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Ether again explodes to secure above $1250 as more institutional investors are buying it
On Monday, on the day of the seventh anniversary of its launch, Ethereum again hit an all-time high at $1476 within 24 hours after breaking its previous record of last week and now it has reached $1250 after a 5% decrease.
The world's second-biggest cryptocurrency in terms of market value, i.e., Ether, has nearly doubled this month. The one reason for this rise is the increased use of the Ethereum network due to its major upgrade to Ethereum 2.0 that helps the users gain the rewards in the form of annualized interest. The second one is the interest of institutional investors in the Ether. Ether is seen as a store of value by its investors. According to the reports, the number of institutional clients to buy Ether is growing due to its good returns. Notably, the clients who bought Bitcoin in the previous year are now focusing on Ether.
The market sees a bull run or a 21st century gold rush for most cryptocurrencies, such as bitcoin, litecoin, and ethereum. This is due to the tech-savvy entrepreneurs that use high powered machines to mine digital assets.
It can be seen as a remarkable comeback for Ethereum after its high price figure in 2018. 2020 was a year for its recovery, and there is a surge in price since December 2020, which is continued. The future of Ethereum is quite bright, with more developers building on the platform and with the increase in inflows through institutional investors. It is also expected to double up in the coming two weeks.