The Second-biggest Cryptocurrency of the World, Ether, Approaches All-time High

Photo Credits to Jaap Arriens / Getty Images

According to the CoinDesk, the industry site, the cryptocurrency, Ether, which serves as an alternative to bitcoin, approach all-time high, as it collected 17% on Tuesday, $1,439. The highest price of this cryptocurrency was $1,448, and it was hit in early 2018. In this year the main cryptocurrencies which were led by bitcoin reached to new heights.

Bitcoin at first was the original cryptocurrency, which was created in 2009 as the part of a peer-to-peer payment system. It was favored by many people, as it does not need a central authority to be maintained. Worth to note, that Bitcoin had an attention from many people for several months now, and it increased close to $42,000 several weeks ago, however, it shot down and last trading of it was at 36,980.

Photo Credits to COINBASE

Experts say that this rise was caused by increased perception that it is safe asset to own and plus institutional buying helped it a lot. Emerging decentralized finance (DeFi) market had its impact on this issue as well, as there is an idea, that cryptocurrency technology can help to recreate traditional financial instruments for instance insurance and loans. Nevertheless, there are critics of this cryptocurrency, as Strategist David Rosenberg, and Economist Nouriel Roubini stating that it can be viewed as a speculative bubble.