Everybody is busy looking at Bitcoin’s new all-time highs; meanwhile, many crypto market analysts are predicting a four-figure Ether by the end of 2020.
A news post on Cointelegraph says that Bitcoin (BTC) is surging ahead and pushing new highs. But it is heartening to note that Ether (ETH) is also able to move ahead and reach new year heights following news the Chicago Mercantile Exchange (CME) wants to launch ETH futures.
The Chicago Mercantile Exchange wants to launch the futures contracts by 2021. Bitcoin reached new heights on December 16th. It was able to gain 10% being able to move from close to $19000 to reach more than $21000 the next day.
The crypto market is now seeing it surge close to $22000. Dennis Marinus Scholtus is a Dutch entrepreneur and cryptocurrency enthusiast, had this to tweet about Ether reaching new heights.
Traders and users are often sighted, looking at the Bitcoin charts. Ether (ETH) was able to move ahead after being able to gain more than 8.4% yesterday. The price of the ETH was able to increase to more than $650 on BitMEX.
The market was hovering at half a percent above yesterday’s closing price of $640. It followed news that CME wants to launch the ETH futures in 2021. The exchange is waiting for regulatory approval.
Besides, they cited demand from consumers for the product. The exchange had launched the Bitcoin (BTC) futures contracts in the month of December 2017. This was one of the historical moments of that year.
Altcoin Sherpa, who is on Twitter, felt that Ether is planning multi-month rallies this month. Sherpa says that there have been close to 100% gains for each last 3 years in December alone. Analysts also predict that ETH has a strong chance to go above $1,000 for the first time.
Wolfofethereum.eth also echoed the same saying that, $ETH show is merely begun. ETH is doing immensely well and outperformed Bitcoin by 185% in the past year. Anthony Sassano, who is an analyst, compared the metrics for Ethereum when it went past $500.
According to Sassano, ETH was able to break the $500 barrier, and there was an increase of nearly 800% among active developers. Besides, Sassano noted that there was an increase of 70% in the 24-hour transaction count.
The analyst also noted a 50% increase in activity and more than 140% increase in network hash rate. The ETH/BTC shorts on Bitfinex are sitting good that suggests record lows, and the ETH/BTC longs are doing well since early 2018.
Key reasons why ETH is outperforming others
A news publication on Cointelegraph in July this year had already claimed the same thing. It said that the price of Ether hit a new high at $322. They analyzed two key factors that probably catalyzed the ETH rally.
The first key factor is DeFi gaining new highs. The total value in DeFi has increased to more than $3.6 billion. The second key factor could be that Ethereum 2.0 is increasing its options with spot demand.
This is on par with a rapidly growing DeFi market and increasing demand for the spot and options market. It is combined with Ether hype that is no doubt adding the much-anticipated fuel to a strong ETH rally.