U.Today - In a surprising turn of events, Ethereum (ETH) has a sudden surge, breaking through the $2,400 mark and achieving a new high for the year. The cryptocurrency market, which has been notably volatile in recent weeks, witnessed ETH leading a robust rally, pushing major implied volatilities (IVs) to yearly highs.
However, what is intriguing is that institutional fear of missing out (FOMO) has yet to kick in, as noted by prominent market observers. Greeks.live, a cryptocurrency analytics platform, (formerly Twitter) to share insights on Ethereum's recent performance. According to their tweet, the surge in ETH has not only propelled it to breach the $2,400 barrier but has also resulted in all major term IVs soaring to yearly highs.
Additionally, the daily volume (DVOL) spiked to 70%, reaching a level not seen since April. Analyzing options data, the tweet pointed out that the skew, a measure of the perceived distribution of potential price outcomes, has not followed the rally. This suggests that institutional traders are yet to fully embrace the FOMO associated with ETH's .
Market dynamics
As of the latest available data, Ethereum is currently priced at $2,380, reflecting a notable 6.49% increase in the last 24 hours. Over the past 30 days, ETH has experienced an of 18.88%. The trading volume of Ethereum has also witnessed a substantial uptick, rising by 84.35% in the last 24 hours and currently standing at $17.9 billion.
Despite the impressive gains, the subdued response from institutional traders has left the market speculating about the potential catalysts that could trigger their entry into the FOMO-driven rally. Whether this is a brief pause before a larger institutional influx or a sign of cautious optimism remains to be seen. The cryptocurrency market, known for its unpredictability, continues to be a source of both excitement and speculation as the year draws to a close.