Ethereum: Price Peaks to All-time Highs Amidst Crypto Rally
On Friday, the price of Ethereum crossed $2,000 for the first time, setting a new all-time record.
“As for the future, Ethereum breaking the $2,000 mark is a major achievement, which will possibly allow it to start using this level as a support and continue going higher up.”
Since trading below $150 at the beginning of April last year, the blockchain has seen huge gains over the last 12 months.
According to the CoinMarketCap stock index, it stood at $2,071.67 shortly before 4 pm BST (April 2nd 2021), and the price surge showed no signs of slowing down.
“Ethereum has seen other beneficial developments, such as prominent investor Mark Cuban revealing that he owns a lot of Ethereum, as he thinks that ETH is the closest to a true currency.”
Ethereum’s current peak comes amid a crypto trading craze that has seen Bitcoin and other cryptocurrencies surge in price in recent months.
The market has been boosted by major institutional investors, as well as increased adoption by retailers and payment platforms.
“Ethereum’s price started to rally just as Visa started using its network to settle cryptocurrency transactions,” Greg Waisman, the co-founder and COO of the payment network Mercuryo, told The Independent.
The extraordinary price increases have also been traced by crypto market experts to the economic instability caused by the coronavirus pandemic.
David Derhy, an analyst at the online trading platform eToro, said that “expectations of further government stimulus” had also contributed to Ethereum’s rise.”