2nd Biggest Cryptocurrency Ethereum Breaks $4,000 to Hit Record High
2nd Biggest Cryptocurrency Ethereum Breaks $4,000 to Hit Record High

By Reuters

LONDON/SINGAPORE—Cryptocurrency Ethereum broke $4,000 for the first time on Monday, climbing to a new peak for a third day in a row on bets it may find new uses, although some analysts said it was overvalued at current levels.

Ethereum, the second-largest coin by market capitalization, jumped more than 6 percent to just below $4,175, and was last up around 2 percent.

It has soared this year, fueled by expectations of wider use, based in part on its role in decentralized finance—DeFi—platforms that facilitate crypto-denominated lending outside traditional banking.

An upcoming technical change to its software seen as reducing its supply has also provided a boost, while new institutional investors in the crypto sector have warmed to it amid a tepid quarter so far for Bitcoin.

“(Crypto has) got a lot more institutional involvement than people who haven’t followed the market believe,” said Chris Weston, head of research at brokerage Pepperstone.

“And everyone’s been in Ethereum. It’s not a meme joke coin, it actually has some application use,” he added, referring to its role in DeFi.

But some analysts said Ethereum’s increasing valuation was not underpinned by data of how widely it is used.

“The continued divergence of its price relative to network activity raise questions about its valuation,” J.P. Morgan analysts wrote in a report to clients dated May 7.

Factors such as the number of active digital addresses in its network would be more consistent with a price of around $1,000, the U.S. bank said.

In the crypto world, the terms “ethereum” and “ether” have become synonymous. Technically, Ethereum is the blockchain network in which applications are embedded, while ether is the token or currency that enables or drives the use of these applications.

Altcoins

Bitcoin, the largest cryptocurrency, rose to a three-week high above $59,600 on Monday. Dogecoin, a recent outperformer, stabilized after losses on Sunday after comments by Tesla chief Elon Musk on the Saturday Night Live TV show, where he said it was a “hustle.”

Smaller cryptocurrencies, like Dogecoin, known as “altcoins,” have been in demand in the past few weeks, pushing Bitcoin’s share of the overall $2.5 trillion digital currency market to its lowest in around two years.

Dogecoin, which began as a social media joke in 2013, is up more than 700 percent in the last month.

It was last trading at $0.51, after tumbling 38 percent in the last 24 hours on Musk’s comments. It later steadied after Musk’s commercial rocket company SpaceX said it would accept the meme-inspired cryptocurrency dogecoin as payment.

The meme-based coin has become the fourth-largest digital currency, with a market capitalization of $69 billion, according to CoinMarketCap. It hit a record high on Thursday above $0.73.

By Tom Wilson and Tom Westbrook

Affiliate News Feeds

  • Reuters
  • Washington Examiner
  • The Federalist
  • The Epoch Times
  • The Guardian
  • The Gateway Pundit
  • Judicial Watch

By Patricia Tolson A new survey reveals that the majority of Americans do not trust the integrity of America’s elections. According to a poll conducted among likely General Election voters between Nov. 16–20… [...]

By Louise Chambers When her neighbor, a farmer, fell ill suddenly, a Minnesota teen volunteered to help him tend the land. The farmer was beyond grateful for the support, and the teen… [...]

Sen. Marco Rubio (R-FL) announced on Tuesday that he won’t support legislation to prevent an economically calamitous rail strike if it isn’t supported by the union workers. [...]

The Pentagon believes the Chinese military’s nuclear arsenal can more than triple by 2035. [...]

Abusers in homes across the nation and worldwide have utilized chemical abortion pills in the same way that Herring allegedly did. [...]

Even amid the hedonistic holiday mania, people are still eager to have a fulfilling and joyful Christmas. Christians can help. [...]

Philadelphia District Attorney Larry Krasner “Ignores reality and claims Philadelphia does not have a crisis of crime,” according to the third and final report of the Pennsylvania House Select Committee… [...]

U.S. Rep. Matt Cartwright (D-Pa.) on Tuesday sued the board of elections of a Pennsylvania county that didn’t have enough paper ballots on Election Day for failing to certify his victory by… [...]

Antibody therapy lecanemab removes clumps of protein called beta amyloid that builds up in brainResearchers have hailed the dawn of a new era of Alzheimer’s therapies after a clinical trial… [...]

Groups C and D conclude: check the latest permutationsDaily briefing: the joy of Mbappé, Argentina’s escape planGet in touch: email Martin with your thoughtsThe row about concussion substitutions at this… [...]

As the war against censorship seeps into nearly every facet of our lives, best selling rapper Bryson Gray will soon find out if his stand for free speech and artistic… [...]

While the corporate media such as the New York Times and Wall Street Journal have been writing puff pieces about mega democrat donor Sam Bankman-Fried, independent journalist Ben Armstrong better… [...]

Though years ago India passed a sweeping law giving transgender people rights—and prohibiting discrimination in education, employment, and healthcare—the Biden administration is spending American taxpayer dollars to counter stigma and… [...]

(Washington, DC) – Judicial Watch announced today that it filed a Freedom of Information Act (FOIA) lawsuit against the Department of Homeland Security (DHS) for all communications between the Secret… [...]

NH Politician

NH POLITICIAN is owned and operated by USNN World News Corporation, a New Hampshire based media company specializing in the collection, publication and distribution of public opinion information, local,...