June 22, 2021

This Is How Many Records Ethereum Broke When It Reached $3,000

2 min read

Ethereum seems poised to be on rate discovery mode for the short term. The cryptocurrency has actually recorded the interest of the organizations and keeps breaking all-time highs.

At the time of writing, ETH is trading $3393 with sideways movement in lower timeframes and a 7.4% earnings in the daily chart. In the weekly and monthly chart, ETH has seen a remarkable 34% and 68.3% rallies, respectively.

Ethereum ETH ETHUSD
ETH with moderate gains in the daily chart. Source: ETHUSD Tradingview However, the cryptocurrency has been smashing records across the

board. Vitalik Buterin, the developer of Ethereum, ended up being the youngest crypto billionaire and his wealth continues growing with ETH’s rate. On institutional financial investments, ETH-based products in the traditional market exceeded expectations. The Ethereum ETF launched by CI Global Management, trading with the ticker ETHX, tape-recorded an all-time high in trading volume with an “unusual” performance as Senior ETF expert for Bloomberg Intelligence Eric Balchunas stated:

(…) this ETF’s ability to largely preserve it’s volume levels is actually uncommon for new launch. Usually it’s big on day one and then decreases down rapidly and gradually.

Another major car for institutional investors, the Grayscale Ethereum Trust (ETHE) recorded an all-time high in trading volume with $430 million. The ETH-based financial investment product is overtaking the Grayscale Bitcoin Trust (GBTC), the former has a $10 market cap and the latter a $32 billion market cap.

The total revenue of these Grayscale products has actually surpassed $1 billion matching revenues from Vanguard, among the world’s biggest financial investment companies. Balchunas said:

$GBTC + $ETHE make as much income on $47b in aum as Vgrd (Vanguard) does on $1.7 T in ETF assets. (This is why the SEC is essentially playing Kingmaker with bitcoin ETF approval. It didn’t need to come to this and now we are here, and the longer the wait the more is at stake).

Ethereum’s Lowest Correlation With Bitcoin

Information from Skew suggests Ethereum broke a record in the ETH/BTC pair when its cost reached 6% of Bitcoin’s. The same portion represents the numbers of investors in the options market who are price ETH at $5,000 by June.

Ethereum ETH ETHUSD
6 %of investors in the alternatives market bet ETH will be at $ 5,000 by June 2021. Source: Skew A month later on, Ethereum’s charge design will change with the application of Hard Fork” London “and EIP-1559. Therefore, ETH will end up being a deflationary possession, an event that could even more push the rate towards unidentified regions. As the chart below programs, ETH spot volumes have actually gotten throughout 2021 recommending heavy interest from retail financiers.

Ethereum ETH ETHUSD

ETH Spot Volume increases in exchange platforms. Source: Skew Mira Christanto, a researcher at Messari, signed up a negative correlation between Bitcoin and Ethereum in the daily chart. With a -4% and a +7%, respectively, Christanto highlighted that this is an uncommon event and could be “suggesting a start of a new phase”.