Ethereum updated historical highs for the sixth time this month
The ETH rally started on Monday on a positive news backdrop, and since the beginning of the week Ethereum is already adding more than 22%.
According to IntoTheBlock analysts, the altcoin's ascent began with strong support from large investors. The volume of transactions on the network, exceeding $100,000, reached the highest level in the history of ETH, coinspot writes.
Bloomberg previously reported that the European Investment Bank has successfully placed up to 100 million euros worth of bonds on the blockchain of ethereum. The securities will be placed for two years and the deal was managed by such giants as Goldman Sachs, Banco Santander and Societe Generale.
Experts at JPMorgan Bank presented a research note on Tuesday titled, "Why is ETH Outperforming?" According to them, it's all about futures and market microstructure.
The very fact that a separate article was published about ETH surprised market participants as an unexpected confirmation of the bank's attention to cryptocurrencies, other than bitcoin, writes ttrcoin.
The bank notes that futures have less impact on the ETH market, and the distribution of its derivatives positions is better balanced than that of bitcoin.
"The higher tradability of assets in the ETH blockchain means that a much larger portion of these tokens can be considered highly liquid, which also mitigates the impact of futures liquidations. This suggests that margin demand has less impact on ETH than it does on bitcoin. This technical factor plays an important favorable role at times," JPMorgan explains.