Ethereum Surges to New Heights
As Bitcoin reaches dizzying heights, breaching a whopping $22,160, it seems like Ethereum is demanding its own spotlight. With Ether recently basking in the glow of a new yearly high at around $656, it appears that this crypto warrior is ready to dance with the big boys. In fact, Ether’s performance is nothing to snooze at; it recently had an 8.5% jump in a single day. Talk about a crypto rollercoaster!
CME’s Big Announcement
The intrigue around Ethereum’s price surge can be traced to the Chicago Mercantile Exchange’s plans to launch ETH futures contracts, pending regulatory nod. With the market brimming with anticipation (and caffeine), many believe the trading world is primed for a significant development. After all, when CME dropped Bitcoin futures in December 2017, it marked the peak of the year’s frothy rally!
The Month of December: A Magic Carpet Ride for ETH?
As December rolls in, some traders may think about pulling their hair out with Bitcoin charts. But as per Twitter analyst “Altcoin Sherpa,” history suggests that December is like the cosmic elevator for Ethereum. All it takes is a glance back at the last three years where ETH has seen gains buzzing around the 100% mark this month! And yes, they’re tipping their hats to another possible leap over the $1,000 benchmark—something not seen since our good old 2017.
The Numbers Game: Metrics That Matter
Let’s add some icing on the cake. Set Protocol’s Anthony Sassano provided some jaw-dropping metrics indicating how Ethereum has evolved. After hitting $500 back in November 2017, the current figures are star-studded: a staggering 900% increase in active developers, an 80% jump in transaction counts, and a 150% escalation in the network hash rate. It looks like Ethereum is not just surviving; it’s thriving!
The Market Sentiment Shift
The buzz doesn’t end with the metrics. Current trading sentiments on Bitfinex depict that ETH/BTC shorts are cowering at record lows. What’s the tea? It signals that traders are anticipating ETH will seize the day, overshadowing BTC in the gains department for the next stretch. Whether this forecast holds may yet remain in the balance, but for now, the enthusiasm is electric!
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