CRYPTOCURRENCY ETHER RISES TO A NEW RECORD
Cryptocurrency Ether surpassed $ 3,000 on Monday to hit a new record high.
Ether, the token that transacted on the Ethereum blockchain, rose 3% on the Bitstamp exchange to $ 3,144.81 on morning deals in London. It has risen 325% over the year to date, significantly outperforming the more popular Bitcoin by 95%.
In part, the big rally is catching up on Bitcoin’s earnings in late 2020, said James Quinn, managing director of Q9 Capital, a private cryptocurrency asset manager in Hong Kong.
It also reflects improvements in the Ethereum blockchain and an increasing shift towards “DeFi” or decentralized funding that refers to transactions outside of traditional banking for which the Ethereum blockchain is a critical platform.
“Initially, Bitcoin really led the rally. But since the rally has matured over the past six months, you have DeFi and a lot of DeFi is Ethereum-based,” Quinn added.