ETH futures open interest hits ATH exceeding $20 billion.
This milestone was hit soon after Bitcoin set its latest ATH at $99,502.92.
Analysts expect ETH price to hit its ATH in the coming months.
Bitcoin surged to a new all-time high (ATH) of $99,502.92 earlier today, bringing it closer than ever to the highly-anticipated six-figure milestone of $100,000. At the moment, seasoned analysts predict that this long-awaited target could be achieved soon. So far, Bitcoin continues its impressive bull run, setting seven new ATHs in less than 25 days.
Bitcoin Momentum Pumps ETH Expectations
While Bitcoin sets its series of new ATH, sentiment for Ethereum (ETH) price to pump gains momentum. In detail, ETH futures open interest surges to a new all-time high (ATH) exceeding $20 billion. As for Bitcoin’s quarterly surge, experts are certain that the pump was caused by the approval of Bitcoin spot ETFs during this bull cycle.
The same experts believe Bitcoin’s price could have reached present targets if the SEC had not rejected Bitcoin spot ETFs in 2021. Presently, ETH future open interest surge could result in a similar pump for the pioneer altcoin in the crypto market. According to CoinMarketCap analytics, the price of ETH currently stands at $3,298.20.
Highest Extreme Greed Score This Cycle at 94
Due to all these positive market moves, the crypto market is riding a wave of optimism, reflected in today’s Crypto Fear & Greed Index score of 94, signaling ‘Extreme Greed’. This heightened sentiment has fueled expectations for a record-breaking finish to Q4, with many projecting Bitcoin will surpass $100,000 by the end of 2024.
Adding to the bullish outlook, the election of pro-crypto candidate Donald Trump as U.S. president has sparked hopes for a more favorable regulatory environment. This political shift is expected to benefit not only Bitcoin but the wider crypto market, setting the stage for new highs across the board.
The post ETH Futures Open Interest Hits ATH Exceeding $20 Billion Soon After Bitcoin’s Latest $99,502.92 ATH appeared first on Crypto News Land.
