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.

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The material has been provided by InstaForex Company – www.instaforex.com

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