Ether Price, on Cusp of Record 10-Day Winning Streak, Tops $3,500 for First Time

Wednesday 05 May 2021, 12:21 AM AEST - 1 week ago

Ether (ETH, +11.62%) is eyeing a 10-day winning streak in a sign of the strongest bullish momentum in more than three years.

The second-largest cryptocurrency was changing hands around $3,500 at press time, for a 2% rise since 0:00 coordinated universal time. If these gains are held through the daily close (23:59 UTC), ether would cement a 10-day winning trend, the longest since early January 2018, according to Coinbase data.

Ether daily price chartSource: TradingView

Ether (ETH), which is the native cryptocurrency of the Ethereum blockchain, has nearly quintupled this year, in a rally fueled by speculation over the future of decentralized finance, known as DeFi, as well as other use cases like non-fungible tokens or NFTs. Theres also mounting evidence of robust growth in transaction volumes and other network metrics, as documented in a May 3 tweet by the blockchain analytics firm Glassnode.

The cryptocurrency this year has outshone the larger bitcoin (BTC, -4.2%) (BTC), which has doubled this year. Ethers market value has now topped $400 billion, but its still well behind the $1.04 trillion for bitcoin.

The rising popularity of ether futures listed on the Chicago Mercantile Exchange (CME) shows institutions are now seeking exposure to the cryptocurrency via derivatives markets.

Ether: CME futures open interest

Open interest in the CME futures, or the amount of outstanding positions, rose to a record high of $473 million on Monday, marking a 23-fold increase since the first-day tally of $20 million, per data provider Skew. Ether futures went live on the CME on Feb. 8.

On Monday, some $581 million of ether futures contracts changed hands on the CME, up 17-fold since the debut.

The CME data demonstrates the increasing influence of institutional mon ...

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