Ethereum rockets to $1500, to its new all-time high after the strong price surge in the DeFi coins and other smaller-cap altcoins. Now it seems that the attention is returning to Ethereum as we can see in our ETH news today.
The second-biggest cryptocurrency by market cap is in the middle of increasing to a new all-time high again as the altcoin market is cooling down. Ethereum rockets to $1500 as per the new data which is a new all-time high by all standards. Ethereum is having a hard time at this key level with the sell orders coming in to round that number as can be seen on the charts. The trend seems to be positive despite the $1500 resistance.
— Michael Sonnenshein (@Sonnenshein) February 1, 2021
Michael Sonnenshein who is the chief executive of Grayscale announced that the company’s ETH trust opened its doors to accredited investors and allocate capital at NAV for the first time in 30 days. The company is a digital asset manager that allows accredited investors to get more exposure to BTC and ETH. Grayscale holds about 2.8 million ETH and the company saw about $400,000 of ether worth of inflows in November which is the same amount of coins that was mined in that period. Many investors believe that reopening the trust will result in a spike in demand for the cryptocurrency which is expected to drive the asset higher.
It’s unclear how much Grayscale will see the inflows until the company files an update to the SEC later this week. Ethereum is seeing some fundamental trends which will most likely drive value to ETH in the long run. According to Spencer Noon, the investor at Variant, Ethereum is seeing record levels of on-chain activity by all standards. To name a few metrics that are at an all-time high for the asset, ETH transaction fees surpassed the ones of BTC due to Defi and the amount of value transferred on the network hit an all-time high as well as in the number of daily active addresses and now there’s over $25 billion locked in DeFi.
Raoul Pal who is a macro investor and the founder of Real Vision, added to his Ethereum positions as he sees more potential upside for the asset than BTC:
“For longer-term HODLers of BTC and ETH this is probably a good time to start accumulating more. Personally, Ive added more ETH and now time to add more speculative crypto. Have not pulled trigger yet as doing some homework on it. Good luck ! Ugly price = opportunity.”
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