Cryptocurrency Ethereum hit an all-time peak of $1,698.56 on Wednesday, as investors displayed enthusiasm ahead of the launch of ethereum futures on the Chicago Mercantile Exchange next week.

Bitcoin, the currently most dominant cryptocurrency, rose 1.2 per cent to $38,120.

The news comes as the total value of all cryptocurrencies exceeded a record $1 trillion on 6 January.

Simon Peters, a cryptocurrency analyst at eToro, said: “Ethereum now finds itself in the spotlight after data showed withdrawals of ethereum from exchanges is once again accelerating.”

“Ethereum is increasingly being locked away in DeFi (Decentralised Finance) protocols, whilst investors are also moving ethereum to their own personal cold storage to hold for the long-term."

He added: “It’s clear from the price that this diminishing supply is feeding through quickly to prices. With institutions expected to add further to their positions, we expect the price of ethereum to push higher from here.”

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