Ethereum breaks past $3000 to quadruple in value

SourceGulf Today
SectorFinancial Markets
CountryGulf

Picture used for illustrative purpose. Inayat-ur-Rahman, Gulf TodayCryptocurrency ether broke past $3, 000 on Monday to set a new record high in a dazzling rally that has outshone the bigger bitcoin, with investors betting that ether will be of ever greater use in a decentralised future financial system. Ether, the token transacted on the ethereum blockchain, rose 3% on the Bitstamp exchange to $3, 144.

81 in morning deals in London. It is up 325% for the year so far, easily outpacing a 95% rise in the more popular bitcoin. In part, the big rally is a catch-up to late 2020 gains in bitcoin, said James Quinn, managing director at Q9 Capital, a Hong Kong cryptocurrency private wealth manager. It also reflects improvements to the ethereum blockchain, he said, and a growing shift towards “DeFi”, or decentralised finance, which refers to transactions outside traditional banking for which the ethereum blockchain is a crucial platform.”At first, the rally was really led...read more...