Rising institutional interest remains a key driver for ether and other cryptocurrencies, analysts said.
Ethereum has “enormous momentum” because of institutional interest, said Naeem Aslam, chief market analyst at AvaTrade.
continues to recover from a plunge earlier this month that took it below $50,000 and more than 20% off its all-time high above $60,000.
CoinMarkeCap on Thursday put bitcoin’s market cap — the value of all circulating tokens at $987.5 billion, slipping below 50% to make up around 48.6% of the global crypto market cap, which stands at $2.03 trillion.
The ETF that may have one of the largest allocations to the sector, the AdvisorShares Hotel ETF undefined, at 9.3%, gained 0.3%, as did the Invesco S&P 500 Equal Weight Consumer Disrectionary ETF undefined, which has the largest single allocation to Norwegian shares, according to FactSet data.
Before moving to New York, he reported for MarketWatch from Frankfurt, London and Washington, D.C.