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November 29, 2022
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Guide & Analysis

Ethereum (ETH) reaches new historical record

Ethereum(ETH) reaches a new historical record, with annual earnings above 460%. As the ETH bull race continues, the demand for Ether-derived products increases.

The world’s second largest cryptocurrency Ethereum (ETH) has increased 5% to a new record high above $ 4100. So far, ETH is trading at a price of $ 4126, with a market value of $ 478 billion. . This makes Ethereum now the 19th most valuable asset in the world, taking down giants like Walmart and Johnson & Johnson.

At its current price, Ethereum (ETH) recorded a massive return of 460% in the year. Last week, the price of ETH gained another 30%. In addition, ETH has also extended its market dominance by more than 19%, while pushing Bitcoin to less than 44%.

The recent rise in ETH prices comes amid growing institutional interest in cryptocurrency. As Ki Young Ju, CEO of CryptoQuant mentions, Coinbase Premium for Ethereum has increased along with its price. This suggests a strong buying interest from US institutional investors.

The rise in ETH prices has been unstoppable in recent times. This comes at a time when the altcoin market added more than $ 500 billion last week. On the other hand, the supply of ETH on exchanges has declined significantly, while a large number of ETH are switching to DeFi Deposit and ETH 2.0 contracts.

The number of open interest contracts for ETH futures also hit a new high, above $ 10 billion last week. Citing data from Skew Analytics, Twitter’s Unfolded identifier reported it.

Demand for Ether ETF increases while Ethereum is setting a new historical record

As Ethereum continues to gain more market dominance and establish new maximum levels, demand for products derived from Ethereum is increasing. Last Friday, asset management giant VanEck signed up for the first US Ether ETF with the United States Securities and Exchange Commission (SEC) VanEck is already awaiting a decision on its Bitcoin ETF, which is currently under review by the US SEC.

According to the VanEck Ether ETF deposit, the asset manager will hold the physical ETH currencies against the VanEck Ether ETF shares. Both retail and institutional investors will be able to buy VanEck Ether ETF shares. These shares will accompany the Ether price live through the MVIS CryptoCompare Ethereum Benchmark Fee.

On the other hand, the Candian market is already witnessing massive demand for Ether ETFs. Three major players – Evolve Funds, CI Galaxy Digital and Purpose Investments – launched their Ether ETFs on the Toronto Stock Exchange (TSX). Since its launch on April 20, the ETF Purpose Ether has accumulated almost 32,000 ETH coins so far.

Source: Coinspeaker

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