Cryptocurrency Ether price went beyond $4,000 on 10th May, Monday, hitting an all-new record high.
Ether runs on the ethereum blockchain and has acquired parabolic gains recently as more and more investors are looking forward to investing in cryptocurrencies.
Isn’t that phenomenal? One of the reasons we can credit for such a huge price surge is due to new features and numerous developments in recent times.
If we compare Ether and Bitcoin, the latter took a dip of over 2% in April, whereas the former grew more than 40%.
This means that there is no central institution involved to issue money.
Leading investors and some corporate purchasers like Tesla ran to bitcoin recently, seeing the digital coin as a potential inflation support as national banks throughout the planet print cash to assuage Covid-battered economies.
Further, Ethereum is getting popular due to the rise of NFTs, which resemble digital assets created to have the possession of unique virtual items like art and sports memorabilia.
Particularly, it aims at reducing transaction fees, which is quite beneficial in DeFi trading, where every transaction can wind up costing what could be compared to several US dollars.