Ethereum price touches all-time high as major pension fund invests in ETH

Posted: 22 October 2021 5:10 pm

After having scaled up close to the AUD$6,000 threshold, ETH has been faced with an increased amount of volatility over the last 12-odd hours.

  • Bulls are looking to maintain ETH price above the AUD$5,350 (USD$4,000 approx.) mark ahead of today's AUD$580 million (USD$435 million) options expiry.
  • A Houston-based pension fund has allocated AUD$33.5 million (USD$25 million) of its assets towards Ethereum and Bitcoin.
  • ETH'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 capitalisation, has been on a tear over the past week, registering solid gains of around 52%. As a result, ETH recently scaled up to its all-time high value of AUD$5,830 before showcasing a slight correction. At press time, Ethereum is trading for AUD$5,570.

In terms of what lies ahead for Ether, the asset's associated derivatives data seems to suggest that bulls may be looking to keep the currency's price action above the USD$4,000 range, at least ahead of Friday's USD$435 milion options expiry. Not only that, with ETH liquidity numbers currently on the decline across all exchanges – with numbers currently at a 2-year low – it appears as though more and more investors are beginning to HODL the altcoin.

Lastly, it is worth mentioning that alongside all of this ongoing positive price action, the NFT (non-fungible token) market has also continued to show no signs of slowing down, with Candy Digital, an NFT firm helmed by entrepreneurs Michael Rubin, Mike Novogratz and Gary Vaynerchuk, recently securing USD$100 million in funding in order 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 a number of 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.

How to buy Ethereum

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 USD$4 billion portfolio towards crypto. To further elaborate on the development, the Houston Firefighters' Relief and Retirement Fund will be loading up its crypto coffers with USD$25 million worth of Ethereum and Bitcoin – which works out to approximately 0.6% of the fund's entire asset pool.

Providing his thoughts on the development, 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, adding:

"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. In this regard, the company's crypto wallet – which is scheduled for release later this year – has already been able to accrue over 1 million people on its waitlist. Therefore, it will be interesting to see how this development affects the market in the near-to-mid term.

Interested in cryptocurrency? Learn more about the basics with our beginner's guide to Bitcoin, dive deeper by learning about Ethereum and see what blockchain can do with our simple guide to DeFi.

Disclosure: The author owns a range of cryptocurrencies at the time of writing

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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