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The crypto market has been booming for the latest week. A variety of factors contributes to such a roaring success. One of the market catalysts is the news that Tesla Inc. has invested $1.5 billion in bitcoin and intends to accept the cryptocurrency as payment for its electric vehicles. No wonder that in light of such news, the number one cryptocurrency jumped 14% and set a fresh historic record.
The reinforcement and a steady advance of bitcoin benefitted other digital assets. For example, Ethereum spiked 10% in the latest 24 hours and surpassed $1,800 for the first time ever. The second popular cryptocurrency conquered a historic peak for one more reason. The Chicago Mercantile Exchange has launched its much-anticipated futures contracts for ether – the cryptocurrency of the Ethereum network. One contract is valued at 50 ETH that equals $90,000 at the current rate. Ethereum dispelled fears of crypto skeptics and prompted robust speculative activity. After a short correctional decline, Ethereum resumed its rapid rally. After yesterday's spike, it is trading at near $1,700 per token.
Importantly, in early 2021 all digital assets have been developing a dazzling rally beyond expectations of crypto analysts. Experts share the viewpoint that bitcoin will skyrocket to the moon on the back of solid fundamentals. Large investment funds which were betting on steady growth of cryptocurrencies are now able to report on their first humongous gains. So, the crypto market sets daily records in terms of capitalization. Ethereum stands out against its counterparts. It also surpassed investors' expectations. Last year, they projected Ethereum to smash through the milestone mark of $2,000 in 2021. At present, this forecast looks cautiously optimistic. Indeed, on February 9, its price climbed $1,800 per token. Apart from launching Ethereum futures on the Chicago Mercantile Exchange, there are other reasons. Since the beginning of 2021, the crypto market is enjoying massive investment inflow. Besides, popular online forum Reddit announced its partnership with the Ethereum Foundation.
To sum up, most crypto assets are now trading at risk-free levels. Some analysts reckon that February could surprise market participants with new historic levels in the crypto market. It does not matter whether the driving force will be tweets from Elon Musk or another flood of investments. One thing is obvious – the crypto market is getting integrated into the global financial system. Actually, it has already occupied its niche.
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