The price of Ethereum is trading at just under $ 1,800 per token after Bitcoin trailed its upward trend to new all-time highs. Some of the excitement and momentum was generated by the introduction of Ether Futures trading on the Chicago Mercantile Exchange, also known as the CME Group.
During the altcoin’s debut week, Futures Open Interest reached a grand total of $ 55 million. Here’s a look at how the second-tier cryptocurrency trading in CME compares to Bitcoin in the first week and what happened in the weeks that followed.
Ether Futures debut in CME Group, Open Interest rises to $ 55M in first week
In contrast to the start of Bitcoin’s debut on the CME Group’s futures trading platform, which has been dubbed “lukewarm”, the launch of Ethereum has already resulted in $ 55 million in its first few days of trading.
Related reading | Ethereum Beats Bitcoin Performance Two Years in a Row, What’s Next?
CME Group added Ether Futures on February 8th to provide institutional traders with more crypto assets than just Bitcoin. Ethereum as the second largest cryptocurrency by market capitalization was the next logical choice.
Ether Open Interest rose to $ 55 million in its first week of trading Source: Skew Analytics, via Arcane Research
Ethereum is also one of the few crypto assets to receive regulatory support thanks to its early distribution model that ensures adequate decentralization.
The trading volume itself remained relatively constant at around $ 35 million, but open interest continued to surge over the course of the debut week, according to the latest report from Arcane Research.
The similarities between Ethereum and Bitcoin at the CME launch
The trading volume in the first week and the open interest results show a positive correlation with the larger crypto market trend. After rising in the first few days of trading, ether prices have since fallen from the most recent record.
That wouldn’t be alarming, however, when Bitcoin was first introduced for trading CME for futures on December 17, 2017. It was right at the top of the bull market.
It’s already different this time around, as ether prices are still rising after the first debut and the bigger bull trend isn’t nearly as exhausted as it was in late 2017.
The introduction of BTC futures on CME marked the high point. Is it different this time? | Source: ETHUSD on TradingView.com
Bitcoin’s bull run is just beginning on most measures, and with an exercise price on ether options contracts of $ 10,000 and more, it doesn’t look like Ethereum is at the top right now.
Related reading | Altcoin market cap on the verge of a life changing breakout
Can Ethereum do what even Bitcoin couldn’t and overcome the sudden introduction of more short sellers in the market? Or will this be a temporary top for crypto now, just like last time?
Featured image from deposit photos, charts from TradingView.com
