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The Price of Ether Is Closer to a Record 10-Day Winning Streak, Reaches $3,500 for First Time

Ether is approaching a winning streak of 10-continuous days, which represents its most bullish momentum in over three years.

At press time, Ether was being traded at about $3,500, which indicates a 2% rise since 8 pm ET Monday. If the gains are held through the daily close, Ether would register a 10-day winning trend. That would be the longest one by the cryptocurrency since January 2018.

Ether has almost quintupled in 2021 thanks to a rally started by speculation over the future of DeFi and the popularity of NFTs. Meanwhile, Bitcoin has only doubled in value in 2021. Still, the market cap for Bitcoin is at $1.04 trillion, while the one for Ether is at only $400 billion for now.

The increased popularity of ether futures listed on the Chicago Mercantile Exchange (CME) is proof that institutions are looking to get into Ether by using derivatives markets. Open interest in the CME futures reached a record $473 million on Monday.

“Chicago Mercantile Exchange futures are one of the primary ways that institutional investors can get exposure to crypto. Unlike most crypto exchanges, CME is regulated in the U.S. and has a long history with traditional derivatives, which makes it a trusted venue for institutions,” according to the weekly newsletter published by Coin Metric this week.

Source: CoinDesk.com

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