Ethereum Breaks $1200 For The First Time In Years As The Bulls Seemingly Take Control
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Yesterday was the first time in three years that Ethereum broke above $1200 as bullish sentiment runs throughout the industry.
It seems that this week has been all crypto as bitcoin has hit a new all-time high at over $37,000 with predictions indicating it could go to $40,000 in the near term.
For Ethereum, these successes were primarily pushed due to a lot of different factors. Bitcoin included.
With the DeFi sector growing on a day-to-day basis, this is also having a big impact on the price of Ethereum in the market.
On top of all of this, Ethereum futures contracts are also having an impact on the asset’s price. Tim McCourt, global head of equity index and alternative investment products at CME Group said last month:
"Ethereum is the second-largest cryptocurrency by both market capitalization and daily volume. The introduction of listed Ether futures to our time-tested, regulated CME Group derivatives marketplace will help to create a forward curve so Ethereum market participants can better manage price risk."
Starting on the 8th of February, users will be able to bet on the asset through regulated platforms. This new futures product will give traders the opportunity to have a more efficient exposure to Ethereum as well as pushing for wider price discovery, not to mention higher adoption.
Despite coming down from the summer, DeFi projects are still very much going on in the background. The ecosystem is growing massively with the wider market. Many of these projects are built on Ethereum with many believing that this is having an impact on the coins price as well.