The native cryptocurrency of Ethereum platform ‘Ether’ hits a new all-time high with the price of $1,454.32 on Sunday, Jan 24th. Previously the highest peak reached by currency was set at 1,439.33.
The crypto’s bull run may be ceasing for bitcoin but altcoin like Ether (ETH) are still soaring. The price of currency increased by more than 17% in the last 24 hours. Additionally, it broke the record of an all-time high in the last week and then this week.
2020 was a great year for cryptocurrency. The dwindling global economies in the wake of coronavirus corroded investors trust in central government institutes. The wave of inflation devalued many fiat currencies including USD. Consequently, investors, as well as institutions, flocked towards cryptocurrency for help. The increase in demand resulted in the bullish rally. W saw the total market value of crypto market reach an all-time high of 1 Trillion USD in January 2021.
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Ether made it to the list of top 100 assets of the world on Jan 6th. The 8marketcap has ETH on 76th place with a total market value of $164.07B. Just to put in perspective, ETH is above Mcdonalds on this list.
The current value of the ETH is settled at $1,435. Since March 2020 it has surged in value by roughly 1200%. Bitcoin, on the other hand, has only grown 700%.
Experts believe that Ether will continue to rise in 2021. It is not as popular as bitcoin. Nevertheless, the utility of the Ethereum platform along with community support makes it an interesting choice for blockchain enthusiasts.
Developers can build their own decentralized app leveraging the tools provided by ethereum. Additionally, the recent update of ETH 2.0 also suggests the continuation of investment in ETH. You can learn in detail about the workings of the Ethereum platform on this blog.
We will continue to hear the news of ‘Ether hits a new all-time high‘ in the coming weeks as investors from different areas grasp the upside of investing inDEFI.