Ethereum Outperforms Bitcoin as ETH Price Gears Up for $200 USD Next after Surging 10%
After hitting $80 in December 2018, Ethereum climbed to its today’s highest level to $180. However, till date, in 2019 Ether is only up about 31 percent while being down 87 percent from its all-time high at $1,445.
In early April, Ethereum reached its highest point at $185 since November 2018. However, with the way things are going we just might get to see more uptrend. Crypto analyst, Ledger Status says he could see the second-largest cryptocurrency going for another high of this year at $200.
ETH could be gearing for $200 here on news, though I don't expect much more on the daily. Long/shorts still way out of wack, but they always are. I like it here. pic.twitter.com/MltSXXHGgh
— Ledger Status (@ledgerstatus) May 6, 2019
As Ledger Status said, Long/Shorts are certainly out of whack. After dropping down to the lowest point in mid-April, at the end of April, ETH/USD shorts starting surging. Meanwhile, ETH/USD longs that climbed to their highest level at the beginning of April as well since then longs have been on a decline. But the green start of May has made people optimistic as longs saw a small uptick.
ETH/USD is trading at $176 on Bitstamp with 24 hours gains of just about 10 percent, at the time of writing. We have previously reported how analysts have been predicting Ethereum to outdo Bitcoin in the next rally and ETH did just that as it registers almost 5 percent gains in BTC market.
Meanwhile, it is managing the daily trading volume of $8.8 billion, as per Coinmarketcap which is up from weekend’s $5.9 billion. Per Messari, Ethereum is managing $401 million volume which is the largest trading volume handled by a digital asset after Bitcoin at $563 million.
Ethereum Gearing Up For A Wave Of Institutional Investment
Being one of the highest gainers came on the back of the news that Ethereum futures could be approved as shared by a CFTC insider.
The US Commodity Futures Trading Commission that oversees derivatives markets in the US have already allowed Bitcoin futures to launch and now a similar product of Ether could also be introduced, provided it meets all the requirements.
“I think we can get comfortable with an ether derivative being under our jurisdiction,”
an unnamed source has been quoted as saying.
If it does gets approved, it would be a big win for the Ethereum as a regulated futures contract would open Ether to a broad institutional investment. Additionally, hedge funds would be able to gain exposure to Ether without having to worry about custody.
Everything About Ethereum Needs To Improve
In another event, Joe Lubin, the co-founder of Ethereum who founded ConsenSys recently appeared on Chain reaction Podcast where he said Ethereum 1.0 was a “starting point” and the developers knew it “wouldn’t be scalable.”
“Growing pains are essential and wonderful. If we didn’t grow to the point that there were pains, it could be argued that we’re moving too slowly as an ecosystem… Certainly, everything about Ethereum needs to improve and there are lots of people that are working to improve virtually everything about Ethereum,”
Despite the ongoing competition, Lubin says numerous projects have
“close ties to Ethereum”
and they all are “very friendly.”
“In the context of this openness, this collaboration and communication, Ethereum have, in my opinion, the best technology by a lot. The best technologists and so many more of them. And an orders of magnitude bigger ecosystem. And I feel like the project is moving faster,”