Ethereum: price spikes above $600 As it gears for late bull run Amid CME futures release in sight

By: Felix Henry

December 16, 2020 7:33 PM

Ethereum price spikes above $600 As it gears for late bull run Amid CME futures release in sight due to clients demand

Ethereum the second-largest cryptocurrency by market capitalization according to Coinmarketcap data, has gained (7.14%) providing a quick response to Bitcoin's early price movement.

At the time of coinnewsafrica reporting, the second-largest cryptocurrency is trading above $628 with a market cap of $71,529,238,266 and a 24hrs trading volume of $13,336,921,926.

Ether (ETH) has followed the breakout above $20,000 for Bitcoin (BTC) on Dec. 17, boosted by some big news from the Chicago Mercantile Exchange (CME). The CME just announced that they’d be launching Ether futures in 2021.

"Based on increasing client demand and robust growth in our Bitcoin futures and options markets, we believe the addition of Ether futures will provide our clients with a valuable tool to trade and hedge this growing cryptocurrency,"

 

said Tim McCourt, CME Group Global Head of Equity Index and Alternative Investment Products.

If Ethereum (Eth) sustain this current momentum $1000 is a huge possibility according to the current chart, regardless of Ethereum (Eth) momentum, a possibility that bitcoin drops back below the $20,000 mark, a swift correction to below $500 is expected, it could go either ways but the latter is solely dependent on the market strength.

Both Eth/BTC USDT pairs have looked bullish today but this momentum in Eth pair is largely strengthened by Bitcoin current bullish state, a magnificent bullish 2021 for cryptocurrencies as a whole is on the horizon if this trend goes on.

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