Ethereum went beyond Bitcoin in the crypto rally, reaching a record high. For the first time in February, Ethereum, which briefly exceeded $ 2,000 on an intraday basis, increased its value by 6.2 percent on Friday to $ 2,144 on Saturday.
Ethereum has nearly tripled its value this year. According to data from CoinMarketCap.com, the market value of Ether is around $ 230 billion. For Bitcoin, this value is around 1.1 trillion.
As the rally in digital assets continues to expand beyond Bitcoin, Ether, the world’s second largest cryptocurrency, has hit a record high. While Bitcoin has changed little after doubling its value this year, the Bloomberg Galaxy Crypto Index rose about 3 percent on Friday.
Visa said last week that they will use USD Coin to transact on Ethereum on the payment network, which will help increase investor sentiment.
Konstantin Anissimov, managing director of the cryptocurrency exchange CEX.IO:
“Visa Inc.’s latest support seems to give the bulls a new reason to continue their steps. This trend could send Ethereum over $ 2100 in the coming days. ”
According to Greg Waisman, CEO and co-founder of the global payment network Mercuryo; Billionaire entrepreneur Mark Cuban’s comments about digital asset ownership and the closest value to “real currency” have fueled interest in Ether, in addition to the continued rise of the network.
Over the past year, Ether has made a similar gain to Bitcoin’s gains in the midst of a flood of incentives to stimulate the global economy during the Covid-19 pandemic. But critics also warn that cryptocurrency is a speculative bubble that will most likely burst. StockCharts.com analyst Julius de Kempenaer:
“We are currently on the rise and this will likely attract buying activity. Ether is getting relatively stronger against Bitcoin. “