Ether, the world’s second largest cryptocurrency after Bitcoin, extended its breakthrough gains to a new record high of US$3,616.10 (approximately Rs 2,66,400) on Thursday, as investors shifted their interest in major competitors. Attention, momentum increased.

On the Bitstamp exchange, Ethereum finally rose about 4.0% to US$3,568.92 (approximately Rs 2,62,900). Bitcoin fell 0.3% to US$57,353.03 (approximately Rs 42,25,000), which is approximately 11% lower than the intraday high of US$64,895.22 (approximately Rs 47,80,600) set on April 14.

On Monday, the token traded by Ethereum on the Ethereum blockchain exceeded US$3,000 (approximately Rs 2,21,000) for the first time. This year it has risen by more than 385%, compared to 96% for Bitcoin.

Part of the reason for the rise was the overflow of inflows of Bitcoin, as big investors moved from Elon Musk’s automaker Tesla to Wall Street investor Stanley Druckenmiller (Stanley Druckenmiller). ), the status of Bitcoin has been improved.

Konstantin Anissimov, executive director of the cryptocurrency exchange CEX.IO, said: “Ethereum has been able to maintain a positive momentum and set a series of all-time highs in the past week.”

“The current historical high has once again ignited people’s ambitions that Ethereum may eventually flip (replace) Bitcoin by market value in the near future.”

In addition, a technical adjustment called EIP (Ethereum Improvement Proposal) 1559 is expected to reduce the supply of Ethereum and be launched in July, which provides the momentum for the digital currency.

Despite this, there is still a speculative frenzy in asset classes. The joke cryptocurrency Dogecoin has grown by 24,000% in the past 12 months and is now the fourth largest cryptocurrency by market capitalization.

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Thomson Reuters 2021 ©

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