Ethereum (ETH) steadily — and silently — makes own push and records new highs

As Ethereum rises to new all-time highs in terms of price, the market activity is also surging, and although silently, the second leading cryptocurrency is making its own push while setting records.

As of this writing, Ethereum is trading at near $2,450, tallying an astonishing 232% year-to-date gain. This shattered what is now known as the “previous high” for the currency set at around $2,151.

Some analysts even went as far as to say that this surge in price is the main driving force for the tremendous growth of the capitalization of the whole crypto market.

Explosive Growth

As the second-biggest digital currency reaches all-time highs above $2,400, its options market is also seeing explosive growth.

According to data provider Skew, open interest set a record when it reached $3.3 billion, surpassing the almost $3 billion record observed last March. Open positions value has gone up by roughly $1 billion since March 26, and in that span of time, the value of Ethereum appreciated by over 50%. Options trading volume also followed suit, rising from $183 million to $425 million.

On Thursday, Bitcoin’s closest rival fetched a new all-time high when it reached a value of $2,487.

Implied Volatility Remains Low

While interest in Ethereum has grown, its one-month implied volatility remains low.

The volatility peaked at above 190% in January and fell to 73% towards the end of March. Since then, it has been playing below its average of 88%. Deribit noted that expectations for price turbulence in the market for cryptocurrencies depend on the rise and fall of gains, contrary to what happens in traditional markets.

Genesis Volatility CEO Greg Magadini told CoinDesk that the implied volatility of Ethereum is being dragged lower by Bitcoin.

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