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Ethereum and Bitcoin coins.
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The price of Bitcoin rose on Monday after a sharp sell-off that saw the virtual currency briefly drop below $ 30,000. Meanwhile, ether – the world’s second largest cryptocurrency – has hit a new record high.
Bitcoin has risen more than 7.4% in the past 24 hours to trade around $ 34,807, according to data from CoinDesk, seeking to recover from large losses last week that wiped out more than 100 billion dollars. dollars from the entire crypto market.
Ether, the digital token of the Ethereum blockchain, hit a new all-time high of $ 1,476 early Monday morning. The cryptocurrency climbed 6.2% to a price of $ 1,415 around 9:15 a.m.ET.
Altcoins, or alternative cryptocurrencies, are known to rally in times of strength for bitcoin. Ether’s latest price move has been attributed to increased use of Ethereum – its underlying network that is undergoing a major upgrade – and institutional investor interest in crypto.
“Ethereum’s current surge coldly shouldered skeptics, many of whom were quick to denounce crypto when bitcoin recently fell from its high of $ 40,000,” said Simon Peters, crypto-asset analyst at the platform. eToro online investment.
“With a whole range of logistical improvements to the Ethereum network underway, an increase in institutional entries and more and more developers relying on the platform, the future is bright for Ethereum. I think a price of $ 2,500 by the end of the year is very doable. As with any crypto, however, there will be some bumps along the way. “
Bitcoin, the world’s largest cryptocurrency by market value, got off to a wild start until 2021. After quadrupling last year, the price of bitcoin briefly exceeded $ 40,000 for the first time on January 7. up more than 17% since the start of the year.
Supporters of the digital coin say it has benefited from increased institutional demand and its perception as a safe haven asset similar to gold. But skeptics fear bitcoin is in a bubble.
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