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Ethereum Price Hits ATH

The native cryptocurrency of the Ethereum blockchain network, Ether, has managed to establish a new ATH of $1,500 today. According to data, the ETH options market registered a dominant call activity, which may explain the rally to the new record.

In the options market, you may choose between two types of contracts: puts and calls. Puts represent sell orders, while calls represent buy orders. The market turns bullish if there are more calls in the market.

Calls Dominated Even Before the Rally

A data analytics platform, Laevitas, came out to declare that even before the rally, 80% of Deribit’s ETH volume was already dominated by calls. The analysts agreed that, according to this volume trend, ETH would enjoy a major rally.

“#ETH 1-month VIX has reset to levels last seen in early January while price is stabilising close to ATH. 80% of @DeribitExchange volume today is dominated by calls, this looks like it’s about to pop.”

Hours later, ETH went over $1,500, being the second time in only one month that it reached a new ATH.

Su Zhu, the CEO of Three Arrows Capital, commented:

“Crazy thought, but you would’ve made more selling $BTC to $ETH than btc to usd at the local 41k top. Crypto/crypto if you want to play cycles. Crypto/fiat up only.”

After passing $1,500 for the very first time, researchers at IntoTheBlock commented that the on-chain activity returned to the numbers last seen in January 2018:

“ETH breaks the $1,500 barrier for the first time and enters into price discovery. And to celebrate the ATH, here are some facts: – 100% addresses profitability – On-chain transactional activity back to Jan 2018 numbers (averaging 1.16m daily) – 52.38m addresses holding ETH (ATH).”
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