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Ethereum’s all-time high ‘just the beginning’
The latest run for the second-largest cryptocurrency, ethereum, has seen it surge to a new record high, with an analyst stating its record run is “just the beginning”.
Ethereum’s all-time high ‘just the beginning’
The latest run for the second-largest cryptocurrency, ethereum, has seen it surge to a new record high, with an analyst stating its record run is “just the beginning”.
On Tuesday, ether, the ethereum blockchain’s main cryptocurrency, beat its previous high set in early 2018, reaching US$1,439.33 ($1,870.48), rising up more than 11 per cent on big brother bitcoin.
Ether’s rally follows a 32 per cent drop on 12 January, which saw the price of the cryptocurrency fall to as low as $910.
Since then, the coin has been hovering around the $1,200 market over the past few days before setting a new record high.
eToro crypto asset analyst Simon Peters said ether’s rise parallels bitcoin’s push to its previous high at the end of 2020.
“With upgrades going smoothly, developers continuing to build DApps, and investors taking part in the ethereum network, my outlook for the crypto asset is positive,” he said.
“I believe it is very feasible for ethereum to hit $2,500 in 2021, as it also benefits from the extended crypto asset bull run we are currently seeing. Today’s all-time high of $1,419 could just be the beginning.”
While comparing its run to bitcoin, Mr Peters points out the different real-world applications between the two alternative asset classes.
“While ethereum can fulfil the role of a currency, it is primarily a blockchain platform, where developers can build decentralised applications (DApps) that run on the entire network rather than a group of servers controlled by a single authority or organisation. If a DApp were an app downloadable from the App Store, it would be run by its users rather than controlled by a central developer,” he explained.
Bitcoin was also higher for a second day in a row, with the coin in the past two weeks staying in the range of between US$34,000 ($44,184.70) and US$40,000 ($51,982).
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