The cryptocurrency market is growing again, and digital coin owners are rubbing their hands in satisfaction as the value of their assets jumps hourly. Namely, the second most popular cryptocurrency – Ethereum (ETH), reaches record values.
At the same time, the Bitcoin have crossed the $52K limit. On the other side, Ethereum already reached a $1,920 and it’s expected to go over $2,500 in coming days!
Experts believe that by the beginning of trading in ETH futures on the CME stock exchange (Chicago Mercantile Exchange) on February 8, which is one of the growth factors, this cryptocurrency could easily reach a value of 2,500 dollars in coming weeks.
The previous Ethereum (ETH) record was set on January 20, when it surpassed its highest value from 2018 and reached a price of $1,428.
Just three months earlier, in early November last year, the price of Ethereum was around $400. This practically means that crypto traders who then invested 1,000 euros and bought ETH in that value, today have more than 4,000 euros in their pockets.
What is the Reason for Ethereum Skyrocketing?
As one of the reasons for the skyrocketing of Ethereum’s value is the fact that most cryptocurrencies are currently growing , led by Bitcoin growth, so Ethereum is also part of the trend.
But, the main reason is a new concept behind Ethereum, where people are allowed to “lock” Ethereum for a certain period of time and get interest for it. A number of coin owners have locked ETH and therefore that quantity is no longer available for sale, so the offer is reduced. That automatically means a higher price on the market, considering that the demand has not changed drastically in the meantime.
The most optimistic forecasts say that the ETH price could jump up to $ 10,000 by the end of this year. So, get some popcorn and enjoy the ride.