Bitcoin has been making headlines with its recent price surge, and the second-biggest cryptocurrency, Ether, has also reached an all-time high. After a challenging period that saw Bitcoin briefly dropping below $30,000, it has rebounded, and Ether has hit a new record high.
According to data from CoinDesk, Bitcoin has surged more than 7.4% in the last 24 hours, reaching around $34,807, as it continues its recovery from significant losses. Ether, the world’s second-biggest cryptocurrency, also achieved a new all-time high of $1476. At about 9:15 am, the cryptocurrency increased to 6.2% to a price of $1415.
The rally in alternative cryptocurrencies, known as Altcoins, has been attributed to the strength of Bitcoin. Ether’s price movement has been linked to the growing use of Ethereum and its underlying network, which is undergoing a significant upgrade, and the increasing interest from institutional investors in the crypto market.
Simon Peters, a cryptocurrency analyst at eToro, expressed confidence in Ethereum’s future, noting logistical improvements to the Ethereum network, increased institutional inflows, and more developers building on the platform. He predicted that Ethereum could reach $2500 by the end of the year, despite acknowledging potential bumps along the way.
Bitcoin experienced a rough start to 2021 after quadrupling in value the previous year. Although it briefly surpassed $40,000 for the first time on January 7, 2021, it encountered a 17% decrease from its all-time high. Nonetheless, it remains up over 17% since the start of the year. Proponents of digital coins emphasize high institutional demand and the perception of Bitcoin as a safe-haven asset similar to gold, while skeptics remain concerned about its future.
The cryptocurrency market continues to capture widespread attention as Bitcoin and Ether’s impressive performance fuels both optimism and skepticism. Whether these digital assets can sustain their growth and weather potential volatility remains to be seen. Nonetheless, they remain key players in the evolving landscape of finance and investment.