At the time of printing, the second largest cryptocurrency by market capitalization and the number one contender for bitcoin trades for just under $ 290. This is a peak of around five percent in the last 24 hours.
The entire cryptocurrency market appears to be on the upside, with the bitcoin rising more than $ 300 since yesterday to break the $ 7,000 mark. Dash also increased by more than 20 percent, and is now trading at $ 183, while the bitcoin money has broken $ 550. Entities such as IOTA and TRX of Tron have also jumped by 16 and 13%. Litecoin has also exceeded the $ 60 line.
Unfortunately, Ethereum is still heavily affected by recent sales. The good news is that the currency broke $ 280, which was critical to the success of the currency as it was there that the toughest resistance had formed. The bad news? Now he has $ 290 and $ 300 to overcome before anything really significant can happen.
The current support is $ 282, and although buyers have once again gained control, sellers are still looking for $ 285. Right now, the main support is $ 270. In order for the currency to pick up any traction serious in the cryptocurrency space, buyers will have to push the $ 300 limit to define further movements at both $ 320 and $ 350.
This may happen now that Ethereum is directed to serious adoption through what is known as the Morgan Index Digital Asset Index Fund. The fund, currently backed by Morgan Creek's institutional investment house (which manages over $ 1.5 billion of client assets), will offer accredited investors, along with pensions and endowments, a new way to invest in bitcoins, Ethereum and other forms of cryptography. The signs are that cryptocurrency is growing like crazy, and the stock market actors and other people who know what they are doing are looking for a way to play the encrypted game.
Morgan Creek digital partner Anthony Pompliano explains how the process works:
"If there is a central part that owns 30 percent or more of the supply, then we treat those from the index because we think that introduces a lot of additional risks that may not be there if it were a more decentralized network We are fully prepared and we believe we have built something that institutional investors will find attractive regardless of how the assets are classified, whether or not they are securities . "
Morgan Creek CEO Mark Yusko explained that the company is also working with Bitwise to get" access to the assets "it needs for new customers:
"We have created the product with Bitwise and created a structure that we will try to become the industry standard as the S & P has become the industry standard for indexing actions. our long-term vision, our long-term goal. "
Ethereum Charts of TradingView