Ether Prices Extend Gains To Hit Latest High Above $ 4,600
Ether prices continued to climb to new all-time highs today, surpassing $ 4,600 for the first time in history.
The world’s second digital currency by market value hit $ 4,642.48 tonight, according to CoinDesk data.
After hitting that level, the cryptocurrency has grown by more than 530% since the start of the year, according to additional figures from CoinDesk.
[Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.]
The digital asset hit its last all-time high on the same day as the CME group announcement plans to offer micro futures, awaiting regulatory review.
The introduction of these contracts will offer interested parties an additional means of hedging their risk or, alternatively, of speculating with the aim of generating higher returns.
Andrew Rossow, an internet and technology lawyer, spoke about the implications of this development.
“I think CME’s announcement produced two important points, beyond putting ‘upward pressure’ on ether prices,” he said.
“First of all, it just reinforces the usefulness that Ether and Bitcoin futures bring to the digital currency sphere, especially for new market participants,” Rossow said.
“Second, by launching micro-futures, of course, pending regulatory review, it shows that CME is positioning itself to continue to serve as a leader in the derivatives market by helping alleviate participant reluctance. potentials at the market to get their feet in the water. ”
Joe DiPasquale, CEO of Cryptocurrency Hedge Fund Manager BitBull Capital, also weighed.
“The news from CME is very positive for Ethereum,” he noted.
“New institutional grade products such as microfutures are putting additional upward pressure on Ethereum.”
Konstantin Boyko-Romanovsky, Founder and CEO of Allnodes Inc., a non-custodial platform that provides hosting and staking services, came up with a different approach.
“The CME has always been an early adopter of our industry, with Bitcoin futures and Bitcoin options options available to investors for over four years now,” he said.
“They continued with Ether futures earlier this year, and I’m excited to see the additional financial opportunities the exchange is working on.”
However, the founder of Allnodes stressed that other questions were fueling the gains, saying that “the ether continues to appreciate for several reasons.”
“There is no doubt that recent milestones in traditional markets have increased demand for the asset,” he said.
However, Boyko-Romanovsky focused on the signs of increasing adoption.
“For the most part, I think the rise in demand, and therefore prices, is due to the growth of the DeFi and NFT industries, most of which are built on the Ethereum network.”
“The recent successful blockchain upgrades that bring Ethereum closer to the energy-efficient, more secure and highly resourceful Proof of Stake consensus model, the newly acquired deflationary quality and the continued mass adoption of blockchain technologies in general are also major contributors to its growth, ”he added.
“Ethereum is a real asset to watch, and there is no reason to assume that the rise will stop at the recent ATH,” Boyko-Romanovsky concluded.
Disclosure: I own bitcoin, bitcoin cash, litecoin, ether, EOS, and soil.