Ether Jumps to Record High, Up More Than 1,000%
Who said that Bitcoin was the only impressive cryptocurrency out there?
The cryptocurrency native to the Ethereum blockchain, Ether has refreshed and hit record highs this week, jumping more than 1,000% since 2020 and gains to more than 10% during the current week. The token hit a staggering $4,461.96, marking a new all-time high and bringing Ether’s market cap to an impressive $520 billion. Ether’s rally happened alongside a long-anticipated upgrade on Ethereum’s networks, one that is set to change the way transactions are made on the blockchain.
‘Altair,’ the most recent upgrade Ethereum 2.0, is designed to increase the network transaction speed and energy efficiency, a much-welcomed boost to the network’s already impressive performance. Moreover, a steady stream of adoption by traditional institutions and banks and unforeseeable & astronomical rise of non-fungible tokens (NFTs) that are largely minted and held on the Ethereum blockchain has also created a rally around Ethereum and its products, namely Ether.
For more on Ethereum’s highly anticipated upgrade, check out the video below.
Industry experts remain optimistic about the coin’s outlook, as it has bullish technical indicators. According to some, should Ether continue to track US inflation rates, it could reach as much as $8,000 over the next few months. At the time of publishing, Bitcoin was trading at approximately $62,000 and is up 117% since 2020.
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