Rather than investing in Bitcoin futures, large-scale investors are turning to Ethereum futures as predictions for the world’s largest cryptocurrency softens, pushing the leading altcoin above the $3,000 price levels once again.
Bitcoin futures traded lower in September than the actual price of a Bitcoin
The CME futures contracts used by institutional investors to gain exposure to bitcoin show weak demand, which is a setback for bitcoin.
The price of futures is usually higher than the value of Bitcoin in healthy markets. As a result of high Bitcoin storage costs and lucrative returns available to passive crypto investors, futures prices frequently increase.
Read: Ethereum’s Vitalik Buterin: Story of a 27-year-old Crypto billionaire
On the Bitstamp Exchange, Ethereum was trading at $3,145 in the early hours of Monday, up more than 10% for the day. This was the largest daily percentage gain since September 22.
In the wake of the upward movement, Ethereum’s market valuation reached $369 billion, or 18.78% of the total cryptocurrency market valuation. At its peak, Ethereum’s market capitalization was $480 billion.
Ethereum had traded in a range of $3,028.61 to $3,163.86 for the day.
Over the past seven days, Ethereum has seen a drop in value, as it lost 2.81%.
Read: Why Ethereum transaction fees are often expensive
According to CoinMarketCap, Ethereum had traded $22 billion for the day to the time of writing, or 19.47% of total crypto traded. Over the past 7 days, it has traded between $2,659 and $3,173.
At its current price, Ethereum is still 28% below its May 12th all-time high of $4,366.10. Bitcoin’s last price was $44,200, which is a 5 percent increase for the day.