Ether (ETH), the largest altcoin by market cap, finally reached new all-time highs against the U.S. dollar on Jan. 19.
At the same time, Bitcoin futures open interest has also reached a new record high of over $4.5 billion, according to Glassnode.
$ETH open interest at an ATH.
— glassnode (@glassnode) January 19, 2021
Ether price is back after 3 years
The achievement, which resets a price ceiling in place since Jan. 13, 2018, came as Ether gained 15% on the day, with year-to-date returns at nearly 100%.
The altcoin benefited from interest in decentralized finance (DeFi) trading built around the Ethereum network, within the context of a broader altcoin resurgence which began taking shape earlier in January.
Van de Poppe had previously forecast that Fibonacci levels could take ETH/USD as high as $2,600 in the short term.
“Ethereum’s daily transaction volume is going parabolic,” Ryan Watkins, a researcher at Messari, added.
“It now settles $12 billion in transactions daily – $3 billion more than Bitcoin. Imagine not being bullish $ETH.”
The Concorde of crypto?
In a dedicated analysis released this week, popularinvestment strategist Lyn Alden compared Ethereum as a concept to Concorde, arguing that it may yet fail to reach the mainstream in a similar way to the supersonic airliner.
“Maybe Ethereum will iterate until it finds a sustainable place for itself,” she wrote.
“On the other hand, Ethereum could end up being weighed down by its own complexity and lack of broad economic use, like the Concorde.”
Author: Cointelegraph By William Suberg