The second-largest cryptocurrency, Ether, has showcased immense growth over a short period and has become a strong alternative to Bitcoin.
The decentralized finance protocol has garnered much acceptance over the last few months, and that has spiked the value of its native token, rallying up to 17 percent on Tuesday.
Ether Closes Near Its All-Time High on Tuesday
Ether token reached its maxim on Tuesday at $1439, which is slightly less than its 2018 all-time high of $1448. However, price correction was noted early Wednesday, after which the price dipped to $1315. The cryptocurrency has created a staggering record of growth and has almost doubled in the last year. While Bitcoin is the most powerful cryptocurrency of all time, altcoins like XRP and Ethereum also gain mainstream attention.
Developed By VitalikButerin, Ethereum has become the flagbearer of Decentralized Finance where the users can trade, borrow and lend in a permissionless manner. Ethereum 2.0 further strengthened the stakes for Ether. As per the data from Messari, Ether has grown over 1000 percent ever since its first public sale in 2015.
Ethereum blockchain has grown stronger with its Ethereum 2.0 upgrade, which brings agility and security to the network as per its investors. Giving a boost to decentralized finance space, Ethereum is considered the backbone of the DeFi, allowing developers to build dApps on its blockchain. The investors are closely watching Ethereum as a potential investment tool considering that the high price of Bitcoin.
Fund Strat Global Advisor issued a price target for Ether, suggesting that the price can even reach up to $10,500, hinting at a 650%increase. The Ethereum blockchain has garnered a lot of attention as many new applications like smart contracts are being deployed on the blockchain. StableCoin pegged on USD is also rolled out on the Ethereum blockchain, which implies that Ethereum has increased real world implementation. “We continue to believe Ethereum fundamentals are incredibly strong and think [Ethereum] represents the best risk/reward investment play in crypto,” Fund Strat said
Even though Ether trails Bitcoin as it reached its high, the second-largest cryptocurrency has defeated Bitcoin on its year-t-date growth. While Ether has recorded a year-to-date gain of 92%, Bitcoin has just recorded a 27% gain.
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