Ethereum Price Surges to All-Time High on Derivatives Speculation

Carmela Tim

Oct 2, 2017
The ethereum price has shattered its all-time high on the heels of a week-long rally fueled by speculation that ethereum-based futures contracts will launch in the near future.

Last week, Mike Novogratz, the billionaire manager of crypto hedge fund Galaxy Investment Partners, forecast that the ethereum price was poised to embark on a record-setting rally and would ultimately end the year above $500. This was a tall order. At the time he made that prediction, ethereum was trading at $350, more than $60 below the high-water mark it set in June.

However, the prediction was prescient, and just two days later — on Thanksgiving — the ethereum price began to scale the charts with ease. That day, it burst through $420, giving ethereum its first record-setting day in more than five months.