FX.co ★ Futures launch on Chicago Stock Exchange caused Ethereum to rise

The first week of February turned out to be very fruitful for the cryptocurrency market. All major digital currency has shown significant growth, which has not been stopped by worries in the global financial markets. However, for one cryptocurrency, February could be a truly defining month. We are talking about the altcoin Ethereum, which showed rapid growth in 2020.

Even though Bitcoin is only visible somewhere on the horizon, Ethereum is showing stable growth. The cryptocurrency had certain drawdowns in price in the middle of last week, and experts feared a significant drop in the price of ether amid news about the launch of futures. Market participants were embarrassed by the digital asset's network activity, which did not show the necessary growth dynamics, which could negatively affect the balance of supply and demand.

However, on the night of February 8, the Chicago Mercantile Exchange launched Ethereum futures trading and the worrisome rumors somehow died down. After a slight drop in price to $1,490, the ether indicators began to creep up. By Monday morning, the price of the main altcoin is already holding at $1,635. Recall that the historical maximum of Ethereum is $1,760, and there is every reason to believe that this barrier will soon be overcome. The new product has appeared on the Chicago Stock Exchange under the ticker ETH, and New York Digital Investment Group and Genesis are among the companies providing liquidity for Ether futures.

Ethereum will significantly increase its total capitalization, because, in addition to the launch of futures, altcoin shows excellent activity on crypto markets and is actively rising in price. Don't forget that on February 4, the transaction fee on the Ethereum network exceeded $20, rewriting the record set on January 11. Moreover, in just less than a month and a half in 2021, the price of Ethereum increased by 139%.