Cryptocurrency Ethereum hits record high, institutional demand established by Bitcoin
"Cryptocurrency Ethereum hits record high, institutional demand established by Bitcoin".
Cryptocurrency Ethereum hits record high, institutional demand established by Bitcoin
20.02.2021
Etherium, the second largest cryptocurrency in terms of market capitalization and volume, reached a record high last Thursday. As a result, it has increased institutional interest in the space, and more than a week after the Chicago Mercantile Exchange's futures were launched.
The virtual currency reached an all-time high of $ 1,938 and finally rose 4% to $ 1,936.94. CMI last week launched Ether, a digital currency that facilitates Ethereum blockchain transactions. The terms ether and etherium have become interchangeable in the crypto world.
Bitcoin also launched its growing institutional participation in cryptocurrency last Wednesday as the largest and most popular asset. Last Wednesday, the all-time high reached $ 52,640. Bitcoin is currently in consolidation mode after hitting a record high of $52,000, down 0.3%.
Among the mainstream investors and companies that have recently jumped into Bitcoin's bandwagon are Tesla, MasterCard and BNOI Mellon. Jeffrey Gundlach, billionaire chief executive of investment firm Doubleline Capital, is the latest among traditional Bitcoin investors.
He said in a tweet that Bitcoin could be a stimulating asset, not gold. He also said that a funnel generates a lot of torrents. Gundlach said he was neutral because of Bitcoin's instability, which reduced his vision of losing weight.
Another beneficiary of Bitcoin's rise as a mainstream asset is the world's first Bitcoin exchange trade fund, which was approved by Canadian regulators.
The purpose was to increase the trading volume of Bitcoin ETFs. According to CME data, about 1,900ETH futures have already been traded for about 92,800 ethers in the first five days of last week, equivalent to about 160 million.