Ethereum (ETH) Soars Above $4,000 to Print Fresh Record Highs
- Dow, S&P post worst week in months after hawkish Fed spooks investors
- Fed-fueled dollar rises as bears make for exits
- Adobe (ADBE) Edges Higher After Topping Q2 Estimates, Analysts Raise PT on 'Impressive' Performance
- Fed Statement Very Bullish for Tech Stocks, Focus on Cloud and Cyber Stocks - Wedbush
- You Fight Real Physical Inflation With Rate Hikes, Not Talk of Rate Hikes; Buy the Dip in Commodities, Gold Underpriced - Goldman Sachs
News and research before you hear about it on CNBC and others. Claim your 1-week free trial to StreetInsider Premium here.
Ethereum (ETH) price has added a further 5% to its value to travel north of $4,000 for the first time ever as the one-way price action continues. According to Coinbase data, ETH price traded at $4,174 overnight to mark a new record high for the world’s second-largest cryptocurrency.
This way, the buyers have continued to push the price action higher after gaining more than 33% last week to mark the best week since December last year.
"It's more than just a coin. It's a whole ecosystem that allows other applications to be built," said Bradley Kam, chief executive officer of blockchain domain provider, Unstoppable Domains.
The rise in Ethereum price has been closely associated with the rising popularity of the decentralized finance (DeFi) sector, but industry experts are also cautious about this trend.
"DeFi is destined for meteoric growth, but that growth inherently comes with risk. Issues such as failed transactions and front-running are not subtle, costing users millions of dollars every day," said Alex Wearn, chief executive officer at crypto exchange IDEX.
"These major ... problems limit the appeal of these products for a wider audience and ultimately hinder the ecosystem's growth."
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Walt Disney (DIS) PT Raised to $215 at Guggenheim on Faster Recovery with Higher Spending Levels
- Nano Dimension (NNDM) gains as it is highlighted as a new WSB/Reddit stock
- OPEC Technical Meeting This Week Was Told To Expect U.S. Oil Output To Rise By About 200,000 Bpd This Year - Reuters
Create E-mail Alert Related CategoriesCryptocurrency, Forex, Trader Talk
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!