The price of Ethereum [ETH] is eyeing a 10-day streak within a sign of its strongest bullish momentum in more than 3 years.
The second-leading cryptocurrency was changing hands around $3,500 USD at the reporting time, for a 2% rise since 0:00 coordinated GMT [8 p.m. ET Monday]. If the gains are held via the daily close [23:59 UTC], ether would cement a 10-day winning trend, the longest since early January 2018, consistent with Coinbase data.
Ethereum, which is the native cryptocurrency of the Ethereum blockchain, has nearly quintupled this year, within a rally fueled by speculation over the longer term of DeFi, referred to as Decentralized Finance, also as other use cases like non-fungible tokens, or NFTs. There’s also mounting evidence of strong growth in transaction volumes and other network metrics, as documented earlier within a 3rd May tweet by the blockchain analytics firm Glassnode.
Earlier in 2021, the cryptocurrency has outshone the larger Bitcoin, which has doubled thus far this year. Ether’s market price has now topped $400 Bln, but it’s still well behind the $1.04 trillion for Bitcoin [BTC].
The rising popularity of ether futures listed on the CME [Chicago Mercantile Exchange] shows institutions are seeking exposure to cryptocurrency via derivatives markets.
Open interest within the CME futures, or the number of outstanding positions, rose to a record high of $473 Mln earlier on Monday, marking a 23x times increase since the first-day tally of $20 Mln, in line with Skew. Ether futures went live on the CME, earlier on 8th Feb.
Also on Monday, some $581 Mln of ether futures contracts changed hands on the CME, up 17x-times since the debut.
The CME data demonstrates the increasing influence of institutional money within the market, consistent with analysts at cryptocurrency exchange OKEx.