ISLAMABAD: Upholding the expectations of analysts and investors, Ethereum has hit the record high level of $4,555 today. Market capitalisation of Ether has surged to $538.4 billion on Nov 4, 2021, the highest so far.
Cryptocurrency analysts believe that Ethereum has a potential to hit $10,000 level in next few months. After Bitcoin, Ethereum is the second largest cryptocurrency in terms of market capitalisation.
As Bitcoin has been consolidating its value above $60,000 in recent days Ether has become their most favourite digital currency. On Nov 4 (11am PST), Bitcoin was trading around $62,420. A few days ago Bitcoin crossed $70,000 level for the first time, but profit taking curbed further spike in its value and threw it around $62k level.
The market capitalisation of Bitcoin too has expanded to $1.177 trillion, from just $700 billion three months ago. The combined market cap of Bitcoin and Ethereum has increased to $1.715 trillion today, which is the history in the history of the cryptocurrencies.
Meanwhile, different international credit rating companies have projected increase in the value of Bitcoin to above $100,000 level quoting different favourable developments in the markets globally. Global economy is expanding after removal of lockdowns in many countries while prices of essential commodities, including oil, gas, and transportation are also inflating. These are the key indicators of improvement in global economic activities, which will promote stock investments in stock markets and crypto-currencies.
In recent months, American companies have made huge investments in Bitcoin after observing that China and some other countries have completed crackdown against illegal mining of this digital currency with coal-based energy.
According to international reports, about 80 percent of Bitcoins are in the possession of American companies and this is one of the key factors that is driving up value of this “Digital Gold” in recent weeks.
