As Bitcoin continues to push towards new all-time highs, Ether has also tagged new year-to-date highs after news the Chicago Mercantile Exchange plans to launch ETH futures contracts in 2021.
BTC hit new highs on December 16, gaining 10% from $ 19,140 to $ 21,340 in one day. On December 17, BTC extended the rally by an additional 4% so far – with the market currently looking for support near USD 21,800 after posting a local high of USD 22,160.
While many traders seem to be glued to the Bitcoin charts, Ethereum also pushed towards new annual highs after climbing 8.5% yesterday. Today, the price has risen to a local high of $ 656 on BitMEX, with markets currently hovering half a percent above yesterday’s closing price of $ 640.
The rally followed news that CME plans to launch ETH futures in 2021 pending regulatory approval. It mentioned strong customer demand for the product.
CME launched its Bitcoin futures contracts in December 2017, which marked the peak of that year’s historic rally.
Some are predicting even bigger moves upwards for the upcoming ETH. Twitter user ‘Altcoin Sherpa’ noted that ETH started multi-monthly rallies in December that saw gains of at least 100% over the past three years. As such, the analyst predicts that Ether will surpass $ 1,000 for the first time since 2017.
$ ETH has started every December for the past 3 years with at least 100% + ROI in subsequent months. Why do you think it will be any different this year? #Ethereum up to $ 1000 + within the next few months IMO. $ ETHUSD pic.twitter.com/TWznrDjXaU
– Altcoin Sherpa (@AltcoinSherpa) December 15, 2020
Ethereum perma-bull ‘wolfofethereum.eth’ speculated that “the $ ETH show has only just begun”, indicating that Ether has outperformed BTC by 185% over the past 12 months.
Anthony Sassano from Set Protocol posted an image compare the stats for Ethereum when it last broke $ 500 and the situation today – with a 900% increase in active developers, an 80% increase in the number of 24-hour transactions, a 60% increase in active addresses and a 150% increase in network hash rate.
$ ETH First hit $ 500 on Nov. 29, 2017 during the late stages of the last bull market.
– Anthony Sassano | sassal.eth (@ sassal0x) December 16, 2020
ETH / BTC shorts on Bitfinex are currently at record lows, suggesting that the markets expect Ether to make gains against BTC in the near future. ETH / BTC are at their highest level since February 2018.