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Ether is now approaching $4,000 for the first since December 2021. It is currently trading around $3,950. Bitcoin, which hit a record high on March 5, has also been rising over the last few months. During the last 30 days, Ethereum has outperformed Bitcoin, rising 67%. Bitcoin rallied by 57%. The CoinDesk 20 Index is a measure of the wider crypto market. It rose 53%. Kenny Hearn is the chief investment officer of SwissOne Capital. He believes that ether’s rise coincides with bitcoins recent success, and anticipates an altcoin rally. Hearn stated in an interview that the only thing stopping ETH from reaching $4,000 is psychological resistance. Hearn said, “We believe it is a high likelihood that it will happen within the next 24 to 48 hours as long as U.S. Labor Data comes in as expected.” The U.S. will publish its non-farm payrolls for February at 13:30 UTC.

According to a JPMorgan research report , the cryptocurrency would likely not match gold in terms of investor allocations due to its increased volatility and risk. The report stated that gold is the most appropriate comparison to the cryptocurrency, given the perception among investors of bitcoin as the digital equivalent of metal. Most investors consider risk and volatility when allocating across asset classes. Given that bitcoin volatility is around 3.7x greater than gold, it would be unrealistic for bitcoin to match the value of gold in investors’ portfolios.

Optimism Foundation announced on Friday it had entered into a token sale with an unnamed buyer for approximately 19.5 millions OP tokens. These tokens are worth about $90 million today. The tokens sold are subject to a 2-year lockup. The buyer may delegate tokens to non-affiliated parties who can participate in governance decisions and receive the same benefits.

Chart of the Day

  • Deribit’s chart below shows the dollar values of active ether put and call options as of Friday morning.
  • Call options had a so-called nominal open interest of $7.57 billion, compared to $3.5 billion for put options.
  • Markets are positioned to continue a move upwards in Ethereum’s native coin, ether, which is the second largest cryptocurrency by market capitalization.
  • Source: Amberdata


– Omkar Godbole

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Sheldon Reback is the editor.