But as companion ETFs for ether are set to hit the market soon, some market players predict a price rally beyond its Nov. 2021 all-time high of $4,867.60...
The world's No.2 cryptocurrency has remained in the wings this year as big brother bitcoin soared to all-time highs on the back of new U.S. exchange-traded funds meant to track its price.
"Market participants should watch for a comeback in volatility in traditional markets and crypto alike," Jag Kooner, head of derivatives at crypto exchange Bitfinex, said in a research note. "Regulatory developments and macroeconomic policies will play a crucial role in shaping market dynamics."Bitcoin soared to new peaks in March to as high as $73,803.25, two months after the first spot bitcoin ETFs started trading, from $45,947 before the launch.
"I do think it's similar to what we were looking at for bitcoin earlier this year where we think there'll be a substantial amount of new demand for the product and it will be interacting with a supply picture that is more constrained than I think is commonly understood," he said. Yet the impact of the new ETFs could already be priced into ether, some market watchers warn. While it has remained off its all-time high, ether is still up more than 29% so far this year.
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