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Ethereum starts the year with a bang skyrocketing over 40% on Sunday, January 3 while making a strong move towards its all-time high. Institutional buying in ETH has also picked up considerably in a few years.
The world’s second-largest cryptocurrency Ethereum (ETH) is on a massive rally surging past $1100 levels for the first time in three years since January 2018. Ethereum (ETH) price has been on an unprecedented jump surging more than 40% in the last 24 hours. At the time of writing, ETH was trading at $1113 with a market cap of $114 billion.
The latest price rally has also extended the cryptocurrency’s weekly gains to more than 50% thereby leaving BTC behind on weekly charts. In a single day, ETH has added more than $300 to its price to make the latest move. Now, ETH is just short another $300 or 30% from here to surge past its all-time high of $1400.
Many analysts have been already saying that 2021 could be a game-changing year for ETH and its investors. Following Bitcoin’s magnanimous price rally in 2020, there’s massive institutional interest now building up in Ethereum. Over the last few weeks, institutional purchases in Ethereum have hit new highs. Also, with. the CME Group launching Ether Futures next month on February 8, the excitement is a lot higher.
The Grayscale Ethereum Trust (ETHE) now holds nearly 3 million ETH with its net assets under management at $3 billion, as per data on Bybit. Since the beginning of December 2020, the ETHE assets under management have surged nearly 100% which is a spectacular gain in recent times.
Expert Opinions on the Latest Ethereum ETH Price Rally
As per on-chain data provider Skew, the latest Ethereum (ETH) price rally has registered a sharp reversal in the ETH/BTC pair on spot exchanges.
Sharp repricing relative to bitcoin in spot … pic.twitter.com/HPQVS4Cmv0
— skew (@skewdotcom) January 4, 2021
Popular crypto analyst Michael Van de Poppe says that this will be another week when ETH will close above a crucial threshold relative to the BTC price. This is a strong indicator hinting that money is likely to flow into Ethereum as the BTC price rally cools down. Speaking to CoinTelegraph, he added:
“I do believe that we’re seeing money shift from BTC towards altcoins and that Ether has bottomed out on the BTC pair. So probably continuation of altseason in this quarter with the topping out of Bitcoin dominance. But hey, a Bitcoin correction would be appreciated too.”
On the other hand, Gemini co-founder Cameron Winklevoss also wrote on his Twitter timeline saying:
“Ethereum (ETH) was the best-performing asset (up 450%) of 2020 hands down and still below its all-time high. Today it’s the equivalent of 15K Bitcoin. I would take that bet all day long.”