Ethereum Soars to Fresh High on CME Futures, Bitcoin above $63,000

Ether Soars to Fresh High on CME Futures, Bitcoin above $63,000

Created by TradeOr

3rd Party Analysis 03 Nov 2021

Key Takeaways:

  • Ethereum, the second-largest token, surges to a record high of $4,640 as CME plans Ether futures
  • Bitcoin climbs above $63K after El Salvador’s President says profits will be used to build schools

What’s Today’s News in Crypto?

Ethereum, the second-largest cryptocurrency in the market, soared to a fresh record high of $4,640 per coin. The new horizons arrived after the Chicago Mercantile Exchange (CME) said it plans to launch an Ethereum-based financial product.

In more detail, the new derivative product will be Micro Ether futures, or 1/10 of one Ether. In addition, the launch date is planned for December 6. The new crypto-focused product will be the fourth one launched by the CME.

While it is now pending approval, the new product highlights the elevated demand for cryptos from mainstream investors. Moreover, financial institutions and banking giants are increasingly interested to trade and hold bitcoin and other cryptocurrencies.

As a result, the price of the Ethereum token rallied 5% on Wednesday to reach an all-time high of $4,640. The fresh peak for Ether brings its 30-day gains to over 60%.

What’s the Price of Bitcoin?

Bitcoin, in the meantime, erased its losses from the past few days as it jumped about 6% on Tuesday. The sharp swing for the leading token lifted its price to a session high $64,500 per coin. However, later during the session, bitcoin’s price subsided moderately and closed near $63,100.

Presently, the price of bitcoin is floating near unchanged levels for the day, close to $63,000 apiece. At this level, the orange coin remains just about 5% away from its record high logged in late October. Back then, the price of bitcoin rallied to $67,000 per coin.

While the Ethereum token celebrates an all-time high, Bitcoiners cheer the latest news from El Salvador. That said, the small Central American country announced it will use its bitcoin profits to build 20 schools.

The significant milestone was made by President Nayib Bukele who hailed the decision to make bitcoin legal tender. Now, El Salvador holds 1120 Bitcoin after Mr. Bukele’s latest bitcoin purchase of 420 tokens on October 27.

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