Ethereum Is Now Trading Above $350. What is the Cause for This Bullish Trend?
Just when Bitcoin is hitting record-highs above $8000, the second-most dominating cryptocurrency - Ethereum to has managed to surpass the resistance of $350 and has been consolidating over that price since the past 24 hours. This shows that just when Bitcoin is leading the charge of the crypto markets, the other altcoins too are lending their support while contributing their share.
The Ethereum has successfully managed to get hold of the rising steam and analysts believe that this could just be the beginning. There is every possibility that before the year ends, Ethereum could be trading well above the $400 mark. Prominent names from the financial world as voicing their support for Ethereum, with billionaire Mark Novogratz saying “ETH looks poised for a move to new highs.” As per Novogratz, there is a lot of innovative work done by several Ethereum startups about the application of this cryptocurrency that could possibly catapult Ethereum to new record highs.
There has been a huge surge in the trading volumes for Ethereum which has surged to USD 1.8 billion from just $650 million the previous day. This is a stupendous 82% increase in trading volumes within a span of 24 hours which suggests for a strong bullish momentum.
Bithumb grabs the top spot as the biggest trading venue followed by Bitfinex as the second and Coinone as the third busiest exchange.
Possibility of Ethereum Getting a Bitcoin-Like Futures Contract
As per certain reports, Ethereum is much likely to get its own futures contract just similar to the ones announced by the CME Group for Bitcoin. In the wake of this announcement, Bitcoin valuations have soared at an unprecedented rate in the past one month with its price reaching from $5000 to $8000 in very short time.
The reports coming from Bloomberg says that Ethereum “is poised to get a derivatives market”. As per the reports, a very renowned named in derivates market is the brain behind building an exchange for Ethereum futures. Moreover, this exchange is said to be a completely legitimate marketplace as it will be governed by the U.S. Commodities Futures Trading Commission.
Sunil Hirani, who is a very popular name in the Wall Street is said to be the founder of this exchange. Sunil Hirani has made his fortunes by designing credit default swaps for banks. His firm was bought by Intercontinental Exchange Inc. for a whopping price of $500 million. This in itself speaks volumes about the credentials of this person and his influence in the world of finance.
In these reports come out to be true in the market, there is every possibility we could see a series of continuous rally in the prices of Ethereum just like we say in the case of Bitcoins. Although Bitcoin has been single-handedly dominating the crypto market in the past month it would not be a wise option to ignore other altcoins which too are showing bullish trends.