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Ether Trades Above $500 for the First Time Since July 2018
Ethereum's native token ether has jumped to 28-month highs, taking year-to-date gains to nearly 290%.
Ethereum's native cryptocurrency ether has jumped to 28-month highs, taking year-to-date gains to nearly 290%.
STORY CONTINUES BELOW
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- The second-largest cryptocurrency by market value crossed above $500 soon before press time to reach the highest level since July 18, 2018, according to the CoinDesk 20.
- The move has happened alongside bitcoin's rise to 35-month highs above $18,400.
- Apart from the broader market uptrend, Ethereum's impending transition to proof-of-stake looks to be powering gains in ether, according to Nischal Shetty, CEO of Mumbai-based cryptocurrency exchange WazirX. "The belief is that it'll lead to a supply shortage of ether," Shetty said.
- While ether is still 185% short of its record high of $1,433, bitcoin needs to rally just 10% from the current price of $18,260 to challenge its lifetime high of $20,000 reached in December 2017.
- Ether has gained 6% in the past 24 hours, while bitcoin has increased by over 4%. Other alternative cryptocurrencies like litecoin and bitcoin cash have scored double-digit gains.
Also read: How to Value Ethereum: Accounts
Omkar Godbole
Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team based in Mumbai, holds a masters degree in Finance and a Chartered Market Technician (CMT) member. Omkar previously worked at FXStreet, writing research on currency markets and as fundamental analyst at currency and commodities desk at Mumbai-based brokerage houses. Omkar holds small amounts of bitcoin, ether, BitTorrent, tron and dot.
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