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- The world’s second-largest cryptocurrency, Ethereum (ETH) is set to reach an All-Time High (ATH) valuation in the market
- ETH reached $1,439 in the crypto share market on January 19, 2021
- The crypto is set to surpass its previous ATH of $1,448 which took place in early 2018
Ethereum will soon be closing in on an All-Time High in the share market, with the second biggest crypto growing by 17% to a valuation of $1,439 on January 19, 2021.
ETH Set To Break Previous Record of ATH
Ethereum, which is currently the world’s second-biggest cryptocurrency, has taken off to another unequalled high in the market. This comes in the wake of considerable investment interest shown in the digital currency, as alternatives to Bitcoin garner enthusiasm amongst potential buyers.
On January 19, ETH prices soared to $1,439.33 around 7:00 AM (EST). The digital currency has mobilized almost 12% since it’s previous rally of $1,432.88 on January 13. The arrival at this value could lead Ether towards breaking its previous ATH of $1,448 which occurred in 2018. The initial indication of the crypto’s potential growth came in early January. However, this was interrupted by the temporary market correction caused due to Bitcoin’s (BTC) fall in valuation, which dropped to around $30,000 from its record-breaking high of $40,000.
Speaking about the crypto’s performance in today’s market commentary, Paolo Ardoino, CTO at Bitfinex, shares:
“Ethereum has today reached a new all-time high”. The price of Ethereum is going up in a resurgent decentralized finance (Defi) space. While the explosion of projects in Defi has caused growing pains for Ethereum, layering solutions are in the works that are helping the network to scale. The launch of Tether tokens (USDt) on such solutions, as a valuable and trusted source of liquidity, will help power Ethereum towards its full potential.
“Sentiment around bitcoin remains overwhelmingly bullish. The king of crypto is the base layer for an emerging alternative financial system. Bitcoin is providing a solid foundation for a staggering array of projects, some of which will fundamentally change the nature of money by the end of the decade. Those celebrating the rise of competing chains in a rampant bull crypto market should do well to remember that they owe everything to bitcoin.”
Ethereum Holds Massive Potential
Ethereum, the organization that supports ether, is promoted by its advocates as a likely foundation for a decentralized network. This potential is being viewed on the basis of ETH’s infrastructure which allows developers to build novel applications which are referred to as “decentralized apps.”
The Ethereum blockchain sustains a computerized record of exchanges in the form of digital currency. It led to the initiation of a significant redesign toward the end of last year by introducing Ethereum 2.0, which will add speed as well as security to the network. Over the long haul, analysts are viewing this blockchain initiative to transform into a foundation layer for censorship-resistance, which will act as a basis for the upcoming future of the internet. This idea, for the most part, is being alluded to as Web 3.0 and will integrate the advancing financial system with social networking mediums.
Additionally, Ethereum’s fascination among financial specialists can likewise be credited to its utilization as a structure block for decentralized finance (DeFi) related blockchain applications. While Bitcoin has restricted usefulness in terms of this aspect, Ethereum can be utilized to execute protocols which are known as smart contracts. These contracts have the details of the arrangement inserted into their code, which are consequently executed when the terms are met and identifiable through the blockchain.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
