{"id":143998,"date":"2021-11-08T11:48:07","date_gmt":"2021-11-08T11:48:07","guid":{"rendered":"https:\/\/precoinnews.com\/?p=143998"},"modified":"2021-11-08T11:48:07","modified_gmt":"2021-11-08T11:48:07","slug":"ethereum-hits-new-all-time-high-bitcoin-inches-toward-record-as-cryptocurrencies-rally","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/markets\/ethereum-hits-new-all-time-high-bitcoin-inches-toward-record-as-cryptocurrencies-rally\/","title":{"rendered":"Ethereum hits new all-time high, bitcoin inches toward record as cryptocurrencies rally"},"content":{"rendered":"<ul>\n<li>Ethereum, the world&#x27;s second-largest digital coin, surged over 4% in 24 hours Monday to hit a new all-time high above $4,700.<\/li>\n<li>Bitcoin climbed 7% to a price of $66,250, inching back toward its record high above $66,900, set in late October.<\/li>\n<li>It comes amid ongoing excitement around DeFi, or decentralized finance.<\/li>\n<\/ul>\n<p>In this article<\/p>\n<ul>\n<li><span>ETH.CM=<\/span><button class=\"AddToWatchlistButton-watchlistButton\"><span><\/span><\/button><\/li>\n<li><span>BTC.CM=<\/span><button class=\"AddToWatchlistButton-watchlistButton\"><span><\/span><\/button><\/li>\n<\/ul>\n<p>Cryptocurrencies are starting the week on a positive note.<\/p>\n<p>Ethereum, the world&#x27;s second-largest digital coin, surged over 4% in 24 hours Monday to hit a new all-time high above $4,700. The token was last trading at a price of $4,740, according to Coin Metrics data.<\/p>\n<p>Bitcoin, meanwhile, climbed 7% to a price of $66,250, inching back toward a record high above $66,900 set in late October.<\/p>\n<p>The reason for the move wasn&#x27;t clear. Cryptocurrencies are known for their volatile price swings, with moves of up to 20% higher or lower relatively common.<\/p>\n<h2>DeFi<\/h2>\n<p>It comes amid growing excitement about DeFi, or decentralized finance, a new trend in the crypto market which seeks to build financial applications like lending and trading on the blockchain.<\/p>\n<p>Ethereum is a key player in DeFi. Some of the biggest DeFi services, including decentralized exchange Uniswap and lending platform Aave, run on the Ethereum network.<\/p>\n<p>Still, DeFi has caught the attention of regulators lately, and experts have warned a crackdown is imminent.<\/p>\n<p>Ethereum is also the backbone for many non-fungible tokens, or NFTs. NFTs are like digital receipts that keep a record of ownership for rare items like online art.<\/p>\n<p>They have seen a boom in activity this year, with one token auctioned at Christie&#x27;s selling for a record $69 million.<\/p>\n<p>Still, ethereum is up against some fierce competition. Rival tokens like solana and cardano have surged in price this year.<\/p>\n<h2>Ethereum 2.0<\/h2>\n<p>Ethereum is undergoing a major upgrade which investors hope will make the network faster and more environmentally friendly.<\/p>\n<p>Bitcoin and other cryptocurrencies have been criticized for their swelling consumption of energy.<\/p>\n<p>The latest step in Ethereum&#x27;s overhaul arrived late last month, when an upgrade called Altair went live.<\/p>\n<p>Meanwhile, bitcoin jumped to a new all-time high of nearly $67,000 last month, following the listing of the first U.S. bitcoin futures exchange-traded fund.<\/p>\n<p>Crypto bulls praised the move as another sign of growing acceptance for digital assets on Wall Street.<\/p>\n<p>Alternative digital currencies often rally after significant climbs in bitcoin&#x27;s price, as investors search for returns elsewhere in the market.<\/p>\n<p>Source: <a href=\"https:\/\/www.cnbc.com\/2021\/11\/08\/cryptocurrency-market-latest-ethereum-and-bitcoin-prices-climb.html\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ethereum, the world&#x27;s second-largest digital coin, surged<\/p>\n","protected":false},"author":3,"featured_media":143997,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23054],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - 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