Ether, the world’s second-largest cryptocurrency, hit a record $1,918.52 on Thursday, extending the total gains year to date to 160%. Ether’s rally was driven by the continuing gains in bitcoin, which has also surged 78% in the same period.
- Jehan Chu, the co-founder of trading firm Kenetic Capital, expects ether to extend gains as it is cheaper compared to bitcoin.
- Last year, the Ethereum 2.0 upgrade was launched for the network, and analysts expect it to help the cryptocurrency to become bigger.
- This month, the Chicago Mercantile Exchange launched ether futures, potentially opening opportunities for more institutional investors.
- Chu points that despite the ongoing complaints against ethereum network fees, it remains a go-to destination for blockchain applications.
Ethereum is currently gaining as bitcoin loses. ETHUSD is up 2.11%, BTCUSD is down 1.92%