The price of Ethereum, the second largest cryptocurrency in the world It has risen to the highest ever..
Its value rose above $ 3,400 (£ 2,450) on Monday night and exceeded the $ 3,000 (£ 2,200) high set on the weekend.
Like Bitcoin, Ethereum is skyrocketing in 2021.. This year started at around $ 730 (£ 550). This means that its price has risen 456% in just over four months, more than 1,500% higher than this time last year.
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Its price is currently around $ 3,300 (£ 2,400), just below last night’s peak.
Why are Ethereum prices soaring?
Many investors see Ethereum as an alternative to Bitcoin and a way to diversify their portfolio.
Ethereum uses more advanced blockchain technology than Bitcoin, resulting in faster transaction times.
Because of this, it is a popular option for Purchase of non-fungible tokens (NFT), I experienced a boom again this year.
The next-generation Ethereum blockchain will go live at the end of 2020, and many see it contributing to this year’s rally.
What could happen next?
There was a suggestion that Ethereum could eventually remove the Bitcoin seat and become the world’s leading cryptocurrency.
Fahad Kamal, Chief Investment Officer of Kleinwort Hambros Bank, said: Business insider: “Today’s cryptocurrency space is very similar to the 1997 Internet space.
“In 1997, I thought Netscape Navigator was the most advanced and sophisticated browser ever, and I couldn’t beat it. And, obviously, it’s here.
“There is no doubt that blockchain technology will be a very serious force in our lives in 10 years. I have far less beliefs and beliefs about whether Bitcoin will last that long. ..
“There are other cryptocurrencies that are arguably far superior in their construction and foundation. For example, Ethereum.”
Cryptocurrencies are known to be risky investments, so if you’re considering investing, it’s worth remembering that they can crash as quickly as their prices rise. You should only include what you can afford to lose.
Ethereum Price: Why Cryptocurrency Values Soared to Record Highs
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