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Ethereum rises 7%, hits record high, breaks $4000 mark - TCR

Ethereum

www.thecoinrepublic.com 10 May 2021 15:14, UTC
  
Reading time: ~2 m

  • Ethereum went to a record high of $4141.99 by rising 7%in the last 24 hours
  • Bitcoin’s saw a surge of 2.96% in the week ending 9th May but got overshadowed by Ethereum’s rise by 33.07%
  • Investor’s hopes are fuelling Ethereum’s surge as bitcoin has failed to give high returns as it did earlier

Ether continues its extraordinary rally to pass the $4000 mark on Monday. It is a new record for the world’s second-largest cryptocurrency.

As per the reports of Coin Metrics, It hit a record high of 4141.99 by rising over 7 % in the last 24hours. It also achieved a total market value of $476.3 billion, a little less than half of bitcoin’s $1.1 billion.

The rise of Ether

Ether, developed by Ethereum blockchain, garnered attention when it rose by more than 40% in April, whereas bitcoin took a dip of 2%. It finally established itself as a reliable option to investors looking for better returns than bitcoin. Coin market cap reported that due to rise in these and some other cryptocurrencies that performed well recently, combinedly made the entire crypto market rise to a net worth of more than $2.5 trillion.

Crypto as a reliable investment

Other than a small group of investors, who still restrain from investing in crypto, most corporate buyers and investors have gone on to grab this opportunity. While Investors and buyers like Tesla have been very expressive about their choices, those who have been silent about it, for example-Goldman Sachs and Morgan Stanley are also making sure that they do not miss any opportunity around cryptocurrency.

Ether vs. Bitcoin

Bitcoin, the world’s largest cryptocurrency has started to slow down in terms of growth with respect to Ethereum which is growing at a much faster pace.

Ethereum’s goal is to develop something similar to decentralized internet that isn’t under the control of one centralized authority. On the other hand, Bitcoin is used to store value, very similar to gold.

The increased use of NFTs has also contributed to Ether’s advantage. These tokens help in assigning ownership of unique virtual items. Many NFT’s that are in use now has developed on Ethereum.

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