First Mover: Bulls Are Back as Ether Hits All-Time High, Bitcoiners Hoard
GameStop comedown shows appeal of social media-fueled trading. Dogecoin chatter in Reddit reveals cryptocurrency analogue.
Ether (ETH), the second-biggest cryptocurrency, was carrying through on Wednesday after hitting a new all-time high price. (Read more about that below.)
Dogecoin (DOGE) appeared to stabilize around 3.3 cents, which is still more than four times where it changed hands a week ago. The doggie-faced meme token, which is attracting social media chatter, has been the object of price pumps at least five times since mid-2017.
Ether rises to new all-time high ahead of CME futures debut
Ether breaks $1,500: All eyes are on ether (ETH), the second-biggest cryptocurrency, after its price shot above $1,500 for the first time on signs of growing activity on the Ethereum blockchain. Prices, which quintupled in 2020, have more than doubled already this year, overshadowing the better-known bitcoin’s 21% year-to-date return.
CME, the Chicago-based commodities exchange, is set to debut its new futures contracts on ether next week. That might generate additional buzz for ether, since the CME’s bitcoin futures, listed in late 2017, have grown to become one of the most popular ways for big institutions to bet on the largest cryptocurrency.
Some analysts connected the move to the turmoil in stock markets: Online brokerages including Robinhood restricted transactions to rein in volatility fueled by Reddit-based retail traders’ coordinated buying in GameStop and other out-of-favor stocks.
“The case for cryptocurrencies only grows stronger,” Nicholas Pelecanos, head of trading at NEM Group, told CoinDesk’s Omkar Godbole.
More ether is locked: Simon Peters, an analyst for the trading platform eToro, noted that more ether are getting locked up in specific uses including staking them in Ethereum 2.0, a planned upgrade for the blockchain. The tokens are also getting socked away in decentralized finance (DeFi) protocols.
Institutional buyers might be pushing prices higher: “Either way, it’s clear from the price that this diminishing supply is feeding through quickly to prices,” Peters said in emailed comments. “With institutions expected to add further to their positions, we expect the price of ethereum to push higher from here.”
GameStop comedown shows appeal of social-media-fueled trading
GameStop (GME) continued its slide: The stock tumbled 60% on Tuesday in what appears to be a comedown from last week’s Reddit-fueled price pump. Other “meme stocks” AMC Entertainment (AMC) and BlackBerry (BB) also fell.
First Mover: Bulls Are Back as Ether Hits All-Time High, Bitcoiners Hoard GameStop comedown shows appeal of social media-fueled trading. Dogecoin chatter in Reddit reveals cryptocurrency analogue.
Ether (ETH), the second-biggest cryptocurrency, was carrying through on Wednesday after hitting a new all-time high price. (Read more about that below.)
Dogecoin (DOGE) appeared to stabilize around 3.3 cents, which is still more than four times where it changed hands a week ago. The doggie-faced meme token, which is attracting social media chatter, has been the object of price pumps at least five times since mid-2017.
Ether rises to new all-time high ahead of CME futures debut Ether breaks $1,500: All eyes are on ether (ETH), the second-biggest cryptocurrency, after its price shot above $1,500 for the first time on signs of growing activity on the Ethereum blockchain. Prices, which quintupled in 2020, have more than doubled already this year, overshadowing the better-known bitcoin’s 21% year-to-date return.
CME, the Chicago-based commodities exchange, is set to debut its new futures contracts on ether next week. That might generate additional buzz for ether, since the CME’s bitcoin futures, listed in late 2017, have grown to become one of the most popular ways for big institutions to bet on the largest cryptocurrency.
Some analysts connected the move to the turmoil in stock markets: Online brokerages including Robinhood restricted transactions to rein in volatility fueled by Reddit-based retail traders’ coordinated buying in GameStop and other out-of-favor stocks.
“The case for cryptocurrencies only grows stronger,” Nicholas Pelecanos, head of trading at NEM Group, told CoinDesk’s Omkar Godbole.
More ether is locked: Simon Peters, an analyst for the trading platform eToro, noted that more ether are getting locked up in specific uses including staking them in Ethereum 2.0, a planned upgrade for the blockchain. The tokens are also getting socked away in decentralized finance (DeFi) protocols.
Institutional buyers might be pushing prices higher: “Either way, it’s clear from the price that this diminishing supply is feeding through quickly to prices,” Peters said in emailed comments. “With institutions expected to add further to their positions, we expect the price of ethereum to push higher from here.”
GameStop comedown shows appeal of social-media-fueled trading GameStop (GME) continued its slide: The stock tumbled 60% on Tuesday in what appears to be a comedown from last week’s Reddit-fueled price pump. Other “meme stocks” AMC Entertainment (AMC) and BlackBerry (BB) also fell.