Ethereum is kicking off the new year with a surge of more than 40% as of Sunday, Jan’s 3rd. The rise is strongly moving closer to its highest record value. Over the past few years, institutional buying of Ethereum has also been on the rise.
Ethereum, the worldwide runner-up crypto, is having an immense value peaking at more than $1100 levels. These values come for the first time since January of 2018; therefore, this is the 3rd year. The price of ETH is experiencing the greatest surge as it records 40% figures over the past day. When this news report was published, ETH is currently valued at $1113 with a 114 billion USD market cap.
Keeping up with the competition
Ethereum price peaking has improved the crypto’s weekly earnings to past 50%; therefore, surpassing Bitcoin in terms of weekly charts. Ethereum managed to rise in value by more than $300 to make the newest move in only a day. At the moment, Ethereum needs to add on another $300 (30%) to break its record value of $1400.
Various crypto experts predict that the new year could be Ethereum’s game-changing time along with its investors. After Bitcoin has had a massive value rise, there has been significant institutional attention growing in ETH. In the past couple of weeks, institutional buying of ETH is through the roof, recording new heights. The excitement is topped with CME Group unveiling Ether Futures come on the 8th of February.
ETHE, the Grayscale Ethereum Trust currently owns about $3 million ETH. Bybit further reported that this Eth is under management at $3 billion. The ETHE assets, since the start of December 2020, have had a 100% gain recently.
ETH backed by crypto experts
Skew, an on-chain data supplier, reports that the recent ETH price surge has experienced a sudden reversal in ETH/BTC pair in the market.
Michael Van de Poppe, a crypto expert, reports that ETH has a chance to hit a new record threshold compared to Bitcoin value this week. With this, investors may most likely flood the ETH market as BTC prices calm as he told CoinTelegraph.
Cameron Winklevoss, Gemini co-creator, tweeted saying ETH took the top place performance in 2020.