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

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

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

RELATED POSTS

These major economies are headed into recession in the next 12 months, Nomura says

More parts of China battle Covid and threats of lockdown as cases spike again

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.

ShareTweetPin

Related Posts

These major economies are headed into recession in the next 12 months, Nomura says

by
July 5, 2022
0

Thomas Calomiris, a third generation produce vendor, weighs an onion at Eastern Market as the US struggles with rising inflation...

More parts of China battle Covid and threats of lockdown as cases spike again

by
July 5, 2022
0

Covid-related restrictions tightened in parts of China as local cases climbed, while lighter measures such as virus testing linger on...

Natural Gas Soars 700%, Becoming Driving Force in the New Cold War

by
July 5, 2022
0

Quartz India’s reluctance to raise fuel prices has created a major domestic shortage The Indian government has cut excise duty...

The second-half is ‘not looking good’: Strategists on how to weather the market storm

by
July 5, 2022
0

A trader works on the floor of the New York Stock Exchange (NYSE), June 27, 2022. Brendan McDermid | Reuters...

Tesla Pauses Plants After Ending Shaky Quarter With a Production Milestone

by
July 5, 2022
0

Bloomberg US Recession Isn’t Goldman’s Base Case, Macro Strategist Says (Bloomberg) -- The base-case expectation isn’t for a recession in...

Next Post

Conflict In North Africa Threatens Gas Supply To Europe

These Are The 5 Best Stocks To Buy And Watch Now

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!

MOST VIEWED

  • Crocs sees fourth-quarter sales up 42%, CEO Andrew Rees says 2021 was ‘exceptional year’

    0 shares
    Share 0 Tweet 0
  • Buying a car from the factory sounds expensive, but it can actually save you money. Here’s how to do it.

    0 shares
    Share 0 Tweet 0
  • Roth TSP vs. Roth IRA: How Do They Compare?

    0 shares
    Share 0 Tweet 0
  • The states that won’t tax military retirement in 2022

    0 shares
    Share 0 Tweet 0
  • Allbirds stock has plunged 50% in two months, now one top analyst says buy it

    0 shares
    Share 0 Tweet 0
  • Home
  • Trading News
  • Email Whitelisting
  • Privacy Policy
All rights reserved by www.stockmarket-cafe.com
No Result
View All Result
  • Home
  • Trading News
  • Email Whitelisting
  • Privacy Policy

All rights reserved by www.stockmarket-cafe.com