Ethereum price touches all-time high as major pension fund invests in ETH
After scaling up close to $4,300, Ethereum has faced increased volatility over the last 12-odd hours.
- Bulls are looking to maintain Ethereum’s price above the $4,000 mark ahead of today’s $435 million options expiry.
- A Houston-based pension fund has allocated $25 million of its assets towards Ethereum and Bitcoin.
- Ethereum’s market dominance index (DI) has continued to rise, with the metric currently standing at an impressive 18.1%.
Ethereum, the world’s second-largest cryptocurrency by total market capitalization, has been on a tear over the past week, registering solid gains of around 52%. As a result, Ethereum (ETH) recently scaled up to its all-time high of $4,196 before showcasing a slight correction. At press time, Ethereum is trading for $4,026.
In terms of what lies ahead for ETH, the asset’s associated derivatives data suggests that bulls may be looking to keep the currency’s price action above the $4,000 range, at least ahead of Friday’s $435 million options expiry. Not only that, with ETH liquidity numbers currently on the decline across all exchanges – with numbers currently at a two-year low – it appears as though more and more investors are beginning to HODL the altcoin.
Alongside all of this ongoing positive price action, the NFT (non-fungible token) market continues to show no signs of slowing down. Candy Digital, an NFT firm helmed by entrepreneurs Michael Rubin, Mike Novogratz and Gary Vaynerchuk, recently secured $100 million in funding to expand its product footprint and creative capabilities.
For those unaware, Candy Digital has been growing at a rapid rate over the past year or so, with the firm having signed lucrative partnerships with several mainstream entities, including the MLB (Major League Baseball), Major League Baseball Players Association and Race Team Alliance, as well as a number of prominent college-level pro athletes.
Pension fund invests in ETH and BTC
In another piece of positive news for the global crypto community, a pension fund for firefighters based out of Houston, Texas, revealed that it has set aside a massive chunk of its $4 billion portfolio towards crypto. The Houston Firefighters’ Relief and Retirement Fund will be loading up its crypto coffers with $25 million worth of Ethereum and Bitcoin (BTC) – which works out to approximately 0.6% of the fund’s entire asset pool.
The fund’s CIO Ajit Singh noted that he and his team had been studying ETH and BTC for some time now and that he could not ignore these assets anymore. He added: “As more institutional adoptions happen, there will be more and more dynamics that develop for supply and demand. And having physical assets – actual tokens – gives us in the future the possibility of income generation potential.”
Robinhood crypto wallet demand surges
Despite its recent issues with investors, Robinhood’s foray into the crypto market has been met with a lot of enthusiasm. The company’s crypto wallet – which is scheduled for release later this year – has already accrued over 1 million people on its waitlist. It will be interesting to see how this development affects the market in the near- to mid-term.
Disclosure: The author owns a range of cryptocurrencies at the time of writing