New highs for cryptocurrencies
Ethereum and Litecoin prices peaked at new highs as public interest in cryptocurrencies continues to soar. These digital coins joined Bitcoin’s surge towards $19,000 in the recent strong trends.
Ethereum hit $623 this week. It’s up by a massive 384% since the beginning of the year. The uptrend is impressive, but it’s still far from the all-time high of $1500 in January 2018. Ethereum is the world’s second-largest cryptocurrency next to Bitcoin. Litecoin also doubled in value this month alone and peaked today at $90, a fresh 2020 high with a 117% YTD gain.
According to analysts, the crypto surges are due mainly to the strengthening status of Bitcoin as an inflation hedge. Bitcoin, the known king of crypto, is up by 160% this year to date. It’s trading at $19,285 as of writing and is a thread line away from the all-time high of $19,667 last 2017.
Bitcoin nears all-time high at $19,667, PrimeBit WebTrader
Ethereum holds an approximate $68 billion in market cap, while Litecoin represents $5.8 billion. Bitcoin’s market cap reached $354 billion this week!
According to Michael Sonnenshein, Managing Director at Grayscale Investments and a Bitcoin specialist, the crypto asset is a major key to the evolution of money. “Investors like the fact they can buy a fraction of the coin and add to their position over time,” he added.
Popular crypto derivative platforms like PrimeBit makes it possible for traders to profit from the surging prices of the top cryptocurrencies – Bitcoin, Ethereum, and Litecoin -even without owning them.
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Ethereum surges with 384% YTD gain, PrimeBit WebTrader
Bernard Meyer, a CyberNews.com Senior Researcher, says the pandemic has played a part in the increased interest in cryptocurrencies. As quarantines are still in place in many parts of the world, people spend more time online and become aware of cryptocurrencies.