Messari Analyst Says: Institutions Will Start Buying Ether in 2021

[Cordillerabit]

The price of the second largest cryptocurrency, ether (ETH) just topped $700 for the first time since May 2018, and at the time of writing is at $701.90, up 11.19% in the last 24 hours.

Ether (ETH, +12.94%) was as low as $624.76 in the 11:00 UTC (6:00 a.m. ET) hour, just five hours before trading at $700.

The second-highest cryptocurrency by market cap, the total value of ether was $80 billion as of press time.

Bitcoin has also been rallying over the Christmas weekend, at one point piercing the $29,000 mark. It was trading in the $27,300 range when ether made its move higher than $700.

Volume was noticeably higher on the eight exchanges tracked by the CoinDesk 20. The combined value of ether changing hands on those exchanges was more than $2.3 billion. The average daily volume was $2.175 billion over the previous seven days.

CME Group’s recent announcement that it will launch futures on Feb. 8, 2021, is the “writing on the wall” that institutions will being buying the cryptocurrency next year, according to a pair of tweets by Ryan Watkins, an analyst at crypto data provider Messari.


Source: Bityard