‘Speculative excess’: ethereum finds new peak in sizzling crypto market – Reuters

‘Speculative excess’: ethereum finds new peak in sizzling crypto market – Reuters

Cryptocurrency ether rose to a fresh record peak on Tuesday before dropping sharply as some investors pulled profits from a white-hot market bulging with questionable new entrants.

A day after blowing past $3,000 for the first time, ether, the token traded over the ethereum blockchain, hit $3,457.64 on the bitstamp exchange before dropping 6% to $3,244.

That still leaves it with a gain of some 340% this year. The rise is in part a spillover from flows into bitcoin, which has grown in stature as big-name investors from Elon Musk's carmaker Tesla to Wall Street investor Stanley Druckenmiller buy in.