Bitcoin is closing in on its last ATH of $61,712. But Ether is also enjoying a weekend of strong growth. Its price set a new record of $2,190 on Saturday, April 10.
The cryptocurrency market does not stop on weekends, unlike the stock market. And these weekends are regularly marked by strong price increases. This was the case for Bitcoin and Ethereum.
On Saturday, April 10, BTC was back on track towards its ATH of $61,712. But Ether was doing even better. The native token of the Ethereum blockchain can now claim a new ATH.
ETH has reached $2,190. And on Monday, April 12, it remains at a high price of about $2,180. But how to explain these increases over this period? Observers point to several hypotheses, such as the upcoming listing of Coinbase.
The IPO of the world’s leading crypto exchange is imminent now. Coinbase stock will be listed on Nasdaq. And the revenue generated by the company is helping to boost the image of cryptocurrencies.
Coinbase also counts several institutional giants among its customers. Daniel Loeb, the head of the $17 billion hedge fund Third Point, holds equity in the company’s service.
Bitcoin would benefit from the news on ETFs, and from the examination by the SEC, the stock market regulator, of the application filed by WisdomTree. Other ETF applications are being reviewed by the regulator.
As for Ethereum, it is also benefiting from positive analyst opinions, the NFT boom and decentralized finance. Speaking to Cointelegraph, one crypto trader goes so far as to suggest that ETH could supplant Bitcoin. At least in the short term.
For Scott Melker, a price of $10,000 in 2021 for Ether is nothing fancy. But he also sees “the outstanding performance of Ether as the main catalyst for the recent rise of the altcoin market. “
For the past few months, the trader has actually been choosing to invest his dollars in Ether rather than Bitcoin in order to take advantage of the token’s growth potential. “For me, it’s like investing in the Internet in the early 1990s,” says Scott Melker.
And he’s not the first cryptocurrency expert to predict a $10,000 price tag. In a note to investors, David Grider already considered possible the growth of the price of Ether to such levels in January. He estimated that its value could be multiplied by 7.