FX.co ★ Ethereum to extend its stellar rally

Ethereum is not going to lag behind its main rival. So, the digital asset keeps on reaching all-time highs. Thanks to high demand for cryptocurrencies, Ethereum climbed up, easily breaking through the level of $1,700 per coin.

Curiously enough, the virtual asset literally skyrocketed moments after Elon Musk's tweet that Tesla made a $1.5 billion investment in bitcoin. As a result, the crypto market soared, pushing many digital currencies to new highs. However, not only Musk's tweets bolstered an increase in the crypto market. Its rise was also facilitated by the growing activity in the derivatives market. Traders highly assess the prospects of the altcoin. They are confident that its market cap will grow further.

In recent years, not only Bitcoin has conquered new peaks. Other cryptocurrencies have also experienced quite significant price jumps. Ethereum is no exception. Such a dazzling rally boosted optimism in the crypto industry. Experts also say that the current situation is developing in the best way for the digital market. The global business community has also renewed the discussion on the benefits of blockchain technology and decentralized finance systems. Besides, risk appetite is strong after the easing of the pandemic. According to Mark Cuban, the owner of Dallas Mavericks, holders (long – term BTC investors) are a great role model. He is sure that in the future, traditional stocks will be placed on the blockchain.