The biggest rival of Bitcoin, Ethereum has reached an all-time height of $425.55 on Thursday, as depicted from the data by industry website Coinmarketcap.
The significant rise in the digital currency of the Ethereum blockchain, Ether was reported on the day of the Thanksgiving holiday. Before such rise, the cryptocurrency had the highest record of $414.76 which was reported earlier this year in June.
Ether is the second largest cryptocurrency which has more than $40 million market capitalization. It has increased by a percentage of more than 5000 in just one year.
As reported by CNBC, Mike Novogratz, the head of Galaxy Investment Partners and former head of the Fortress Investment hedge fund, predicted that the Bitcoin must hit $10,000 while Ethereum seems to finish at $500 till the end of the year. This would depict an increase of 20 percent and 30 percent respectively, as compared to the prices disclosed on Tuesday by CoinDesk.
“Bitcoin is built on an amazing technology. There’s a limited supply of it, people are trusting it,” said Novogratz.
“Remember, this whole revolution came out of a breakdown in trust, it came out of the ’08 financial crisis where people say, ‘We no longer trust financial institutions, we no longer trust governments.'”
On the other hand, the derailing Bitcoin has also shown a significant revival and has reached to $1,789.05 on Friday, showing 19 percent increase.
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About the Author
Zehra Ali is a Tech Reporter and Journalist. She has done her Masters in Mass Communication. Topics related to cybersecurity, IoT, AI, Big Data and other privacy matters are extensively covered by her on various platforms. You can follow her on twitter.
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