As an analyst with years of experience in the crypto market and a keen interest in blockchain technology, I find this acquisition of Attestant by Bitwise to be a strategic move that could significantly impact the Ethereum market.
Bitwise Asset Management, a rapidly expanding cryptocurrency asset manager based in San Francisco, recently acquired Attestant, a company specialized in non-custodial Ethereum (ETH) staking services. The financial details of the deal have not been disclosed. Previously headquartered in London, Attestant will now be part of Bitwise’s mission to manage various crypto index funds.
After completing the strategic takeover, Bitwise now oversees over $10 billion worth of client assets as Attestant previously managed $3.7 billion in assets. According to Hunter Horsley, CEO of Bitwise Asset Management, the acquisition of Attestant is vital for guiding the industry’s progression.
Lately, it seems that an increasing number of institutional investors are considering Ethereum as a potential investment besides Bitcoin. The Ethereum network has expanded its market valuation to over $401 billion, making it the largest among web3 ecosystems with a total value locked worth more than $65 billion.
Primarily, over 34.6 million units of Ether are being managed by more than 1.08 million active validators, as per Bitwise’s report. Approximately 20% of their institutional client base has shown interest in staking their coins to earn returns.
It’s important to mention that the Bitwise Ethereum ETF (ETHW) currently holds approximately 109,694 Ethers, which translates to a value exceeding $360 million.
Impact of the Bitwise Acquisition of Attestant on the Ethereum Market
The Ethereum network has grown to a vibrant web3 ecosystem bolstered by the mainstream adoption of institutional investors. The Ethereum network has emerged as a top contender in real-world assets (RWA) tokenization.
According to the latest data, the market capitalization of stablecoins on the Ethereum network has surpassed $91 billion.
The purchase of Attestant by Bitwise strengthens Ethereum’s competition over the long term, as up-and-coming layer one networks such as Solana pose a significant challenge to Ethereum’s dominance in the web3 sphere and smart contract development. In fact, these new networks, like Solana (currently trading at $209.2 with a 2.5% daily volatility), have substantial market capitalization of $98.42 billion and high trading volumes of $11.73 billion, indicating their potential to potentially overtake Ethereum in the future.
The current Ethereum price ($3,188) could see substantial growth due to increased acceptance among institutional investors. Additionally, it’s likely that the cryptocurrency rotation trend will soon lean towards altcoins following Bitcoin’s dominance in the bull market for the last two years. Here, volatility in the past 24 hours stands at 3.2%, while the market cap is approximately $383.89 billion, with a trading volume of $49.22 billion within the same period.
Looking at it technically, Ether’s price may mimic Bitcoin’s price movement in terms of setting new prices. Notably, Ether’s price has bounced back from a significant support level that was established due to an uptrend that began in early 2023.
For the first time since the cryptocurrency selloff on August 5, Ether’s price has climbed over its 200-day Moving Average in a daily context. Moreover, Ethereum’s Daily Relative Strength Index (RSI) has surged above 70% – a level not seen since May of this year.
Given the strong optimism surrounding cryptocurrencies, fueled by Donald Trump’s win and other crypto advocates, it is expected that the price of Ethereum will keep climbing, approaching its record peak.
Read More
Sorry. No data so far.
2024-11-13 14:24