Interest in Ether is Growing, Grayscale Informs

by in Cryptocurrency News

Interest in Ether is growing 07.12.2020

The managing director at Grayscale Investments LLC, Michael Sonnenshein informed that a growing number of people are paying attention to Ethereum. This year, a new group of institutional investors who are Ethereum-first and sometimes Ethereum-only joined in. This shows that people started to trust this asset more.

Grayscale has been increasing its stores. On Dec 1, 2020, the company issued a 7300 BTC purchase for about $140 M. Additionally, they got $140 million of BTC in 24 hours on December 4. Now, the company has nearly $10 B worth of BTC.

It's the first time, investors in crypto are giving their preference to another asset than BTC. Sonnenshein mentioned that this means more than a growth in interest, as during 2020 he saw more interest in “Ethereum only.”

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The DeFi boom along with the launch of the scalable Ethereum 2.0 has drawn more attention. As DeFi runs mainly on Ethereum, fees increased, which in its turn resulted in the asset's price surge. Ether’s price has increased by 360% in the past months. November saw $9.43 million more daily volume than the last high, which happened in August.