Ether jumped to a record high of close to $3,500 on Tuesday as interest in the world’s second-biggest cryptocurrency continued to grow, while bitcoin struggled.
Analysts at the Kraken exchange said there was a lot of momentum behind ether and that technical chart analysis suggested the cryptocurrency could rise to around $5,200 before facing another serious level of resistance.
Ether rose 6.7% on Tuesday to $3,381.20 as of 6.20 a.m. ET time, according to CoinGecko. It had earlier hit an all-time high of $3,446.90 after rising more than 33% over seven days.
The native currency of the Ethereum blockchain network has been on a hot streak in recent weeks while bitcoin – the world’s biggest cryptocurrency – has stumbled.
Ether’s year-to-date gain stood at 357% on Tuesday, compared to bitcoin’s 93% rise.
Many investors are increasingly keen on ether and the Ethereum network because applications such as non-fungible tokens, or NFTs, can be built upon it. Ethereum is also central to decentralized finance or...read more...