Ethereum hits new high of US $ 4,470
It’s the second most valuable crypto in the world and it might even help with Facebook’s new plans for an online space that will take over smartphones.
The ethereum cryptocurrency hit an all-time high with the coin reaching a value of US $ 4,470 (A $ 6,015).
The surge has pushed the global crypto market to a valuation of US $ 2.7 trillion (AU $ 3.6 trillion), according to CoinMarketCap, with ethereum accounting for around US $ 530 billion (AU $ 712 billion). , which makes it the second most valuable crypto in the world.
Ethereum’s value, which has climbed 4% in just 24 hours, is dominated by its technology. It should be used in the future for the creation of any metaverse – an online world where people can play, work and communicate in a virtual environment, often using a virtual reality headset which is recently became more famous thanks to Facebook.
The social media giant, now known as Meta, has announced plans to create its own metaverse.
Ethereum technology is also being used to sell digital art called NFT as well as to create decentralized financial applications, which is expected to shake up the financial industry.
Some experts have predicted that Ethereum could continue to break records, hitting the US $ 10,000 (A $ 13,000) mark by Christmas and rise to US $ 50,000 (A $ 67,000) by 2030.
Ethereum’s huge increase has seen it add 1000% to its price since the same period last year.
While the most popular coin bitcoin is now around US $ 67,000 (A $ 90,000), its ethereum is the crypto to watch, according to some.
“[Bitcoin] just doesn’t have the network intensity Ethereum has, ”Raoul Pal, former Goldman Sachs executive and crypto investor, told his YouTube subscribers.
“Bitcoin has no such thing.”
Tony Sycamore, APAC market analyst at City Index, said his “bullish” forecast for Ethereum was pushing towards AU $ 5,200.
He said bitcoin was trading higher this morning at AU $ 63,117, up 3.5%, after the US Treasury indicated the possibility of a central bank-issued digital currency issued by the commercial banks and overseen by regulators.
“Technically, if bitcoin holds above support at A $ 55,000 / A $ 53,000, a bullish bias remains in place, and we expect a retest and breakout of the high of A $ 67,000 before a surge towards A $ 75,000 at the end of the year, ”he added.
The UK financial regulator has warned that people should be prepared to lose all of their money when investing in crypto.