admin The world’s second largest cryptocurrency Ether hit a fresh all-time high on Friday. It surged past $1700 for the very first time since its inception. Ether is a close second to Bitcoin in the race of digital cryptocurrencies.
Ether’s Legacy
Ethereum, ether’s network, was created after bitcoin in 2013. The main difference it has with bitcoin’s blockchain is the ability to support applications. Cryptocurrency Ether has witnessed a steady rise this week as investors are awaiting the highly anticipated launch of Ether Futures Contracts from the Chicago Mercantile Exchange next week. Trading in Ether Futures is set to commence on Monday. Bitcoin Futures was launched by the CME three years ago. The crux of the argument remains that investors believe launching crypto futures and other derivatives of this digital currency will help boast the confidence of significantly more investors in the space.
Soaring to New Heights
Sachin Patodia, a partner at Avon Ventures, a venture capital firm affiliated with the parent company Fidelity stated, “Bringing more financial instruments will bring more participants into the market. That probably is positive for the ether price. We’ve seen this pattern over many crypto cycles that we’ve gone through, where bitcoin leads the way in price movement and then you see what we call the alt-coins get carried along.” He also highlighted that the amplification in the value of Ether and other smaller cryptocurrencies is owed to the soaring rise of Bitcoin in the recent months. Crypto investors said another factor potentially boosting Ether was the start of a major upgrade to the Ethereum blockchain, called Ethereum 2.0. This upgrade is expected to make Ether faster and safer.
Currently, the total market value of all cryptocurrencies combined hit $1 trillion last month, as bitcoin’s price surged to records. Bitcoin bulls say this boost is a result of institutional demand, as well as the perception that it is a store of value similar to gold. Bitcoin was up 4.7% in the last 24 hours, trading at a price $38,151. XRP, the third-largest digital token, climbed 10.7% to 44 cents.
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