The Ethereum rally keeps gaining traction as the price of ETH grew to $2,550, meaning it has hit a new ATH. Currently, the cryptocurrency is trading at $2,513 and has a market cap of $289 billion. The current rally comes as a result of bullish on-chain indicators and increasing daily active addresses.
According to data from Skew Analytics, the Ethereum Options open interest has also reached a new ATH of $3.5 billion. This means that a growing number of investors are prepared to open new positions in anticipation of the price rally continuing.
In only a month, ETH has added around $100 billion to its market cap. Furthermore, as a result of the recent rally, the ETH/BTC pair is also rising.
In the most recent SEC filing from Rothschild Investment Corporation, it was revealed that the company had bought 265,302 shares of Grayscale ETH Trust (ETHE). On top of this, Rothschild has also expanded its positions in the Grayscale Bitcoin Trust (GBTC) by more than 20%.
All indicators show that the Ethereum rally isn’t going to end anytime soon as it is very likely that it will move past $3,000.