Ethereum provided the first crypto gift of the Easter break with an unexpected move to claim an all-time high as it breached the much-desired $2,000 mark to hit $2,147 tonight.
Despite spending much of its five-year lifespan in the shadow of principle actor Bitcoin (BTC), Vitalik Buterin’s brainchild took centre stage after a year of huge gains cemented its place as second billing in the cryptocurrency cast list.
This time last year, Ether (ETH) was worth less than $150 before it embarked on a near-constant ascending trajectory that brought it to today’s value.
ETH’s rise is in tandem with a remarkable crypto market effervescence which has seen impressive rises across the board.
Bridesmaid to Bitcoin
The bridesmaid to Bitcoin’s ever-present big day has, it should be noted, lately been a cause of repeated concern for analysts and traders who have been critical of rising charges and the, frankly, ‘clunky’ mechanic of the leading alternative to BTC.
But, time and time again, the native currency of the Ethereum blockchain has proved its stoicism in the face of reproach and continued to move its price upwards.
For many observers, though, it would appear that Ethereum’s stock is twinned with the movement of institutional investment in cryptocurrency.
“Ethereum’s price started to rally just as Visa started using its network to settle cryptocurrency transactions,” Greg Waisman, the co-founder and COO of the payment network Mercuryo, explained to The Independent’s Anthony Cuthbertson.
“Ethereum has seen other beneficial developments, such as prominent investor Mark Cuban revealing that he owns a lot of Ethereum, as he thinks that ETH is the closest to a true currency.
“As for the future, Ethereum breaking the $2,000 mark is a major achievement, which will possibly allow it to start using this level as a support and continue going higher up.”
To put ETH’s surge into context, it’s worth noting yesterday’s comments from Kraken CEO Jesse Powell who, when assessing what coins would be the stand-out performers of 2021, suggested Ether might just make it above $2,000.
“Hard to predict but I think we’ll see north of $2,000 a coin for Ethereum by the end of this year,” he said.
Right now, ETH is racking up all-time highs almost minute-by-minute. At the time the first sentence of this article was written, Ether was at $2,071. Five paragraphs ago, it was at $2,084. At the time the full stop at the end of this sentence, it had just notched $2,096.