Following the rise in Bitcoin price in the last 24 hours, Ethereum (ETH) has set an important goal and a new ATH also in this period, as its price has risen slightly above the $ 1,800 mark and has traded for up to $ 1,807.68, according to available data Coinmarketcap data.
The second largest crypto-asset by market cap has grown by over 9% in the past 24 hours. The increase was mainly driven by the launch of ETH’s futures contract at CME Global on February 8, where around 400 Ether futures contracts were traded on the platform on the first day alone. This indicates that the interest of institutional investors in the digital asset is also very high and that most of them are willing to diversify their portfolio by investing in the currency.
In the past 24 hours, Ethereum has seen its turnover increase by 40%, which translates to $ 56,017,441,224. The asset also saw its market value also rise 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 in a general bullish race since the beginning of the year, when the sector’s total market capitalization surpassed the $ 1 trillion mark. The price of other cryptocurrency assets like Dogecoin, XRP, Star Lumens and others have registered new highs since the beginning of this year.
Yesterday we reported Tesla’s $ 1.5 billion acquisition of BTC. Since that news was released, the popular cryptocurrency has seen a price increase similar to what we saw earlier this year, which resulted in its previous record of $ 42,000.
Currently, the currency has not only passed the $ 45,000 barrier level, but has also crossed $ 46,000 and $ 47,000 to set a new historical record of $ 48,003.72 in the past 24 hours, according to data from Coinmarketcap. This indicates that the value of the asset has earned more than $ 9,000 in this period.
Some analysts have predicted that the crypto King could face a major resistance level of $ 45k, but going through its current high, it has surpassed that price without much effort and appears to be currently heading towards the $ 50,000 resistance level.
The two new main cryptocurrency maximums are indicative of how institutional investors are helping to raise the sector’s value. These investors are looking for a viable means of protecting their cash assets in an investment option that would better protect them against inflation.