Ethereum Hits New All-Time High Thanks to 15% Pump in 24 Hours

The price of one Ethereum token is now hovering around $1,800 Canadian (at time of writing). It burst through that mark last night after temporarily rising in value over 15% overnight. The market is slightly down this morning but over the last week, Ethereum’s ups and downs have averaged out to a 14% gain. Among the top 20 cryptocurrencies, only lending platform Aave and decentralized exchange token Uniswap have seen greater gains over the past seven days.

Why Ethereum Still Has Room to Run beyond Its All-Time High

2020 was clearly the year that institutional investing in cryptocurrencies truly began to ramp up. The thing is most of that capital went into Bitcoin. Ethereum’s next on the docket.

Another reason it’ll likely explode in price for the rest of this year is because Ethereum has fundamental value within the cryptocurrency space. The great majority of decentralized finance projects specializing in synthetic tokens, lending and borrowing rely on Ethereum to transact. This means a greater number of Ethereum tokens is being eaten up by fees, which lowers the supply available.

Retail investors will soon feel the pinch. Institutional investors can pour large amounts of capital into the space by leveraging large companies who act as custodians. On the other hand, retail investors are at the mercy of centralized exchanges. Those centralized exchanges are running out of Ethereum tokens to sell. Since cryptocurrencies started out as a movement created by retail investors and early adopters, it’ll be those speculators and investors that will drive up the price when they realize they can’t get their hands on Ethereum tokens so easily.

Now Is the Time to Buy Ethereum at Netcoins

Netcoins is one of the most trusted and secure cryptocurrency exchanges in Canada. It provides easy ways to purchase Ethereum tokens right now. 

Register for a free account, choose a payment method, and make your purchases. It’s that simple. Ethereum is clearly proving itself to be a digital asset worthy of holding long term. Start HODLing today.