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Ethereum price reaches record high and Bitcoin surges. Here are some of the reasons why
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Cryptocurrencies are riding a new wave on Monday with Ethereum, the second-biggest digital coin, hitting an all-time high. Meanwhile, Bitcoin neared its own record.
Ethereum surged some 4 per cent in 24 hours to over $4,700 (€4,061).
The price of Bitcoin jumped almost 5 per cent to as high as $66,170, nearing its record price of $67,016.50 level reached on October 2, according to CoinMarketCap.
The reasons for the price hikes are not fully understood but it comes as the new trend in cryptos called DeFi has its moment.
DeFi, or decentralised finance, is a blockchain-based type of finance that does not rely on central financial intermediaries used in banking or regulation. Ethereum is one of its main users.
Another reason for the Ethereum high is
Read more on euronews.comAbout this in other media
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