Cryptocurrency ether rises to new record high over $3,600


FILE PHOTO: A representation of virtual currency Ethereum are seen in front of a stock graph in this illustration taken February 19, 2021. REUTERS/Dado Ruvic/Illustration

(Reuters) -Ether, the world's second-largest cryptocurrency after bitcoin, on Thursday extended a breakaway rally to a new record high of $3,616.10, gathering momentum as investors diverted focus from its main rival.

On the Bitstamp Exchange ether was last up about 4.0% at $3,568.92. Bitcoin was down 0.3% at $57,353.03 and about 11% below its record intraday high at $64,895.22 set on April 14.

Ether, the token traded over the ethereum blockchain, topped $3,000 for the first time on Monday. It is up more than 385% this year, compared with 96% for bitcoin.

The rise is in part a spillover from flows into bitcoin, which has grown in stature as big-name investors from Elon Musk's carmaker Tesla Inc to Wall Street investor Stanley Druckenmiller bought in.

"Ethereum has been able to maintain its positive momentum, a crushing series of all-time highs in the past week," said Konstantin Anissimov, executive director at cryptocurrency exchange CEX.IO.

"The current all-time high has reignited the ambitious sentiment that ethereum may eventually flippen (supplant) bitcoin by market capitalization in the near future."

Also, a technical adjustment called EIP (ethereum improvement proposal) 1559, expected to reduce the supply of ethereum and go live in July, has provided a lift for the digital currency.

Still, there is a speculative frenzy going on in the asset class. Joke cryptocurrency dogecoin is up by 24,000% over the last 12 months and is now the fourth-largest cryptocurrency by market capitalization.

(Reporting by Alden Bentley and Gertrude Chavez in New YorkEditing by Matthew Lewis)

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 46
Cxense type: free
User access status: 3

   

Next In Tech News

End of road for controversial Snapchat ‘speed filter’
Carving a career in eSports
Pointers for podcasting Premium
Porsche to set up joint venture with German battery maker
Australian research finds 'pervasive' privacy breaches on health apps
Are games in children's learning apps harmless or addictive?
Learning a musical instrument by app: How well does it really work?
Like it or not, Facebook is still around but who's still on it?
Wall of sound: Ikea's new Sonos speaker is literally a piece of art
AI-powered Mayflower, beset with glitch, returns to England

Stories You'll Enjoy


Vouchers