Ethereum
Ether Turns Negative, Bitcoin Slips After Hitting New High
Omar Marques | Light flare | Getty Images
Ether reversed lower late Tuesday afternoon, as the price of bitcoin retreated after its brief run to new all-time high.
The price of ether was last down 5% at $3,412.64, according to Coin Metrics. Bitcoin fell about 8% after hitting an all-time high above $69,000.
As of Tuesday, ether rose 6.5% to $3,828.81, before bitcoin’s fall put pressure on the rest of the crypto market. Many of the top coins by market cap fell, including Binance CoinRipple XRPand tokens linked to Cardano And Polygon. Even meme coins, which exploded on Monday, fell.
Investors, however, remain optimistic about the configuration of Ether in the short and medium term. It benefited from the recent rally in bitcoin and technology stocks. A technical network upgrade this month and the possibility that ether spot ETFs will soon be available for trading in the United States are also giving confidence to long-term investors. Ether is still up 51% over the year, compared to 45% for Bitcoin after its recent rise.
“Given the relative difference between the market capitalization of ether and bitcoin, investors likely see additional growth potential in ETH relative to bitcoin in a world where both ETFs exist and they are considered collectively as an asset class that will benefit from continued allocations from investment advisors and wealth managers,” said David Wells, CEO of Enclave Markets.
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