When you are watching the blistering rally of bitcoin, other cryptocurrencies are popping up.
According to data from Crypto News, the digital token of the Ethereum blockchain, $ 2, climbed above the $ 1,000 mark on Monday to hit its highest level since 2018. Site CoinDesk.
It has topped the bitcoin with a mark of $ 34,000. The world’s largest cryptocurrency by market value peaked at $ 34,452 on Sunday before reaching nearly $ 31,780 on Monday.
Even XRP, the virtual currency associated with controversial blockchain start-up Ripple, was climbing on Monday. XRP was around 7% in the last 24 hours, which was about 23 cents.
This is still less than half of what it was two weeks ago, when the US Securities and Exchange Commission filed a complaint against Ripple, claiming that the company offered unregistered securities with XRP.
Meanwhile, bitcoin traded up more than 10% to around $ 155 on Monday. Litcoin was created by crypto entrepreneur Charles Lee with the intention of processing transactions faster than Bitcoin’s underlying blockchain network.
Alternatives to bitcoin, sometimes referred to in the cryptocurrency industry as “altcoins”, often rally in times of strength for bitcoin. After Bitcoin hit close to $ 20,000 in 2017, many Altocorp surged, raising retail investors’ interest in the space.
John Hardy, head of FX strategy at Saxo Bank, said in a note on Monday, “The super-exponential momentum is impressive, but with it the danger of a very sharp correction.
Ether was within an all-time high of $ 1,400, reaching mid-January 2018. The network of cryptocurrencies has recently launched a major upgrade called Ethereum 2.0, which is expected to make it faster and more secure.
Bullish crypto investors believe that Ethereum can become the blueprint for a decentralized, next-generation Internet, as it supports apps on its network. A major theme in 2020 was the rise of decentralized finance, or DEFI, which aims to replicate traditional financial products such as loans without intermediaries like banks.
Bitcoin saw a historic rally last year when it advanced more than 300%. Virtual currency began life in 2009 and has come a long way from its anti-establishment roots in the wake of the financial crisis, with the adoption of major firms such as PayPal and Fidelity and raising interest from institutional investors.