FX.co ★ Ethereum hits all-time high

In the crypto market, all cryptocurrencies immediately react to the rise of their counterparts. A surge in one digital coin inevitably triggers a spike in the value of others. So, all other crypto assets are now following a wild rally developed by bitcoin. One virtual currency has moved far ahead of its rivals. Ethereum, the world's second-biggest digital asset, has hit a new all-time high of $1,440. The price of ether has been rising amid an extended rally in blockchain products. Ethereum has become more popular compared to other altcoins thanks to the recent upgrade of its network. In late 2020, developers of the Ethereum network introduced an upgraded version of the platform, thus boosting demand for ether among crypto enthusiasts. However, despite all the updates, ethereum is still closely following the dynamics of bitcoin. This means that a rapid plunge may happen at any moment, especially amid instability in the global economy. Currently, most cryptocurrencies are being driven by the hype around BTC which has become another safe haven asset for investors. As a rule, assets of a similar nature rise almost simultaneously.