Shortly after CME announced the micro ETH futures contract, the asset’s price soared to an all-time high of over $ 4,600 as we can see on our latest Ethereum news today.

Ethereum price soared to new highs during Wednesday morning’s Asian session after CME announced the launch of micro-ETH futures.

For CoinGecko, ETH reaches a new all-time high of a cumulative $ 4635. The world’s largest smart contract network has built weekly momentum to hit new highs, gaining 6% that day. In the past week, ETH is up 10% and in the last month it is up 34%. ETH price has cooled since then and is currently trading around $ 4,500. PrimeXBT partner Byzantine General commented that there won’t be many tokens that can outperform ETH in the next few months:

“$ ETH hits a new all-time high while funding rates are low while the rest of the market has very high rates.

I think the most important question right now is: “What will ETH outperform in the next few months?”.

And the answer is likely: “not much”. pic.twitter.com/CAQCrunEwI

– yzantinΞ General (@ByzGeneral) November 3, 2021 ”

The analyst believes that Bitcoin could also hit new highs and drain liquidity from the rest of the market as it has done in previous market cycles. At the moment, however, Etheruem is gaining momentum as many new participants join Defi and NFT. He added that there are two ways the market could pump BTC or ETH into tow:

“Right now it’s basically a controversy between technology (ETH) and money (BTC). I’m not saying technology is worth more, I’m just saying that the market now values ​​technology more. “

The Ethereum reserves on the exchanges have fallen a little more than BTC, and this only shows that investors are holding ETH and making profits in defi with it. There are other arguments as well as his feelings as many say competing blockchain tokens like AVAX, dOT and SOL will soon outperform ETH. As recent data shows, the Ethereum network hit a record $ 536 billion in the third quarter of 2021.

Ethereum’s currency model will also keep the price high as we saw Etheruem deflation last week as more EIP-1559 was burned than mined. According to Ultrasound.Money, the paid tracker, more than 741,000 ETH have been destroyed since August, equivalent to $ 3.4 billion.

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