Breaking News
0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

UPDATE 2-Digital coin ether hits record high as 2021 gains near 500%

ForexMay 12, 2021 21:36
Saved. See Saved Items.
This article has already been saved in your Saved Items
 

(Adds new comment)
By Ritvik Carvalho and Gertrude Chavez-Dreyfuss
LONDON/NEW YORK, May 12 (Reuters) - Cryptocurrency ether hit
another record high on Wednesday, taking gains this year to
close to 500% on the back of growing interest in decentralized
finance applications and increasing institutional interest in
cryptocurrencies.
Ether, the second-biggest cryptocurrency by market
capitalization after bitcoin, climbed to $4,380.64.35, but was
last down 4.1% at $4,029. Bitcoin BTC=BTSP was also down more
than 4% at $54,188.
Ether has jumped about 470% against the dollar this year as
the ethereum blockchain becomes more widely used by peer-to-peer
- or decentralised - cryptocurrency platforms that enable
crypto-denominated lending outside of traditional banking
institutions.
The surge has also seen ether - which in the crypto world is
also widely referred to as ethereum - outperform bitcoin, which
has almost doubled in price this year as larger investors warm
to the emerging technology. "Ethereum is growing in part by the prospects of a revamped
network with the right upgrades highly anticipated to
accommodate DApps (decentralized applications) and smart
contracts that are built on it," said Nick Spanos, co-founder of
Zap Protocol, a blockchain-agnostic decentralized network. "The
coin is bound to grow more in the near future, with an ambitious
target of $10,000 by year end."
U.S. bank J.P. Morgan on Wednesday said the pace of
evolution in the ethereum market has "remained rapid" and that
there is still room for growth.
Open interest in CME Ethereum futures had increased to $540
million in three months, the bank's analysts said in a note. A
similar level of open interest in CME Bitcoin futures took more
than two years after listing in 2017, they added.
"Effectively, once bitcoin futures became more accepted
among institutional investors, they became more comfortable with
cryptocurrencies paving the way for a more rapid acceptance of
ethereum futures," J.P. Morgan said.
Still, U.S. regulators warned investors on Tuesday over the
risks of bitcoin futures in mutual fund investments. In a
statement, the Securities and Exchange Commission said bitcoin
was a highly speculative market that lacked regulation.
The same J.P. Morgan analysts said last week that ether's
increasing valuation was not underpinned by data showing how
widely it is used.
Factors such as the number of active digital addresses in
its network would be more consistent with a price of around
$1,000, the U.S. bank said. <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
Ether outperforms Bitcoin in 2021 https://tmsnrt.rs/2RNwn9C
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>

UPDATE 2-Digital coin ether hits record high as 2021 gains near 500%
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email