Another strong feeling has driven a possible increase in the price of ETH amid the cryptocurrency market’s overall bullish momentum.
According to market statistics, the premium for Ether (ETH) futures has increased from 1% on October 23 to 7.3% on October 30, marking the highest level in more than a year. It implies that during the time, there has been a sharp increase in demand for long positions in ETH.
The market’s optimistic sentiment has persisted even after ETH’s price dropped by more than 14% from its peak of $2,120 in April. But in the last two weeks, the price of ETH has increased by 15.7%.
The difference between the asset’s spot price and two-month contracts is measured by the futures premium. An annualized premium in the region of 5% to 10% indicates a strong state of the market.
The widespread acceptance of the spot Bitcoin ETF is anticipated to be a major motivating reason for this increase. As usual, ETH will likewise follow the necessary increase in the price of BTC. According to a number of rumors, the spot ETF would propel Bitcoin to all-time highs.
More News From Crypto Store