The second cryptocurrency rose above $ 2,700. Against this background, bitcoin has slightly decreased and continues to trade below $ 55,000.
The ETH rally began on Monday on a positive news background, and since the beginning of the week Ethereum has already added more than 22%.
According to analysts at IntoTheBlock, the rise of altcoin began with strong support from large investors. The volume of transactions in the network exceeding $ 100,000 has reached the highest level in the entire history of ETH, coinspot writes.
Bloomberg previously reported that the European Investment Bank has successfully placed bonds on the Ethereum blockchain totaling up to € 100 million. The issue will be offered for two years, and the deal was managed by such giants as Goldman Sachs, Banco Santander and Societe Generale.
JPMorgan Bank experts on Tuesday presented a research note titled “Why is ETH Outperforming?” In their opinion, it’s all about futures and the microstructure of the market.
The very fact of the publication of a separate material on ETH caused the surprise of market participants as an unexpected confirmation of the Bank’s attention from Wall Street to cryptocurrencies other than bitcoin, writes ttrcoin.
The bank notes that futures have less impact on the ETH market, and the distribution of positions on its derivatives is better balanced than that of Bitcoin.
“The higher tradability of assets on the ETH blockchain means that a much larger portion of these tokens can be considered highly liquid, which also mitigates the impact of futures liquidations. This suggests that margin demand has less of an impact on ETH than Bitcoin. This technical factor plays an important beneficial role at times, ”explains JPMorgan.
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