days already, but for now, this has little significance: the market remains unmistakably positive. On Thursday, February 11th, the ETH is trading at $1,726 USD.
Considering the fact that the crypto industry has been on a general bullish run recently, it is possible to assume that the value of Ethereum would break the $2000 level even before the end of the week.
According to CME Group market data, a total of 388 Ether futures contracts exchanged hands on the first day of trading.
The altcoin market is buzzing with strong investor interest as well as the rally in the DeFi space. Cardano and Polkadot have registered strong moves surpassing Ripple’s XRP.
In the last 24 hours, Ethereum has seen its trading volume increase by 40% which translates to $56,017,441,224.
ETH gathers steam as the CME Ether Futures go live today. While the institutional action around ETH price movement has been positive, market analysts give mixed opinions on how the CME Ether Futures can affect the ETH price movement.