Ethereum and Bitcoin coins.
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The price of Bitcoin rose on Monday after a brutal sale that saw the virtual currency briefly fall below $ 30,000. Meanwhile, ether, the world’s second-largest cryptocurrency, hit a new record.
Bitcoin rose more than 7.4% in the last 24 hours to trade at around $ 34,807, according to data from CoinDesk, which was trying to recover from last week’s heavy losses that ended with more than 100 billion dollars from the entire crypto market.
Ether, the digital witness for the blockchain chain Ethereum, hit a new all-time high of $ 1,476 on Monday morning. The cryptocurrency rose 6.2% to a price of approximately $ 1,415 at 9:15 a.m. ET.
It has been known that altcoins or alternative cryptocurrencies are accelerating in times of strength for bitcoin. Ether’s latest price move was attributed to an increase in the use of Ethereum, its underlying network that is experiencing a major upgrade, and to the interest of institutional investors in cryptography.
“The current rise of Ethereum failed against skeptics, many of whom were quick to denounce cryptography when Bitcoin recently fell from its $ 40,000,” said Simon Peters, cryptocurrency analyst at investment platform in eToro line.
“With a wide range of logistics improvements to the Ethereum network in the works, increased institutional inputs 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 year, is very feasible. However, as with all cryptographies, there will be blows along the way. “
Bitcoin, the world’s largest cryptocurrency by market value, has had a wild start until 2021. After quadrupling last year, the price of Bitcoin briefly topped $ 40,000 for the first time on January 7th. It has fallen 17% from its all-time high, but still more than 17% since the beginning of the year.
Proponents of digital currency say it has benefited from rising institutional demand and its perception as a safe haven asset similar to gold. But skeptics are worried, Bitcoin is in a bubble.