The buying interest on the world’s second most valuable crypto, Ethereum, has been on a record high for many months amid an increased buying pressure from institutional investors and big capital.
Still, as the attention of the financial media got fixed on Bitcoin, recent trends show that Ether (ETH) is getting very attractive; they also reveal why this cryptocurrency should become the “first cryptocurrency” for every investor.
Institutional demand: One week after Ethereum futures launched on CME, daily trading volume reached a total of $75.8 million yesterday – almost doubling Friday’s volume of $40 million.
Meanwhile, open interest has increased to $62 million.
READ: Crypto market post all-time high, breaks past $1.15 trillion
Institutional demand: One week after #Ethereum futures launched on CME, daily trading volume reached a total of $75.8M yesterday – almost doubling Friday's volume of $40M.
Meanwhile, open interest has increased to $62 million.
Chart 👉 https://t.co/Z8KDbU2Gez pic.twitter.com/3pawCRnxjR
— glassnode (@glassnode) February 17, 2021
Metric description: The total volume (USD Value) traded in futures contracts for the day.
At the time of drafting this report, Ethereum traded at $1,892.82 with a daily trading volume of about $40 billion. Ethereum is up 6.52% for the day. It’s presently the second most valuable crypto with a market value of $217 billion.
Also, recent data from Defi suggests that a lot of activity is ongoing on the Ethereum network, as Ethereum-based crypto market value has risen to over $83.7 billion from $1.9 billion a year ago, according to data from Coingecko.
READ: Ethereum miners on steroids, earn $500,000 in just one hour
Several Defi crypto assets have had their share of the spotlight in recent times, with cryptos such as Chainlink, Compound, YAM, UniSwap, Cream finance, and Melon gaining investors’ capital inflows.
DeFi crypto owners, in some cases, can typically receive better interest rates than they would from traditional banks, on the basis that lower operating costs are enabled when operating on an automated decentralized network.
That being said, Ethereum Miner Revenue is at an all-time high, as mining on the Ethereum network becomes very profitable.
READ: The presence of institutional investors will help Africa’s crypto market mature – Luno
📈 Ethereum Miner Revenue at an ATH. pic.twitter.com/DwVUOZkbvj
— Documenting Ethereum 🧾 (@DocumentEther) February 15, 2021