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Ether reaches record

As crypto rally broadens beyond bitcoin.
Image: Luke MacGregor, Bloomberg

Ether, the world’s second-largest cryptocurrency, rose to a record high as the rally in digital assets continues to broaden beyond Bitcoin.

The digital token for the Ethereum network gained 6.2% on Friday and reached as high as $2,144 on Saturday. It has nearly tripled this year, and first topped $2,000 briefly on an intraday basis in February. The Bloomberg Galaxy Crypto Index gained about 3% Friday, while Bitcoin was little changed after more than doubling this year.

“The latest backing from Visa Inc. appears to be giving the bulls a new reason to persist in their stride,” said Konstantin Anissimov, executive director at cryptocurrency exchange CEX.IO. The trend could send Ethereum above $2,100 in the coming days, he said.


Visa said this past week that its payments network will use USD Coin to settle transactions over Ethereum, which has helped boost sentiment. Also, billionaire entrepreneur Mark Cuban’s comments about owning the digital asset and that it’s closest “to a true currency” have increased interest, in addition to the ongoing upgrade of the network, according to Greg Waisman, co-founder and COO of the global payment network Mercuryo.

The token has mirrored the gains in Bitcoin over the past year amid a flood of stimulus aimed at boosting the global economy during the Covid-19 pandemic. Critics warn that crypto is a speculative bubble that will likely burst.

Ether has a market value of about $230 billion, compared with about $1.1 trillion for Bitcoin, according to data from CoinMarketCap.com.

“We’re now really breaking higher and that will very likely attract buying activity,” said Julius de Kempenaer, senior analyst at StockCharts.com. “Ether is gaining in relative strength versus Bitcoin.”

© 2021 Bloomberg L.P.

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Dementia

Indeed. This speculation will end in tears, because there is nothing behind so-called cryptocurrencies (they’re not currencies – you can’t go and fill up your car using them.) It has no value, except as a vehicle for speculation. Those who are betting their children’s inheritance on this lottery, are merely gambling in the hope that others will also gamble. And yes, the truth about this makes people extremely angry, just as the victims of pyramid schemes also get extremely angry when confronted by the truth.

people are buying them for what they can do, but what for what they will do. DeFI is the future, and ETH is on what it is built.

ps: don’t bet the house, set side a small percentage of disposable income every month and buy ETH, ride out the bubbles and crashes – as time progresses the value will stabilize and it will become a functional currency. big upside -> the govt can’t get their fat little greedy hands on it like they can do with the rest of your regulated (and very much exporopriable) property.

Naysayers at this point are clinical narcissists. Imagine thinking YOU have things more figured out in finance than PayPal,Mastercard, Visa, Square, GS, Morgan Stanley, Elon, Cuban, Winkelvi, Saylor, billionaire VCs and Hedgies. You’ve lost milions of dollars thinking the world must fit your narrative.

End of comments.

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