A week after jumping above $3,000, the second most prestigious crypto asset has now surpassed the $4,000 mark. By reaching the record high of 4155.65 dollars, Ether’s value has appreciated by over 460 percent in 2021 alone. In the same period, Bitcoin has made a turnover of 100 percent which is extremely high for any asset but not impressive in crypto relativity.
Many experts believe a further increase in value is possible:
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“The rally has only just begun,” believes Naeem Aslam, chief market analyst of brokerage institute, AvaTrade.
The inflow of capital is unbroken, investors tend to see Ethereum as undervalued and are flocking to the currency has a dark horse and very good alternative to Bitcoin. Unlike Bitcoin, Ethereum was not designed purely as a means of payment. Due to its software base of the same name, Ethereum is considered a versatile currency.
For example, through the integration of so-called “smart contracts” into the payment process. This enables transactions such as asset transfers to be automated.
Dogecoin On Opposite Wavelength
“Some investors therefore apparently switched money from Dogecoin to Ethereum,” suggested analyst Timo Emden from Emden Research.
Dogecoin was started as a parody of Bitcoin, but multi-billionaire and Tesla boss Elon Musk is considered a strong advocate.
At the weekend, however, the doge rate had slumped by almost 40 percent from around 70 to up to 42 US cents.
This was allegedly instigated by Musk, who had guided through American TV show Saturday Night Live, at the where he addressed Dogecoin in a mostly humorous and cavalier manner, one that was apparently not well received by the market.
The Bitcoin trajectory, on the other hand, increased in value on Monday morning, with the most popular digital asset globally costing up to $59,600. In mid-April, the cryptocurrency had reached a record high of just under $65,000, which now seems within reach again. Bitcoin’s market relevance is still high, but its market share has fallen significantly in recent weeks as investors seek cheaper alternatives.
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