On Thursday, the world’s second largest cryptocurrency by market cap, Ethereum rose in an indomitable bull rally. At the time of going to press, the currency was trading at a new all-time high of $ 2,760, a gain of 2.89% in the past 24 hours. ETH currently has a market cap of $ 320 billion.
Asset Manager WisdomTree provides an overview of Ethereum ETP
The price hike comes after one of the world’s largest asset managers WisdomTree listed its new Ethereum ETP on Deutsche Borse’s Xetra market in Frankfurt and the Swiss Stock Exchange in Zurich.
The WisdomTree Ethereum ETP (ETHW) is currently the cheapest Ethereum derivative product available in Europe with a cost ratio of only 0.95%. The ETHW allows investors to gain exposure to Ether without actually owning the cryptocurrency. In addition, WisdomTree will partner with multiple custody solution providers to preserve the digital asset. Commenting on this new development, Jason Guthrie, Head of Capital Markets and Digital Assets at WisdomTree said:
“With this increase in popularity, institutional investors are doing their due diligence on the most liquid cryptocurrencies and we expect the pace of adoption in these cryptocurrencies to accelerate as opportunities in digital assets become more attractive.”
Alexis Marinof, the European operations manager at WisdomTree, said institutional demand for Ethereum has recently increased. In addition, its previous digital asset ETP products have been well received by institutional investors. He went on to say that the asset class has helped cryptocurrency institutions diversify their wallets.
“By adding ETHW to our portfolio, we now have the products and research capabilities to support institutional investors, whether they are considering investing in digital assets for the first time or diversifying their exposure,” added Marinof.
Since the beginning of 2021, Ethereum has been on the rise. ETH has gained nearly 300 percent at the current price since the start of the year. CI Global Asset Management launched the world’s first Ethereum mutual fund earlier this week.
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ETH 2.0 Deposit contract Hit New ATH
Ethereum 2.0 was heralded as the most ambitious update to the Ethereum network to date, and the hype seems to be paying off. According to a Tweet from Glassnode alerts, the world’s second largest cryptocurrency has been upgraded to a new record of $ 10,935,392,247.93 for its deposit contracts.
View statistics: https://t.co/1ezmu1GKcj pic.twitter.com/6uj4P0wwYD
– glassnode alerts (@glassnodealerts) April 28, 2021
The community has embraced the cryptocurrency, especially since the launch of the Ethereum 2.0 update in November 2020.
The foundation’s success already started at the start, with preparations for the launch. The team behind it planned to launch it on December 1, 2020, when the deposit contract reached a stake of 524,288 Ethereum coins. It reached its target within hours, collecting more than 150,000 ETH deposits in less than 24 hours.
Ethereum is plagued by high gas costs and Ethereum 2.0 is heralded as the solution. Danny Ryan, the Ethereum 2.0 coordinator, said before launch that the update has added a lot of intrinsic value to the system.
Related article | Ethereum gains momentum, here’s the chance of a run to $ 3K
Featured image from Pixabay, Charts from Tradingview.com