Ethereum Hits New All-Time High As Bitcoin Struggles To Reach $50,000
Heading into the beginning of the week, the expectations of the “righteous” towards many cryptocurrencies might not have seemed to be cut off. The leading cryptocurrency that had spent the early part of the year struggling to gain its ground had started to bounce and perform once again.
On the other hand, Ether, the native token of the Ethereum network, has continued to shine its light, outperform Bitcoin compared to each other, and continues to hit ATHs back to back. Several other tokens in the cryptocurrency space like XRP, LINK, Bitcoin Cash have also started to pull on the weights, amidst Bitcoin and Ethereum gaining the attention.
Ethereum had a stellar year already
Ethereum as a network had started the year brightly, as it has continued to develop its smart contract offerings and boost the growing DeFi space. Last December, the network launched a new network, Ethereum 2.0, which is believed to improve the network’s overall performance and add more value to its token. Not so surprising, Ethereum’s fortunes have taken a right turn since the launch of the first phase of the network, also known as Serenity.
Ether has now hit an all-time high of $1,850, barely ten days after the token hit the $1,700 mark. A lot is still expected of Ethereum and Ether, as the network has plans to roll out the other phases of the new network, which has already improved transaction speed and scalability. Analyst predicts that at this rate, Ether might hit the $10,000 mark by the end of the year.
However, while a few analysts believe that is possible, many analysts believe that Ether’s low institutional adoption and investment might dwindle the second-largest cryptocurrency fortunes by market cap. Although a lot is still expected from Ethereum this year and the way things are going, the cryptocurrency is poised to deliver.
Bitcoin still on top despite initial struggles
The king of the cryptocurrency market is still Bitcoin, the foremost cryptocurrency that continues to draw every crypto investor’s attention. As predicted by several analysts, the cryptocurrency is expected to trade between $55,000 to $60,000, as of now, considering the bullish run it had late last year. The cryptocurrency spent the early part of the year stalling but is now starting to look good amidst reaching an all-time high of $49,000.
The cryptocurrency is currently trailing between $47,000 and $48,000, as investors hope it will eventually hit the $50,000 mark in the next few days. Institutional investment and adoption of the cryptocurrency have boosted its fortunes recently, as many investors, including former critics, now want to be involved or invest in digital assets. However, analysts believe that the cryptocurrency is now back in business, as hopes for the $100,000 mark by the end of the year is now renewed.
