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Ethereum price exploded, and the digital asset is racing towards $4k. At the moment of writing this article, ETH is trading in the green, and the digital asset is priced at $3,956.77.
As the online publication InvestingCube notes the Ethereum price has set a new record over the weekend, and it gained more than 11% in 24 hours to $3,960. JPMorgan outlines why this may be the start.
What’s triggering Ethereum bullish moves
The recent rally in Ethereum shows no signs of stopping the bull run, and the coin seems to continue eating away Bitcoin’s market share.
“The 450% rally (so far) in The Ethereum price in 2021 now has the coin’s value at almost half a Trillion US Dollars. The number #2 ranked digital assets total valuation is now $448,000,000,000 and, according to JP Morgan, may be set to climb much higher,” the online publication notes.
The same online publication cites a report by JP Morgan, which has outlined the reasons for which Ethereum has and could continue to outperform Bitcoin.
The report is detailing the ways in which investors are embracing ETH at a growing pace.
They also note that back in April, four new Ethereum ETFs’ were launched, making it easier for institutional investors to profit from the rising Ethereum price.
Open interest in the CME Ethereum futures surged in April, and the notes reveal that this indicates that Institutions bought more than $250 Million of Ethereum over the period.
ETH in the news
Just the other day, we were revealing that 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ETH coins are withdrawn from centralized exchanges, and you can check out more about this in our previous article.