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Ether reaches record after Visa move, Mark Cuban comments

Ether has a market value of about $240 billion, compared with about $1.1 trillion for Bitcoin, according to data from CoinMarketCap.com.

Ether has nearly tripled this year. REUTERS/Dado Ruvic/Illustration Ether has nearly tripled this year. REUTERS/Dado Ruvic/Illustration
Ether has nearly tripled this year. REUTERS/Dado Ruvic/Illustration (REUTERS)

Ether, the world’s second-largest cryptocurrency, rose to a record high as the rally in digital assets continues to broaden beyond Bitcoin.

The digital token for the Ethereum network gained 6.2% on Friday and reached as high as $2,144 on Saturday. It has nearly tripled this year, and first topped $2,000 briefly on an intraday basis in February. Bitcoin was little changed Friday after more than doubling this year.

“The latest backing from Visa Inc. appears to be giving the bulls a new reason to persist in their stride,” said Konstantin Anissimov, executive director at cryptocurrency exchange CEX.IO.

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The token has mirrored the gains in Bitcoin over the past year amid a flood of stimulus aimed at boosting the global economy during the Covid-19 pandemic. Critics warn that crypto is a speculative bubble that will likely burst.

“We’re now really breaking higher and that will very likely attract buying activity,” said Julius de Kempenaer, senior analyst at StockCharts.com. “Ether is gaining in relative strength versus Bitcoin.”

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