• Home
  • Stock News
  • Privacy Policy
  • Email Whitelisting
No Result
View All Result
Dividend Stocks Report
No Result
View All Result
Home Stock News

Ethereum hits new all-time high, bitcoin inches toward record as cryptocurrencies rally

by
November 8, 2021
in Stock News
0
0
SHARES
3
VIEWS
Share on FacebookShare on Twitter

Related Posts

Facebook co-founder funds research into cooling the Earth with sunlight reflection

Who is Bryan Bottarelli from Monument Traders Alliance?

Chipotle Mexican Grill misses expectations for earnings, revenue and same-store sales

Microsoft CEO Nadella calls A.I.-powered search biggest thing for company since cloud 15 years ago

Representation of Ethereum cryptocurrency is seen in this illustration photo taken in Sulkowice, Poland on August 12, 2021.

Jakub Porzycki/NurPhoto | Getty Images

Cryptocurrencies are starting the week on a positive note.

Ethereum, the world’s second-largest digital coin, surged over 4% in 24 hours Monday to hit a new all-time high above $4,700. The token was last trading at a price of $4,740, according to Coin Metrics data.

Bitcoin, meanwhile, climbed 7% to a price of $66,250, inching back toward a record high above $66,900 set in late October.

The reason for the move wasn’t clear. Cryptocurrencies are known for their volatile price swings, with moves of up to 20% higher or lower relatively common.

DeFi

It comes amid growing excitement about DeFi, or decentralized finance, a new trend in the crypto market which seeks to build financial applications like lending and trading on the blockchain.

Ethereum is a key player in DeFi. Some of the biggest DeFi services, including decentralized exchange Uniswap and lending platform Aave, run on the Ethereum network.

Still, DeFi has caught the attention of regulators lately, and experts have warned a crackdown is imminent.

Ethereum is also the backbone for many non-fungible tokens, or NFTs. NFTs are like digital receipts that keep a record of ownership for rare items like online art.

They have seen a boom in activity this year, with one token auctioned at Christie’s selling for a record $69 million.

Still, ethereum is up against some fierce competition. Rival tokens like solana and cardano have surged in price this year.

Ethereum 2.0

Ethereum is undergoing a major upgrade which investors hope will make the network faster and more environmentally friendly.

Bitcoin and other cryptocurrencies have been criticized for their swelling consumption of energy.

The latest step in Ethereum’s overhaul arrived late last month, when an upgrade called Altair went live.

Meanwhile, bitcoin jumped to a new all-time high of nearly $67,000 last month, following the listing of the first U.S. bitcoin futures exchange-traded fund.

Crypto bulls praised the move as another sign of growing acceptance for digital assets on Wall Street.

Alternative digital currencies often rally after significant climbs in bitcoin’s price, as investors search for returns elsewhere in the market.

Next Post

Tesla shares slide 5% after Elon Musk proposes selling 10% of his stock in a Twitter poll

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

email

Get the daily email about stock.

Please Enter Your Email Address:

By opting in you agree to our Privacy Policy. You also agree to receive emails from us and our affiliates. Remember that you can opt-out any time, we hate spam too!

Popular Posts

Stock News

Facebook co-founder funds research into cooling the Earth with sunlight reflection

by
February 8, 2023
0

This photograph taken on May 11, 2022 shows Shivaram, a villager walking through the cracked bottom of a dried-out pond...

Read more

Facebook co-founder funds research into cooling the Earth with sunlight reflection

Who is Bryan Bottarelli from Monument Traders Alliance?

Chipotle Mexican Grill misses expectations for earnings, revenue and same-store sales

Analysts love these stocks with big upside to play the ChatGPT-driven artificial intelligence craze

Microsoft CEO Nadella calls A.I.-powered search biggest thing for company since cloud 15 years ago

Stocks moving in after-hours: Chipotle, VF Corp, Fortinet, Enphase Energy

Load More

All rights reserved by www.dividendstocksreport.net

  • Home
  • Stock News
  • Privacy Policy
  • Email Whitelisting
No Result
View All Result
  • Home
  • Stock News
  • Privacy Policy
  • Email Whitelisting

© 2023 JNews - Premium WordPress news & magazine theme by Jegtheme.