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Ethereum Quietly Hits New All-Time High, Riding on Bitcoin's Coattails

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Mon, 02/08/2021 - 16:20
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Alex Dovbnya
Ethereum has caught up with Bitcoin, hitting yet another all-time high
Ethereum Quietly Hits New All-Time High, Riding on Bitcoin's Coattails
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As everyone and his uncle is busy discussing Tesla's $1.5 billion Bitcoin bet, Ethereum quietly touched a new all-time high of $1,775 at 4:09 p.m UTC on the Binance exchange. 

Earlier today, Bitcoin logged a new lifetime peak of $44,889 on the Bitstamp exchange on the big Tesla news.  

Ethereum
Image by tradingview.com

Bitcoin regains its market share 

Bitcoin dominance jumped over three percent earlier today, peaking at 63.73 percent before retracing to 63.01 percent at press time. Ethereum has been chipping away at the market share of the largest cryptocurrency since mid-January. 

Together, the two largest cryptocurrencies account for 75 percent of the whole $1.3 trillion market.   

Related
After Rally to $1,600, Open Interest on Ethereum Futures Hits New All-Time High

Ethereum makes its debut on CME 

Feb. 8 is the day when the first regulated Ethereum futures in the U.S. were launched by Chicago-based CME Group. Institutional traders are now able to gain exposure to the second-largest cryptocurrency en masse.     

While the launch of CME Bitcoin futures was infamous for marking the top of the cryptocurrency's previous bull run, Diao Wang of the DeFi Alliance is convinced the largest altcoin won't see the same fate.   

And LOL @ those who think CME futures will bring ETH into a 3-year bear market. This will be the worst trade of your life.

At press time, the February 2021 Ethereum futures contract is trading at a premium on CME.    

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.