World’s First Ether ETF launches in Canada, ETH soars

Purpose Investment Inc. (Purpose) in February released Bitcoin ETF, has launched the World’s First and the largest Ether ETF (ETHH) on Toronto Stock Exchange(TSX) on 20 April, with volume on the first day surpassing US$20 million. Ethereum soars after the announcement, pumping up from US$2,265 to US$2,400.

“We believe Ether, a leading digital asset with perhaps the most potential among all the blockchain technologies, is poised to continue its growth trajectory and as both an important utility technology and broader adoption as an investment asset,” said Som Seif, founder and CEO of Purpose.

Before that, Ethereum Berlin upgrade went live last week, pushing the price even higher and recording a new ATH at US$2,537. Contrastly, the dominance of Bitcoin has declined over 20% since the beginning of the year, it drops below 50% today, according to Coingecko. Moreover, the trading pair ETH/BTC on Binance reflected that traders are exchanging Bitcoin to Ether.

Ether is the essential token when participating in Defi projects on Ethereum. It’s value is based on its application and usage. As per data of Defi pulse, the total value locked on Ethereum grow fast and is now $50 billion, suggesting that the demand of Ether has increased.

TideBit is a leading crypto asset exchange supporting fiat currency.