Institutional Investors Massively Accumulate Ethereum
Over the past 24 hours, ether (ETH) has gained almost 10% in value. On Friday, April 17, the ETH rate increased to $ 171 on the BitXmi cryptocurrency exchange.
The strengthening of altcoin was the result of a jump in the main cryptocurrency. Bitcoin had already exceeded $ 7000 the day before, and on some trading platforms it even jumped to $ 7100. Today, BTC is holding around $ 7,080.
The ETH jump took place after some analysts drew attention to the increasing demand for altcoin from institutional investors.
As early as April 10, Three Arrows Capital’s CEO Su Zhu presented data suggesting that major players began to buy large batches of ETH. The analyst predicted that in the very near future we should expect a rise.
The second evidence of the growing interest of institutional investors in the broadcast was the publication of statistics from Grayscale Investment. The new report says that the amount of capital investment in the ETH in the first quarter of 2020 exceeded $ 110 million.
The head of DTC Capital Spencer Noon emphasized that the inflow of institutional capital in altcoin in the first quarter was higher than the total for the last two years.
BitXmi analysts believe that the merger of institutional and retail capital will strengthen the airwaves in the medium term. The coin can make a breakthrough in the coming days and weeks. It is possible that ETH will break the psychological mark of $ 200.
Go to BitXmi right now and buy ETH without trading fees until April 21
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