By Klavs Valters
Ethereum has reached its highest level after surging by around 7% in the last 24 hours. The world’s second-largest digital currency (by market cap) rose above the $1,600 level. Ethereum is now up by over 26% in the last 7 days. Its total market now stands at over $186 billion, higher than the market cap of Citigroup.
Top 5 digital currencies market cap*
*Market cap as of 3/2/2020
Ethereum futures launch
The latest price surge comes ahead of CME Group’s well-anticipated launch of Ethereum futures starting on the 8th February, pending regulatory review.
”Based on increasing client demand and robust growth in our Bitcoin futures and options markets, we believe the addition of Ether futures will provide our clients with a valuable tool to trade and hedge this growing cryptocurrency,” said Tim McCourt, CME Group Global Head of Equity Index and Alternative Investment Products. “Ethereum is the second-largest cryptocurrency by both market capitalization and daily volume. The introduction of listed Ether futures to our time-tested, regulated CME Group derivatives marketplace will help to create a forward curve so Ethereum market participants can better manage price risk.”
ETHUSD – Daily
Source: GO Markets MT4
Other major cryptocurrencies also trading higher in the last 24 hours with XRP and Polkadot up by 52% and 24% respectively.
The digital currency market has recently got a boost from the World’s richest man and the owner of Tesla. Elon Musk, who is often very outspoken on Twitter changed his bio to ”#bitcoin” last week.
The total cryptocurrency market stands at $1.12 trillion, according to CoinMarketCap.
By Klavs Valters
Disclaimer: The articles are from GO Markets analysts, based on their independent analysis or personal experiences. Views or opinions or trading styles expressed are of their own; should not be taken as either representative of or shared by GO Markets. Advice (if any), are of a ‘general’ nature and not based on your personal objectives, financial situation or needs. You should therefore consider how appropriate the advice (if any) is to your objectives, financial situation and needs, before acting on the advice. If the advice relates to acquiring a particular financial product, you should obtain and consider the Product Disclosure Statement (PDS) and Financial Services Guide (FSG) for that product before making any decisions.
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