The ETHUSD quotes soared today, once again updating the historical maximum and adding more than 5% over the past day. Since the beginning of the year, the price of the ethereum cryptocurrency based on the Ethereum blockchain has almost doubled. If we compare this with the growth of bitcoin, ETHUSD has overtaken BTCUSD by almost 60% in terms of growth rates.
What caused such a significant increase in the value of the second cryptocurrency?
First, the listing of Ethereum futures on the regulated Chicago exchange CME is already a big breakthrough in the history of the coin. This may increase the demand for cryptocurrency from institutional investors.
Secondly, we should not rule out an increase in interest in the cryptocurrency after the recent history with Reddit and sensational pumps. Confidence in the security of regulated markets could well be shaken.
Third, experts note that the crypto exchanges are now low in liquidity. There was a decrease in the volume of cryptocurrencies stored on exchange accounts to the lowest values over the past 16 months. The growing popularity of DeFi protocols can lead to a large amount of digital coins being transferred to DeFi.
Meanwhile, the ETHUSD quotes have slightly rolled back from historical highs, but the potential for their growth from a technical point of view remains.
The material has been provided by InstaForex Company – www.instaforex.com
🚀If you want to get a Forex Robot Coded as per your trading strategy but are unable to do so because of the high price for the Robot then you can take advantage of the CROWD FUNDING campaigns feature. ✔ These are some crowd funding campaigns for Forex Robots, which when completed can provide the very same Forex Robot to the participants at an average price of $5-$10 per participant. ✔ You either participate in one of the already listed campaigns or send us your Forex strategy : Submit Crowd Funding Campaign , for which you would like the Forex Robot to be coded. A Crowd Funding Campaign would then be started for the same . ✔ All you have to do later on is to share the campaign online with your friends to encourage more people to participate in the campaign.
As a result, each participant can get that Forex robot for just a campaign contribution of $5 (which is the minimum). Participants can back the campaign by anything above or equal to $5 to reach the funding goal to close the campaign.