Ethereum and Bitcoin coins.
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The price of Bitcoin rose on Monday after a brutal sale that saw the virtual currency fall briefly below $ 30,000. Meanwhile, the ether – the second largest cryptocurrency in the world – has reached a record high.
Bitcoin has risen more than 7.4% in the last 24 hours to trade around $ 34,807, according to CoinDesk, looking to recover from last week’s steep losses that removed more than $ 100 billion from the entire crypto market .
Ether, the digital symbol of the Ethereum blockchain, set a new record of $ 1,476 early this morning. The cryptocurrency rose 6.2% to $ 1,415 at about 9:15 a.m. ET.
Altcoins, or alternative cryptocurrencies, are known to gather in moments of strength for bitcoin. The latest move in Ether prices has been attributed to the increased use of Ethereum – its core network which is undergoing a major upgrade – and the interest of institutional investors in crypto.
“Ethereum’s current growth is rising coldly with skeptics, many of whom rushed to denounce the crypto when bitcoin recently fell from a high of $ 40,000,” said Simon Peters, a cryptocurrency analyst at the platform eToro online investments.
“With a whole range of logistics improvements to the Ethereum network underway, increased institutional flows and more and more developers building on the platform, the future is bright for Ethereum. I think a price of $ 2,500 by the end of the year is very feasible. as with all cryptocurrencies, however, there will be unevenness along the way. “
Bitcoin, the largest cryptocurrency in the world by market value, had a wild start until 2021. Four times last year, the price of bitcoin briefly exceeded $ 40,000 for the first time on January 7th. It has fallen by 17% from its all-time high, but still by more than 17% since the beginning of the year.
Proponents of digital currency say it has benefited from increased institutional demand and its perception as a good refuge similar to gold. But skeptics are worried that Bitcoin is in a bubble.