Ethereum (ETH) rally continues to lead the cryptocurrency to reach a new all-time high. ETH is up 10.32% in the past 24 hours and the crypto is trading around $1,650, ahead of futures on the Chicago Mercantile Exchange next week. The digital token has the 2nd largest market capitalization of over $190 million.
ETH is the second-largest cryptocurrency after Bitcoin (BTC). The cryptocurrency saw 120% gains year-to-date. On the other hand, Bitcoin only saw a 30% hit in early trading on Wednesday.
“For all you know, major players may be looking to get long exposure through futures, now that there is an institutional-grade product to do so. Smart traders moved to Ether when Bitcoin topped out around $40,000 and have made more money.” Vijay Ayyar, head of Asia Pacific told Bloomberg
The rally led by Ethereum and other Defi tokens owes its success to r/WallStreetBets Reddit group. The Reddit traders pushed GameStop (NASDAQ: GME), Ether, Defi tokens, and other stocks to their highest levels.
However, ETH’s biggest push followed the interest of Grayscale Investment. The financial company said that it will reopen in Ethereum Trust (OTCQX: ETHE). According to data firm Skew, Grayscale added over 24,800 Ether on Tuesday — worth more than $37.8 million.
JPMorgan says Ethereum will have more exposure
On the other hand, JPMorgan strategists said that the crypto market structure will be enhanced after Ethereum futures are listed on regulated exchanges. According to JPMorgan strategists, Ether will have more exposure and will be a diversifier to Bitcoin.