Ethereum or ether coin illustration. Photo: Getty
Ethereum (ETH-USD) continued to rally on Thursday afternoon, hitting a new high of USD 2,586 (GBP 1,864), an increase of around 14%.
The world’s second cryptocurrency had rallied for several months before it recently came under selling pressure following the much-anticipated IPO of Coinbase (COIN) along with Bitcoin (BTC-USD).
It did so when alarm bells rang in the crypto markets following reports that the U.S. Treasury Department was planning to reprimand financial institutions for laundering money through digital assets. Regulatory measures in Turkey also had an impact on sentiment.
The price of Ethereum hit a new record on Thursday afternoon. Graphic: Yahoo Finance UK
However, the price of the Ethereum is rising again.
“A break above $ 2,500 would be an important signal for more buyers to join the market. If there is enough buying pressure behind Ethereum, the price will start in the next chapter of the run with new all-time highs of $ 3,000,” one said Report on Coinpage said.
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Meanwhile, Hargreaves Lansdown senior and market analyst Susannah Streeter told Yahoo Finance that the “future direction of Ethereum” in the current speculative environment is far from certain of her preferred coins. ”
“Investors should be extremely careful if they get caught up in this herd mentality as Ethereum is still a speculative bet that has no reliable valuation.”
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Bitcoin, on the other hand, was not as lucky as Ethereum. It was down earlier in the day and was trading flat in the afternoon.
“Ethereum has risen to record levels again … as it shows signs of decoupling from Bitcoin,” Simon Peters, cryptoasset analyst at investment platform eToro told Yahoo Finance.
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“Bitcoin has drawn the attention of millions of investors, but Ethereum offers an alternative. Since the dollar valuation of ether is well below that of Bitcoin, it also appeals to investors who want to own whole coins, which is now far more expensive with Bitcoin, “he said.
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“With the widespread use of Ethereum’s network after the last upgrade, the Cryptoasset continues to offer developers and investors plenty of opportunities.”
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