Ether Prices Extend Gains To Reach Latest Record Above $4,600

Ether Prices Extend Gains To Reach Latest Record Above $4,600

Ether prices continued to climb to fresh, all-time highs today, breaking through $4,600 for the first time in history.

The world’s second-largest digital currency by market value reached $4,642.48 tonight, according to CoinDesk data.

After rising to that level, the cryptocurrency was up more than 530% year-to-date, additional CoinDesk figures show.

[Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.]

The digital asset climbed to its latest record price level the same day that the CME Group announced plans to offer micro futures, pending regulatory review.

The introduction of these contracts will provide interested parties with one more way to hedge their risk or alternatively, speculate in an effort to generate higher returns.

Andrew Rossow, an internet and technology attorney, spoke to the implications of this development.

“I think CME’s announcement yielded two major take-aways, beyond placing ‘upward pressure’ on ether prices,” he stated.

“First, it just reinforced the utility Ether futures and Bitcoin futures bring to the digital money sphere, especially for newer market participants,” said Rossow.

“Second, in launching micro futures, of course, pending regulatory review, this shows CME positions itself to continue serving as a leader in the derivatives market by helping alleviate hesitancy by prospective market participants to dip their feet in the water.”

Joe DiPasquale, CEO of cryptocurrency hedge fund manager BitBull Capital, also weighed in.

“The CME news is very positive for Ethereum,” he noted.

“New institutional-grade products like microfutures lead to additional upward pressure on Ethereum.”

Konstantin Boyko-Romanovsky, founder and CEO of Allnodes Inc., a non-custodial platform that provides hosting and staking services, offered a different take.

“The CME has always been an early adopter of our industry, with Bitcoin futures and options on Bitcoin futures made available to investors for over four years now,” he stated.

“They followed up with Ether futures earlier this year, and I’m thrilled to see the additional financial opportunities the exchange is working on.”

However, the Allnodes founder pointed to other matters as fueling gains, stating that “ether continues to appreciate for several reasons.”

“No doubt, the recent milestones achievements in the traditional markets have added demand for the asset,” he stated.

However, Boyko-Romanovsky focused on signs of increasing adoption.

“For the most part, I think the rise in demand and, therefore, price, is due to the growth of the DeFi and NFT sectors, most of which are built on the Ethereum network.”

“Recent successful blockchain upgrades that are bringing Ethereum closer to the energy-efficient, more secure, and highly resourceful Proof of Stake consensus model, the newly acquired deflationary quality and the ongoing mass adoption of the blockchain technologies in general are also major contributors to its growth,” he added.

“Ethereum is a real asset to watch, and there is no reason to assume the rise will stop at the recent ATH,” Boyko-Romanovsky concluded.

Disclosure: I own some bitcoin, bitcoin cash, litecoin, ether, EOS and sol.

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