Recently, with the repeated record highs of gold and silver prices, Bitcoin, known as “digital gold,” has also lived up to expectations and stood above the $10,000 mark. With the rise of mainstream currencies and altcoins, the cryptocurrency market continues to strengthen, becoming a beautiful landscape.
In this wave of bull market performances, there is no doubt that Ethereum is at the forefront of the team. On July 25, ETH started to skyrocket, leading the rise of mainstream coins all the way. Until August 4, ETH set a new high for the year, reaching a maximum of $402.93, which is more than $36.93 from the 2019 high of $366.
ETH futures began to rise at the beginning of 2020, and the total amount is close to 900 million US dollars. Since June 20, the open interest of Ethereum futures has increased by nearly 30%, from less than $800 million to nearly $1.1 billion. Although Ethereum futures are rising, they still have a long way to go compared to Bitcoin.
The open position of Bitcoin futures broke the $4 billion mark on July 21, but it is worth noting that since the recent price increase, the open interest of Ethereum futures has increased by 2% of Bitcoin futures. Times. As Ethereum begins to lead a new market cycle, the value of open positions in Ethereum futures may soon surpass Bitcoin and become an asset that deserves more attention.
Whether it is the strong price trend of Ethereum or the soaring usage of the Ethereum network, it is undeniable that DeFi is the huge driving force behind it. But at the same time, due to network congestion and the surge in transaction fees, the number of active addresses on Ethereum has declined.
The open position of Ethereum futures contracts hit a record high, and the transaction volume of the Ethereum network continues to soar. Is this a harbinger of a big bull market? In addition, according to previous media reports, Ethereum 2.0 is expected to be launched in November, coupled with the blessing of the DeFi market, can ETH set a new bull market record again?
So what we retail investors most need to do now is to hoard the currency and wait for the currency price to rise! And mining is the lowest cost way to get Ethereum. If there is no currency, it is useless to increase the price! Especially mobile mining-the emergence of cloud computing power platforms has lowered the entry barrier, and ordinary people can invest. It is not as high as the stock market or real estate.