Along with Bitcoin (BTC), the world’s second-largest cryptocurrency Ethereum (ETH )is on a roll! Ethereum (ETH )has actually spiked 8 % today striking its brand-new all-time high of$1906. At press time, ETH is trading at a price of $1901 with a market cap of $216 billion.
The ETH cost rally comes amid constant institutional purchases by Grayscale together with its on-chain metrics hitting brand-new highs. As it ends up, the Grayscale Ethereum Trust (ETHE) has acquired 20,000 additional ETH coins on Wednesday, February 17, as per information on Bybt.
Since resuming its Ethereum Trust earlier this month, Grayscale has been making aggressive ETH purchases. Up until now in February 2021, the Grayscale Ethereum Trust (ETHE) has actually added 215,222 ETH coins to its Trust with a net aggregated financial investment worth of $338 million.
With the current purchases, Grayscale net assets under management (AUM) combining all trusts have actually struck the milestone of $40 billion. While the AUM for the Grayscale Ethereum Trust (ETHE) has surged past $5.6 billion.
02/17/21 UPDATE: Net Assets Under Management, Holdings per Share, and Market Price per Share for our Investment Products.
Total AUM: $40.0 billion$BTC $BCH $ETH $ETC $ZEN $LTC $XLM $ZEC pic.twitter.com/YgItGWLZVK
—– Grayscale (@Grayscale) February 17, 2021
Another indication of solid institutional participation is the strong reaction seen by the CME Ether Futures. On Tuesday, February 16, the day-to-day trading volume of CME Ether Futures struck ~$75 million. On the other hand, the information from Glassnode shows that the open interest has shot to $62 million.
Institutional need: One week after #Ethereum futures released on CME, everyday trading volume reached a total of $75.8 M yesterday– almost doubling Friday'' s volume of $40M.
On the other hand, open interest has increased to $62 million.
Chart https://t.co/Z8KDbU2Gez pic.twitter.com/3pawCRnxjR– glassnode(@glassnode)February 17, 2021
Solid On-Chain Metrics for Ethereum Support The Rally
Well as Ethereum (ETH) surges to its new all-time high of $1900, the overall number of whale addresses holding over 10,000 ETH coins continues to rise further. According to on-chain data provider Santiment, these whale addresses have actually topped 1200 on February 14.
#Ethereum responded to #Bitcoin ' s #AllTimeHigh today with one of its own, crossing$1,900 for the first time in its ~ 6 year history. The variety of whale addresses(holding 10k +$ETH)swelled to 1,287 on #ValentinesDay, foreshadowing this achievement. https://t.co/EGBrmQzPyf pic.twitter.com/CuLKFHQTER
—– Santiment (@santimentfeed) February 18, 2021
Also, with the crypto DeFi flourishing to its all-time highs, there’s a sustained quantity of activity of ETH addresses interacting with each other. The variety of active addresses on Ethereum has actually hit a new all-time high breaking past its previous three months average.
There has never ever been so much sustained activity of addresses engaging with Ethereum.
The 3-month average of aa'' s has actually broken over its previous ATH and it doesn'' t appear like it wishes to go back! pic.twitter.com/Zmapg4Ah3l
—– Elias Simos (@eliasimos) February 17, 2021
Also, as the demand rises further the ETH supply at the exchanges is dropping at the same time. A a great deal of ETH coins have been moved to the Ethereum 2.0 deposit contracts over the last couple of months.
#Ethereum$ ETH Total Value in the ETH 2.0 Deposit Contract simply reached an ATH of $5,779,712,053.64
View metric: https://t.co/1ezmu1GKcj pic.twitter.com/LBx7yToUtM
—– glassnode informs (@glassnodealerts) February 18, 2021
Ethereum has actually now set its journey seeking to break $2000 ahead.
The post Ethereum (ETH) Tops New ATH of $1900 As Grayscale Buys Additional 20K ETH Coins appeared initially on Coingape.