Today the price of Ethereum's Ether hit a two-year high according to data from crypto trading terminal Crryptowatch.
Despite the breakout to $445, open interest on ETH futures remains steady at a new record high of $1.5 billion.
The record high open interest on ETH futures hints that traders remain bullish and further gains could be seen over the coming days.
On Aug 11, Santiment reported that Ether fees reached an all-time high in both ETH and USD terms.
Since users have to purchase ETH to pay fees to miners, it could have acted as a catalyst for the rally.
"ETH open interest is still absolutely massive. So that means... That... We haven't even seen 'the' big move yet?".
For Ether the open interest has climbed to over $1.5 billion, according to data from Skew.
Huobi and OKEx alone have $761 million worth of ETH futures contracts currently open.
"Ethereum breaks up to a new 2-year high of $444. ETH is up 87% in the last 25-days, nearly 400% since its March low and 235% year-to-date."
In the medium-term, traders expect the altcoin to test higher resistance levels, especially if the Ethereum blockchain continues to see high user activity with sentiment driven by ETH 2.0.
Ethereum Price Hits 2-Year High as ETH Futures Open Interest Tops $1.5B
pubblicato su Aug 14, 2020
by Cointele | pubblicato su Coinage
Menzionato in questo articolo
Another mainstream company is seeking approval to invest in crypto
Anthony Scaramucci's investment firm, SkyBridge, seeks approval from the SEC to invest in crypto.
COVID-19 popularized decentralization, but blockchain may not catch on
On Nov. 9, drugmaker Pfizer announced that its COVID-19 vaccine is 90-plus percent effective, and even though it may be premature to proclaim the pandemic's end - as the virus continues to rage in the United States and Europe - once can at least speculate: Where will blockchain adoption stand when the crisis abates?
Bitcoin hits new 2020 high at $16.7K -Traders expect bigger breakout
The price of Bitcoin hit a new yearly high at $16,717 on Binance.
The next big crypto market could be fantasy sports, says Messari
As "Digitally native" ecosystems like esports continue to synergize with blockchain technology, industries like fantasy sports could be primed for mass adoption, says digital research firm Messari.