ETH

Ethereum Hits New ATH Above $4700, Analysts Give $7K Price Target

The second-largest digital coin of the world, Ether, surged more than 4% in only Tuesday to reach a new record as high as $4,800. The token was previously trading at a price of $4,740.

The cryptocurrency of the Ethereum blockchain is called Ether. Therefore, Ether and Ethereum are both interchangeable in the crypto market while referring to the currency.

Meanwhile, Bitcoin increase of 10% touching the price worth $68,250, inching back toward a record high above $66,900 set in late October.

The motive behind the move wasn’t clear. Cryptocurrencies are well known for their fluctuating price swings, with moves of up to 20% higher or lower relatively common.

The executive director at crypto hedge fund ARK36, Mikkel Morch, said that the price worth $70,000 for bitcoin now “seems imminent.”

“Importantly, the uptick doesn’t seem to be leverage-driven but rather results from the increased demand on the spot market where there’s currently very little sell-side liquidity,” Morch said in an emailed note Monday.

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