The cryptocurrency Ether hit a record high on Wednesday. Due to increased interest in decentralized financial applications and increased interest in institutions in cryptocurrencies, this year’s increase was close to 500%.
Ether is the second largest cryptocurrency by market value, after Bitcoin, climbing to US$4,300 (approximately 300,000 rupees), but finally fell 4.1% to US$4,029 (approximately 290,000 rupees). Bitcoin also fell more than 4% to US$54,188 (approximately Rs 4 million).
As the Ethereum blockchain is more widely used by peer-to-peer (or decentralized) cryptocurrency platforms, the Ethereum blockchain has realized cryptocurrency-denominated lending outside of traditional banking institutions. The exchange rate of Ether against the U.S. dollar this year It has risen by about 470%.
The surge has also seen Ethereum-also widely known as Ethereum in the crypto world-outperform Bitcoin, which has nearly doubled its price this year due to the enthusiasm of larger investors for emerging technologies.
Zap Protocol co-founder Nick Spanos (Nick Spanos) said: “Ethereum has grown to a certain extent through the prospect of remodeling the network, and is expected to be upgraded correctly to accommodate DApp (decentralized applications) and Based on its smart contract. Unknowable decentralized network. “The token will definitely grow more in the near future, and its ambitious goal is to reach US$10,000 (about Rs 730,000) by the end of the year. “
Bank of America JPMorgan Chase said on Wednesday that the pace of development of the Ethereum market “maintains rapid” and there is still room for growth.
Analysts of the bank said in a report that within three months, the open interest of CME Ethereum futures increased to 540 million U.S. dollars (approximately 37.9 billion rupees). They added that it took more than two years for similar positions in CME Bitcoin futures since it went public in 2017.
JPMorgan Chase stated: “In fact, once Bitcoin futures gains more and more acceptance among institutional investors, they will feel more comfortable with cryptocurrencies, paving the way for faster acceptance of Ethereum futures.”
However, US regulators warned investors on Tuesday about the risks of bitcoin futures in mutual fund investments. The Securities and Exchange Commission stated in a statement that Bitcoin is a highly speculative market that lacks regulation.
The same analyst at JP Morgan Chase said last week that the growth in the valuation of Ether was not supported by data showing its scope of use.
The U.S. bank said that factors such as the number of valid digital addresses in its network will be more in line with the price of about $1,000 (about Rs 73,600).
Thomson Reuters 2021 ©