Ethereum and Bitcoin coins.<\/p>\n
Getty Images<\/p>\n
Ether, the digital token of the Ethereum blockchain, notched a new all-time high of $1,476 early Monday morning. The cryptocurrency climbed 6.2% to a price of $1,415 at about 9:15 a.m. ET.<\/p>\n
Altcoins, or alternative cryptocurrencies, have been known to rally in times of strength for bitcoin. Ether's latest price movement was attributed to increased use of Ethereum its underlying network that is undergoing a major upgrade and interest from institutional investors in crypto.<\/p>\n
\"Ethereum's current rise cold shoulders the sceptics, many of whom were quick to denounce crypto when bitcoin recently fell from its $40,000 high,\" said Simon Peters, cryptoasset analyst at online investment platform eToro.<\/p>\n
\"With a whole range of logistical improvements to the Ethereum network in the works, increased institutional inflows, and more and more developers building on the platform, the future is bright for Ethereum. I believe that a price of $2,500 by the end of the year is very feasible. As with all crypto, however, there will be bumps along the way.\"<\/p>\n
Bitcoin, the world's largest cryptocurrency by market value, has had a wild start to 2021. After quadrupling last year, bitcoin's price briefly topped $40,000 for the first time on Jan. 7. It's down 17% from its all-time high, but still up over 17% since the start of the year.<\/p>\n
Advocates of the digital coin say it's benefited from heightened institutional demand and its perception as a safe haven asset similar to gold. But skeptics are worried bitcoin is in a bubble.<\/p>\n
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