2021-5-3 15:40 |
Ether price is simply exploding, going to the stratosphere.
Hitting a new all-time high today to surpass $3,200, ETH is now up over 60% in a fortnight as it continuously hits new ATHs.
ETH is up a whopping 1,066,566% up from its initial coin offering (ICO) sale price of $0.30.
“There is still 0 volume behind this ETH pump – because the market still can't find sellers to offer, so few sellers that June futures basis was unable to even pop up on 3k break,” noted CL.
Against BTC as well, it has hit 0.0544 BTC level, last seen in early August 2018.
BTC 1.73%
Bitcoin / USD
BTCUSD
$ 57,528.08
$995.24
1.73%
Volume 46.02 b
Change $995.24
Open $57,528.08
Circulating 18.7 m
Market Cap 1.08 t
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Ethereum’s Network Value to Transactions ratio (NVT) is driven back down towards this cycle lows, indicating that transaction volumes are high and growing faster than the network market cap. As we reported, European Investment Bank is planning on issuing a digital bond over the Ethereum blockchain.
“Today's market strength is supported by volume settled on-chain,” stated Glassnode.
What’s even more interesting about this run-up is the fact that funding on the exchanges is still minimal; no heating up can be seen anywhere. The highest, as of writing this, is at 0.0732% on Huobi.
This goes on to show that this uptrend is not driven by degenerate leverage traders but spot buyers.
“The funding is low because they are investing, not speculating. Using, not punting. Preferring wealth, not getting liquidated,” said Kyle Davies, co-founder of Three Arrows Capital.
Currently, traders are about 46% short on ETH while over 53% are long on the digital currency, as per Bybt.
The second-largest cryptocurrency now has a market cap of $365 billion, making it the 22nd largest asset — bigger than Bank of America and PayPal.
Ether’s latest gains have put Bitcoin’s dominance under 50% to 46% as the largest cryptocurrency trades around $58,500.
According to James Quinn, managing director at Q9 Capital, a Hong Kong crypto private wealth manager, ETH is catching up to Bitcoin’s late 2020 gains.
“At first, the rally was really led by bitcoin because as a lot of the institutional investors came into the space, that would be their natural first port of call,” Quinn said. “But as the rally has matured over the last six months, you have DeFi, and a lot of DeFi is built on ethereum.”
It is further driven by the growth of DeFi, increasing demand for NFTs, and Ethereum’s upcoming London upgrade. With surging DeFi volumes, investors are gaining confidence in crypto, as seen with the launch of several Ether exchange-traded funds in Canada, and institutions also taking an interest, as Guggenheim CIO also pointed at; this makes sense.
With large amounts of Ether flowing out of crypto exchanges, especially Coinbase, “I believe this buying power came from institutional investors,” noted Ki Young Ju, CEO of CryptoQuant.
Ethereum/USD ETHUSD 3,178.2420 $271.74 8.55% Volume 37.55 b Change $271.74 Open$3,178.2420 Circulating 115.72 m Market Cap 367.8 b baseUrl = "https://widgets.cryptocompare.com/"; var scripts = document.getElementsByTagName("script"); var embedder = scripts[scripts.length - 1]; var cccTheme = {"Chart": {"fillColor": "rgba(248,155,35,0.2)", "borderColor": "#F89B23"}}; (function () { var appName = encodeURIComponent(window.location.hostname); if (appName == "") { appName = "local"; } var s = document.createElement("script"); s.type = "text/javascript"; s.async = true; var theUrl = baseUrl + 'serve/v1/coin/chart?fsym=ETH&tsym=USD'; s.src = theUrl + (theUrl.indexOf("?") >= 0 ? "&" : "?") + "app=" + appName; embedder.parentNode.appendChild(s); })(); var single_widget_subscription = single_widget_subscription || []; single_widget_subscription.push("5~CCCAGG~ETH~USD"); The post Lack of Sellers Allows Ether to Lead the Market & Catch up to Bitcoin’s Gains first appeared on BitcoinExchangeGuide.Similar to Notcoin - TapSwap on Solana Airdrops In 2024
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