Ethereum and Bitcoin coins.
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Bitcoin’s price soared on Monday after a brutal settlement that saw the virtual currency drop briefly to less than $ 30,000. Meanwhile, the ether – the world’s second largest cryptocurrency – has reached a new record.
Bitcoin has risen more than 7.4% in the past 24 hours, to trade at around $ 34,807, according to CoinDesk data, looking to recover from last week’s sharp losses that wiped out more than $ 100 billion from all over the world. crypto market.
Ether, the digital token of the Ethereum blockchain, reached a new high of $ 1,476 on Monday morning. The cryptocurrency was up 6.2% to a price of $ 1,415 around 9:15 am Eastern Time.
Altcoins, or alternative cryptocurrencies, are known to bounce back in times of strength for bitcoin. Ether’s most recent price movement has been attributed to the increased use of Ethereum – its underlying network which is undergoing a major upgrade – and the interest of institutional investors in cryptography.
“Ethereum’s current rise ignores skeptics, many of whom were quick to denounce cryptography when bitcoin recently fell from its $ 40,000 high,” said Simon Peters, cryptoasset analyst at the online investment platform eToro.
“With a whole range of logistical improvements for the Ethereum network in progress, bigger institutional tickets and more and more developers building on the platform, the future is bright for Ethereum. I believe that a price of US $ 2,500 by the end of the year is very However, as with all encryptions, there will be bumps along the way. “
Bitcoin, the world’s largest cryptocurrency by market capitalization, had a great start in 2021. After quadrupling last year, the price of bitcoin briefly reached $ 40,000 for the first time on January 7. It is 17% below its historical maximum, but still more than 17% since the beginning of the year.
Proponents of digital currency say it has benefited from increased institutional demand and its perception as a safe-haven asset similar to gold. But skeptics are concerned that bitcoin is in a bubble.