Ether digital currency is approaching an all-time high as the cryptocurrency rose, and it is one of many alternatives Bitcoin, By 17 percent on Tuesday, to a high of $ 1440, according to data from CoinDesk.
That number is close to the record high of $ 1,448 in early 2018, when the major cryptocurrencies led by Bitcoin rose to new heights before declining sharply later in the year.
Ether, the world’s second-largest cryptocurrency by market value, has nearly doubled so far.
Bitcoin has been in the spotlight for several months now, thanks to a sharp rally that has seen new highs.
The cryptocurrency jumped to nearly $ 42,000 two weeks ago, but has since declined and traded freshly at $ 36,980.
The currency is still up nearly 30 percent so far this year, rising more than 800 percent from its 2020 low in March.
Bitcoin bulls say its rally came on the back of increased institutional buying and the perception that it is a safe haven not linked to gold.
On the other hand, skeptics of the traditional financial world view it as a speculative bubble.
Bitcoin was the original cryptocurrency, created in 2009 as a peer-to-peer payment system that did not require a central authority to maintain.
The altcoins created after Bitcoin, such as Ether and XRP, are known as altcoins.
Ethereum, the network that supports Ether, is described by its supporters as a potential infrastructure for a decentralized internet, andThat’s because developers can create apps via Ethereum, known as DApps.
The Ethereum blockchain began a major upgrade late last year called Ethereum 2.0, and Ether investors say it makes the network faster and more secure.
Critics have complained about prohibitive transaction fees via Ethereum, as the average transaction cost of Ether rose to a record high of $ 16.53 on Jan.11, three times the average transaction fee in 2018.
By comparison, Bitcoin transaction fees are on the rise, but not close to a peak in late 2017.
Fees rose to $ 17.09 on January 12th, but still 69 percent lower compared to its all-time high of $ 55.16 on December 22, 2017.