The world’s second-largest cryptocurrency, Ethereum’s price crossed the $735 mark on Monday as the price reached its highest level since May 2018 after the recent price rally. The total market cap of ETH now stands at around $83 billion. Ethereum’s price jumped more than 12% in the last 24 hours to reach a high of $738. At the time of writing, ETH is trading near $730 as the cryptocurrency gained nearly $10 billion in market value since yesterday. The price of bitcoin also surged above $28,000 to claim another al-time high.
CME Group to launch Ethereum futures product in February 2021.
CME Group announced earlier this month that the exchange would launch the Ethereum futures product in February 2021. Moreover, the world’s largest crypto asset management firm, Grayscale, accumulated more than 270,000 Ethereum in the last 30 days amid growing interest in ETH-focused investment products. The ETH price is still far away from its all-time high of $1365 it registered in January 2018, but the recent price jump shows that institutional demand is pushing the price towards the all-important price level of $1,000. Ethereum is currently the world’s second-largest cryptocurrency, behind Bitcoin, with a market cap of nearly $83 billion.
Ethereum started its network upgrade at the start of December.
Ethereum officially started its network upgrade earlier this month with the launch of Beacon Chain. The Co-founder, Vitalik Buterin, said that the new upgrade would make the network more efficient. Ethereum community supported the recent upgrade with significant staking. According to the latest data available on Etherscan, the Ethereum 2.0 deposit contract reached 2 million ETH, now worth nearly $1.5 billion. The ETH 2.0 staking contract reached 1 million ETH on December 4 and doubled in almost the next three weeks. The total market cap of the top two cryptocurrencies reached $725 billion on Monday as both gained significant value in the last few days.