BCGAME - Free 5BTC Daily Bonus!- Renewed interest in Ethereum with projections up to $3000
- cbBTC boosts Ethereum utility in DeFi
- Options indicate growing optimism for December
Saturday, September 14, 2024 – At the time of publication, the price of ETH is quoted at $2.404,35 with an increase of 0,5% in the last 24 hours.
With the second-largest cryptocurrency, Ethereum, hovering between $2.150 and $4.000 throughout 2024, recent activity in the options market signals growing optimism among traders. Despite the lack of immediate response to gains in institutional demand for the Spot Ethereum ETF, Ethereum now appears to be resetting its course.
Currently, the main driver of the altcoin market has been the intense movement of options traders, who express a positive view on the future of the currency. The expectation is that Ethereum will reach the $3.000 level, considered a significant psychological barrier, by December 2024. According to information from QCP Capital, more than 20.000 contracts targeting this price level have been purchased, all with expiration scheduled for December 27, 2024. This indicates a clear bet by traders that the altcoin can reach this mark by the end of the year.
Another element that has the potential to boost Ethereum is Coinbase’s recent announcement of cbBTC, which adds an extra layer of utility and access to DeFi ecosystems on the Ethereum network. cbBTC is an ERC20 token that is pegged 1:1 to Bitcoin and maintained by Coinbase, offering a new avenue for Bitcoin holders to explore DeFi applications on the @base and Ethereum ecosystems, with plans to expand to other networks.
The introduction of cbBTC was highlighted by Coinbase itself in a recent post:
“cbBTC is onchain. cbBTC is an ERC20 token that is backed 1:1 by Bitcoin (BTC) held by Coinbase. This means millions of BTC holders can now securely access DeFi applications on the @base and Ethereum ecosystems — with more chains coming soon. Coinbase ️ (@coinbase) September 12, 2024.”
With increasing attention from traders and increased functionality on the network, Ethereum is not only returning to the spotlight but also strengthening a long-term bullish outlook.
