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Ethereum extends gains to fresh record above $3,400

The ether/bitcoin cross rate stood at its highest in more than two-and-a-half years on Tuesday while bitcoin was steady at $57,295.

May 04, 2021 / 07:56 AM IST
Ether, the token transacted on the ethereum blockchain

Ether, the token transacted on the ethereum blockchain

Cryptocurrency ether extended gains to another record peak on Tuesday, after breaking above $3,000 for the first time a day earlier as investors bet on its growing utility.

Early in Asia trade it traded as high as $3,457.64 on the bitstamp exchange, for a session rise of about 17 percent.

Traders have attributed the gains – which amount to some 365 percent for the year to date – to a catch up on bitcoin’s late 2020 leap and as upgrades to the ethereum blockchain make it more useful.

The ether/bitcoin cross rate stood at its highest in more than two-and-a-half years on Tuesday while bitcoin was steady at $57,295.

 
Reuters
first published: May 4, 2021 07:56 am

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