On January 25th, 2021 Ethereum officially hit a new all-time high of $1,467.78,
Ethereum propped Bitcoin up as well following an alarming bearish run from approximately $40K to below $30K. Currently, Bitcoin sits just below $34K. Together the two cryptocurrency leaders are making major strides forward and setting records this year that hopefully continue to solidify cryptocurrencies’ validity in today’s increasingly digitized financial sectors. The market is hoping for the best as Bitcoin recovers from a heavy crash last week which wiped $100 billion off the cryptocurrency market within 48 hours.
Ethereum and alt-coins are historically known to rally behind gains by Bitcoin so right now is a great moment to look toward alt-coins and alternatives to Bitcoins. In other words, it’s alt-coin season!
Ethereum is looking great following announcements that its blockchain would receive major upgrades that would improve upon its scalability issues. Simon Peters, an Etoro crypto analyst recently stated, “Ethereum’s current rise cold shoulders the skeptics, many of whom were quick to denounce crypto when bitcoin recently fell from its $40,000 high. With a whole range of logistical improvements to the Ethereum network in the works, increased institutional inflows, and more and more developers building on the platform, the future is bright for Ethereum.” Peters’ comments come as a welcome reminder that we are yet to see the best of Ethereum and the major moves cryptocurrencies will make in 2021. This year seems off to a great start!