Ethereum shoots to new all-time high past $1,800 for the first time after CME futures launch

  • Date: 09-Feb-2021
  • Source: Business Insider
  • Sector:Technology
  • Country:Middle East
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Ethereum shoots to new all-time high past $1,800 for the first time after CME futures launch

The price of Ethereum's ether hit a fresh record on Tuesday, driven by the launch of CME futures a day ago.

The cryptocurrency soared past $1,800 per token around 09:30 a.m. GMT, rising 10% in the last 24 hours. Ethereum's all-time high coincided with bitcoin smashing a new record of $48,000 after Tesla revealed a $1.5 billion bitcoin investment, all of which is adding to the momentum of mainstream crypto adoption.

On the CME's first day of trading ether futures, the exchange saw nearly 400 contracts traded on its platform. That equates to about 19,400 ETH, or $33 million, according to Coin Market Cap. The exchange announced its plans to offer trading in ETH futures in December. 

The CME's launch will significantly strengthen ethereum's credibility as an asset class just like it did for bitcoin in 2017, said Samantha Yap, founder and CEO of Yap Global. While ethereum is often still referred to as bitcoin's lesser cousin, there will be a shift in media perception about it with this launch, she said.

Read More: UBS says bitcoin is a bubble and too volatile to diversify a portfolio, unlike gold - here's why the bank says it could end up 'worthless'

Furthermore, the launch could increase price