Instead of investing in Bitcoin futures, large-scale investors are turning to Ethereum futures as predictions for the world’s largest cryptocurrency softens, pushing the leading altcoin above the $3,000 price levels once again.
Bitcoin futures traded lower in September than the initial price of a Bitcoin
The CME futures contracts used by institutional investors to gain exposure to bitcoin show weak demand, which is a setback for bitcoin.
The price of futures is usually higher than the value of Bitcoin in healthy markets. As a result of high Bitcoin storage costs and lucrative returns available to passive crypto investors, futures prices frequently increase.
On the Bitstamp Exchange, Ethereum was trading at $3,145 in the early hours of Monday, up more than 10% for the day. This was the largest daily percentage gain since September 22.
In the wake of the upward movement, Ethereum’s market valuation reached $369 billion, or 18.78% of the total cryptocurrency market valuation. At its peak, Ethereum’s market capitalization was $480 billion.
Ethereum had traded in a range of $3,028.61 to $3,163.86 for the day.
Over the past seven days, Ethereum has seen a drop in value, as it lost 2.81%.
Credit – Nairametrics
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