The world’s largest smart contract network took advantage of the weekly momentum to hit a new high, rising 6% that day. In the last 7 days, ETH is up 10% and in the last month, it is 34%. At the time of writing, the Ethereum price has cooled to $4,580.
Ethereum Hit a Record High of $4,635
According to data from CoinGecko, the price of Ethereum hit a record high of $4,635 during Wednesday morning’s Asian trading session.
PrimeXBT partner “₿yzantinΞ General” commented that there may not be many tokens that surpass ETH in the next few months.
₿yzantinΞ General believes that Bitcoin can first develop a new ATH and then, as in previous market cycles, draw liquidity from the rest of the market. But Ethereum is currently gaining traction as many new entrants join DeFi and NFT.
He added that there are two ways to boost this market, BTC or ETH are pulling other markets down.
“Now it’s basically a dispute between technology (ETH) and currency (BTC). I’m not saying technology is more valuable, I’m just saying that the market values
The Ethereum reserves on the exchanges have been falling lately compared to Bitcoin. This shows that investors hold ETH and thus generate income in DeFi. Of course, there are plenty of arguments for his view: Others have said that competing blockchain tokens like SOL, AVAX, DOT, and RUNE will do better than ETH.
According to Fxcryptonews, the hashrate reaches a new all-time high while reducing selling pressure.
CME Launches micro-ETH Futures
Shortly after the Chicago Mercantile Exchange announced a new ETH program, recent price spikes rose. According to the PR Newswire press release, the size of the micro-ether futures is only one-tenth of the assets. However, they still retain the features and benefits of CME’s existing Ether futures.
The product was launched a few months after the CME Group launched micro-bitcoin futures, each one-tenth the size of bitcoin. Since their introduction in May, the transaction volume of these contracts has exceeded 2.7 million. At the same time, Ethereum Futures has traded 675,000 contracts since its inception, making a total of around 33.8 million ETH.
Both Micro Ether and Micro Bitcoin Futures allow companies to optimize the transactions of any cryptocurrency. With both Ether and Bitcoin hitting record highs recently, trading at full value can be quite inaccurate.
Tim McCourt – Global Head of Stock Indexes and Alternative Investment Products of the CME Group – sees why this makes micro-ether futures necessary.
“Since the introduction of the Ether Futures in February, we have seen a steady increase in the liquidity of these contracts, especially among institutional traders. At the same time, the price of Ether has more than doubled since these contracts were launched, increasing the demand for micro contracts has resulted in this market being accepted by a wider range of participants.”