Ethereum has jumped to $1,500, a new all time high, on increased unfiltered volumes of $37 billion, with $7 billion of it being credible volumes.
The currency has risen from $1,300 in the past 24 hours, so gaining 15% while its ratio seems to have overtaken resistance.
There’s numerous reasons for this bullishness, starting with ethereum futures that are to launch on CME this February 8th.
That will open access to the big world of traditional finance, paving the way for institutional investors to enter eth through the systems they’re familiar with for trading.
Ethereum will be the only crypto to have such access to traditional finance besides bitcoin, so cementing its status as almost on par with BTC.
In addition ethereum seems to have benefited more than bitcoin from the stock deplatforming fallout, with r/ethtrader in particular attracting a lot of newcomers.
That may be because the decentralized finance (defi) space, which has unstoppable decentralized exchanges and financial markets, runs on eth.
That defi boom is a third big reason for this ethereum bullishness because eth is kind of an entry and exit gateway to it, thus generally tends to benefit from rising interest in defi.
The crypto thus has jumped to a new high, with it to be seen now whether it will go onto that mythical price discovery stage as there are now no known resistances save for big numbers like $2,000 or $2,500.