Ethereum price continues to rise, rising above its previous peak ... So what is feeding this rally? - FOGWHY

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Sunday, February 7, 2021

Ethereum price continues to rise, rising above its previous peak ... So what is feeding this rally?


 


Ethereum continues to rise.


Today, the currency managed to break the peak recorded in the past two days at 1688 dollars, according to "coingecko".


The price of Ethereum rose to more than $ 1750 in the past hours, recording a new high ever, as the entire cryptocurrency market rose to new heights and numbers.


Ethereum has now gained more than 1,700% since March 2020, when the price of a single coin was estimated to be around $ 100.


The impressive rise of the Ethereum currency above the level of $ 1750 has made many observers wondering about the reasons behind this significant increase in the price of the second largest cryptocurrency after Bitcoin.


Mr. Paulo Arduino, Technical Director of Bitfinex, provided his opinion on what is fueling the rise of Ethereum, and stated the following:


Ethereum is at the center of the news today as it continues to breach all-time highs above $ 1,600.


This appears to be driven at least in part by speculation, but there is also a growing recognition that technologies based on the Ethereum blockchain can address many commercial problems, from logistics to the ability to verify the source of some products to payments.


In this context, Ethereum's upward trajectory may be representative of the fortunes of an entire cryptocurrency ecosystem.


Sentiment across the cryptocurrency sector continues to improve as the price of Ethereum takes off into uncharted territory and continues to push towards new levels of price discovery.


Cryptocurrency total market cap is now $ 1.11 trillion and Bitcoin's dominance rate has decreased by 61.6%.


At the time of writing this article, the price of Ethereum is estimated at $ 1,711, an increase of more than 28% in the past seven days, and Bitcoin is trading at $ 37,800, up by 14% in the last 7 days.

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