cryptogazette.com
Ethereum is definitely one of the stars of 2021 in the crypto market. Although Bitcoin has been seeing new ATHs all 2021, ETH seemed to have the ability to decouple itself from the king coin.
ETH was also able to reach new ATHs, and at the moment of writing this article, ETH is trading in the green, and the coin is priced at $3,574.58.
Not too long ago, it’s been revealed that CNBC notes that the interest in cryptos has surged over the past year, with BTC continuously pushing new record highs.
The same online publication mentioned above notes that there are a number of factors, including rising institutional interest and major companies such as Tesla buying the digital coin that have been credited with its rise.
ETH total open interest reaches $10 billion for the first time
Check out the graph that Unfolded posted on their Twitter account:
Ethereum total open interest hits $10bn for the first time. pic.twitter.com/5AkfcWMxGj
— unfolded. (@cryptounfolded) May 7, 2021
Also, they noted another milestone that Ethereum has been able to pass. Check out their other tweet here:
Search volume for Ethereum hits an all-time-high pic.twitter.com/7AzpK5Uf76
— unfolded. (@cryptounfolded) May 7, 2021
ETH coins are withdrawn from centralized exchanges
Check out what’s going on with ETH coins lately.
Ethereum coins are being withdrawn from centralised exchanges and put into smart contracts and DeFi applications.https://t.co/e9y8JSB2ue pic.twitter.com/V9Nzo5xDA8
— unfolded. (@cryptounfolded) May 4, 2021
You can check out more details about the crypto market overview in Glassnode’s official notes.
Glassnode also notes that “the use of ETH coins within the Ethereum ecosystem is a key to understanding the behaviour of the network. This week a relatively large volume of ETH was removed from known exchange wallets, spiking to over 200k ETH in a single day.”
Ethereum bullish predictions keep pouring into the crypto space.