Ethereum Begins to Become the Focus of Interest
Bitcoin made a very serious jump in 2020 and its price increased by 600% in 9 months. He sees Bitcoin as the best investment asset for investment companies, and institutional investors continue to acquire cryptocurrency collectively. Alongside Bitcoin, interest in Ethereum started to increase. This interest will increase even more in 2021.
Chicago announced on Mercantile Exchange that it plans to launch Ether futures from February 8, 2021. CME would not have done this if there was no interest in ETH in the market.
Increased investor interest in ETH continues to gain strength with the launch of Ethereum 2.0.
Analysts believe the current rally is primarily due to the availability of a ready-made infrastructure for the arrival of institutional investors.
Given the strong pressure from public companies, large funds and macro investors, the current rally will be much different from what happened in 2017.
According to Grayscale Investments Managing Director Michael Sonnenshein,
although Bitcoin has long been a preferred investment choice, Ethereum has been gaining more attention lately. As is known, Ethereum is the most active blockchain network in the industry. Sonnenshein stated that ETH is gaining new investors in the cryptocurrency industry. Most of these investors buy ETH as their first investment option.
Vitalik Buterin said the new update will make the network more efficient. The Ethereum community supported the latest upgrade with substantial amounts. According to the latest data available on Etherscan, the Ethereum 2.0 deposit contract has reached 2 million Ethereum and is currently worth about $ 1.5 billion. The ETH 2.0 staking agreement reached 1 million ETH on December 4th and doubled in almost 3 weeks.
Result
At the time of writing the article, it was traded for $ 695. In 9 months its price increased by 550%. I think it will surpass the Ethereum historical record of $ 1432 in 2021. Its current market value is $ 85 billion. The interest in Ethereum will spark the altcoin season. The situation similar to the movement we saw in Bitcoin in 2020 will be experienced for Ethereum.
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