Ethereum investors are now smiling to the bank amid high returns seen in the second most valuable crypto market.
Ethereum was trading at $650.87 by 03:10 am GMT on Thursday, up 10.01% on the day. It was the largest one-day percentage gain since August 1.
READ: Cardano bazooka by 10%
- The move upwards pushed Ethereum’s market value to $74 Billion or 11.71% of the total cryptocurrency market value. At its highest, Ethereum’s market cap was $136 Billion.
- The widely known utility crypto, Ethereum, is on ‘fire’, taking into account high buying interests seen by global investors as it trades above $650.
What this means: Ethereum has gained more than 290% year to date alone, and it seems the party for its investors is just starting amid recent price action revealing high demand for the popularly known utility crypto.
Over the week, Ethereum’s value has appreciated by 13.3%. The volume of Ethereum traded for the day to the time of writing was about $18 Billion or 9.18% of the total volume of all crypto market.
What you should know
Ethereum is a cryptocurrency designed for decentralized applications and deployment of smart contracts, which are created and operated without any fraud, interruption, control or interference from a third party.
- Like with many other crypto assets, speculating with Ethereum can be highly profitable and has had a good history of giving its investors huge returns.
- However, there are also many other options to make income from Ethereum. These options include Ethereum mining, Ethereum faucets, and Ethereum staking.
Bitcoin surges past $51,500
Bitcoin traded above $51,508.78 with a daily trading volume of $51.7 billion and is up 4.83% for the day.
The flagship crypto-asset, Bitcoin surged past a one-week high as risk appetite in markets gained momentum despite growing concerns facing the crypto industry.
At the time of writing this report, Bitcoin traded above $51,508.78 with a daily trading volume of $51.7 billion. Bitcoin is up 4.83% for the day.
The world’s most popular crypto asset had been under pressure, particularly on Tuesday when Gary Gensler, nominee for chairman of the U.S. SEC disclosed that protecting investors against the crypto market’s manipulation and illicit activity is a challenge for the agency.
Institutional investors are perceived to be driving Bitcoin’s bullish record-setting run. Amongst them; Anthony Scaramucci’s Skybridge Capital, Mass Mutual, and Guggenheim (up to 10% of its $5 billion macro funds).
Bitcoin is fired up on all cylinders, smashing its past record highs at the speed of light, and it seems the momentum trade is strengthening as mass media outlets embrace crypto coverage, on the bias that the flagship crypto rallied to an all-time high today, as it broke above the $51,000 level.
Also, the flagship crypto is on its record high amid strong purchases seen in accredited investors gaining more exposure to Bitcoin through the world’s biggest crypto hedge fund, Grayscale, and the CME Bitcoin futures market.
Google adds Bitcoin, Ethereum, Litecoin on its finance platform
Google has added selected cryptos to its finance platform.
Google, the world’s most powerful and valuable search engine, recently added selected cryptos to its finance platform.
Alongside leading financial markets, particularly in emerged markets, the trillion-dollar company added a “Crypto” section thereby giving Bitcoin, Ethereum, Litecoin, Bitcoin Cash more limelight.
This comes as no surprise to many market watchers, as the leading tech brand incorporating cryptos on its finance page follows a long wave in mainstream approval over the past months.
There is no doubt, 2021 continues to shape up as a very exciting year for crypto assets relatively.
The flagship crypto has gotten more credibility in recent days from blue-chip companies like Mastercard and America’s oldest bank, BNY Mellon showing support for Bitcoin.
Mastercard had earlier disclosed it would open up its network to some cryptocurrencies including Bitcoin.
PayPal and the world’s largest asset fund manager BlackRock have also made big moves to support crypto.
Investments from Square, Paul Tudor Jones, MassMutual, and SkyBridge Capital are further indisputable evidence of big money investors in the flagship crypto market.
Recall some months ago, as the fastest ever-changing financial asset continued to gain traction, renowned financial data media company, Bloomberg Intelligence, gave critical insights on why bitcoin, in just about five years’ time, could hit a valuation of $100,000.
“Bitcoin’s foundation is firming for further price advances if its history is a guide. Since initially reaching $10,000 in 2017, the benchmark crypto corrected about 70% and remains in an extended period of consolidation around that level.”
“It would be recalled that in 2013, Bitcoin was trading barely at a price of about a thousand dollars. It corrected about 80% and consolidated in 2017, after initially reaching $1,000, it added a zero.
“Considering normal maturation, about double the time frame from $1,000 to $10,000 would come in around 2025, for Bitcoin to potentially add another zero.”
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