Ethereum reached a record high of $1 563

Ethereum reached a record high of $1 563

What happened?

Ethereum has reached a new all-time high of $1 563 on Wednesday, according to CoinDesk. The altcoin rose in value by 16 times since March 2020.

What does it mean for traders?

The world’s second-largest cryptocurrency, which has a market cap of $160 billion, has gained 111% since the start of 2021, outpacing bitcoin’s 24% rise. However, experts see further growth potential. Galaxy Trading expects the price to trade as high as $3,000 in the next few weeks. According to Fundstrat Global Advisors, Ethereum may rise to $10 500. Among the factors positive for the ETH, analysts cited the development of the decentralized finance (commonly referred to as DeFi) and the major upgrade of the cryptocurrency’s network.

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