- ETH price soars above $700 for the first time since 2018
- Rising interest and adoption of crypto assets plays a role in the rise
Bitcoin has basically been the centre of attraction in recent weeks, largely due to its high adoption rate by institutional investors and also its unending rise in price. But, somewhere lurking in the background with its own rise in value is Ethereum which has also just recorded an all-time high.
For the first time since 2018, ETH price soared above $700. The second-largest crypto asset in the market presently trades for $732.67 after it gained over 12% in just 24 hours.
As of press time, its capitalization had also grown to $83.46 billion making it the second-largest crypto asset by market capitalization.
According to Coindesk, over $2 billion worth of Ether changed hands across eight different crypto exchanges. The platform noted that the average trading volume stood at $2.175 billion for last week alone.
ETH Price could keep rising
One of the revelations of this year was the decentralized Finance sector which was majorly built on the Ethereum network. In the coming year, and with the progress made in the field, there could be a wider acceptance and growth recorded in this industry which could have a hand in keeping ETH price up.
Earlier in December, CME Group announced that it was going to be rolling out an Ethereum Futures product in the first quarter of next year.
The firm appears buoyed by the success it has enjoyed in its Bitcoin Futures business as it has grown into the largest exchange trading the derivative in the world. Its foray into Ethereum Futures is however still subject to approval by the authorities.
Away from that, the crypto industry generally has been walloped with wonderful strides in the second half of this year. The crypto industry has seen a wider rate of adoption and acceptance by the general public who have been looking for a viable and sustainable substitute to fiat currencies. This and other factors should play a role in keeping ETH price and other crypto assets high.