While Bitcoin (BTC) continues to hit new highs, Ether (ETH) has also hit new highs since the start of the year following news the Chicago Mercantile Exchange plans to launch ETH futures contracts in 2021.
BTC hit new highs on December 16, rising 10% from $ 19,140 to $ 21,340 in one day. On December 17th, BTC extended the rally by another 4%. The market is currently looking for support near $ 21,800 after hitting a local high of $ 22,160.
While many traders seem to be sticking to the Bitcoin charts, Ether also hit new annual highs after gaining 8.5% yesterday. Today, the price on BitMEX soared to a local high of $ 656, with the markets currently half a percent above yesterday’s closing price of $ 640.
The rally followed news that CME intends to launch ETH futures in 2021 pending regulatory approval. Strong customer demand for the product was cited.
CME launched its Bitcoin futures contracts in December 2017, which signaled the climax of this year’s historic rally.
Some predict even greater upward movements for ETH. The Twitter user “Altcoin Sherpa” noted that ETH started rallies lasting several months in December, a month in which at least 100% was up in each of the last three years. Because of this, the analyst predicts that for the first time since 2017, ether will soon exceed $ 1,000.
$ ETH has started its run every December for the past 3 years with an ROI of at least 100% + in the following months. What makes you think this year will be different? #Ethereum to $ 1000 + within the next few months IMO. $ ETHUSD pic.twitter.com/TWznrDjXaU
– Altcoin Sherpa (@AltcoinSherpa) December 15, 2020
The Ethereum permabull “Wolfofethereum.eth” speculated that “the $ ETH show is just beginning” and stressed that Ether has outperformed BTC by 185% in the last 12 months.
Set Protocol’s Anthony Sassano posted a picture comparing the metrics for Ethereum when it last broke $ 500 and today’s situation. 900% more active developers, 80% more 24-hour transactions and 60% more active addresses were found. and a 150% increase in the network hash rate.
ETH hit $ 500 for the first time on November 29, 2017, in the late stages of the last bull market.
Recently, $ ETH hit $ 500 again, so I’ve decided to follow how several different metrics have grown since November 29, 2017. Pic.twitter.com/dvyilK8Vuc
– Anthony Sassano | sassal.eth (@ sassal0x) December 16, 2020
The ETH / BTC short positions on Bitfinex are currently at record lows, suggesting that markets are expecting Ether to make gains versus BTC for the foreseeable future. ETH / BTC longs are at their highest level since February 2018.