Ethereum breaks 650 US Dollar barrier

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Ethereum breaks through US$650 mark: CME announces ETH futures

The Chicago Mercantile Exchange (CME) announced yesterday that it will list Ethereum (ETH) futures due to overwhelming customer demand. ETH then experienced Bitcoin Circuit a massive price explosion, battling its way above the US$640 mark – will the second largest cryptocurrency soon be above US$1,000?

The CME is the largest futures exchange in the world and announced on 16 December that it intends to launch ETH futures from 8 February 2021. The Ether futures will be listed on the CME and are subject to the rules there. This is a bullish signal, as it shows the growing maturity of the market. Institutions and other large investors are opening new gates to invest in the world’s second largest cryptocurrency.

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Following the announcement, the ETH price shot up by more than 10 percent in the last 24 hours. As a result, it reached a new high for the year at 650.11 US dollars at the time of going to press.

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CME Group Global Head of Equity Index and Alternative Investment Products, Tim McCourt, had this to say about the launch:

Given the tremendous client demand and robust growth in our bitcoin futures and options markets, we believe the addition of Ethereum futures will please our clients. Ether is the second largest cryptocurrency in the world and our ETH futures contract will help institutional investors better hedge against price volatility.

The CME believes that institutional investors’ interest in cryptocurrencies has increased dramatically in recent months. In this context, the company emphasises above all the new record values in the bitcoin options market.

Can ETH 2.0 keep its promise?

Ethereum launched phase 0 of the ETH 2.0 update only a few weeks ago. Already, many investors are wondering when the upgrade, which is supposed to solve the scaling problem of the cryptocurrency, will be fully rolled out.

In the past, relevant updates to ETH were regularly delayed. Often, the planned and actual release dates were at least a year apart. For example, Phase 0 was supposed to launch as early as May 2019.

For this reason, it is difficult to predict when exactly the Eth2 blockchain will be fully implemented. Many experts in the crypto space – not least Ethereum founder Vitalik Buterin – assume that a complete rollout is not to be expected for several years.

Nevertheless, according to his ETH 2.0 roadmap published on Twitter, Buterin is convinced that other Layer2 solutions, such as Optimistic Rollups, will enable Ethereum to scale sooner.
When will the new all-time high come?

With the current momentum, it could well be that Ethereum breaks through the US$1,000 mark in 2021. Especially the easier access for institutional investors via the CME should be able to boost ETH-Kus further. In the coming months, it can be expected that, similar to Bitcoin, more and more institutions will also discover Ether for themselves.