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| Bitcoin increases smaller cryptocurrencies |
When Bitcoin broke the $ 30,000 Ethereum mark, blockchain-linked Ethereum (Ethereum) broke the $ 1,000 mark on Monday, reaching its highest level since February 2, 2018.
According to data from the cryptocurrency news site CoinDesk, the trading price for Ether is $ 1,045, an increase of 30% over the past 24 hours.
This is after Bitcoin reached an all-time high, briefly crossing the $ 34,000 mark.
In terms of market cap, the world's largest cryptocurrency rose to $ 34,452 on Sunday and down to around $ 31,800 on Monday.
The ripple-related XRP coin has gained around 7% in the past 24 hours on Monday and is trading around 23 cents.
Its value was less than half of what it was two weeks ago when the US Securities and Exchange Commission sued Ripple alleging that Ripple had submitted an unregistered stock offer to XRP.
Meanwhile, the value of Litecoin rose more than 10% to around $ 155 USD on Monday. Litecoin was developed by entrepreneur (Charles Lee) Charles Lee with the goal of processing Bitcoin transactions faster than the main blockchain network.
Bitcoin alternatives, sometimes referred to as altcoins in the cryptocurrency industry, generally increase with the power of Bitcoin.
Several smaller cryptocurrencies gained traction after the increased interest from retail investors in this emerging space after Bitcoin hit the $ 20,000 level in 2017.
"The fast pace of growth is impressive, but with that comes the risks of a major adjustment," said John Hardy, head of currency strategy at Saxo Bank.
Ether was at an all-time high above $ 1,400 in mid-January 2018.
The cryptocurrency network recently launched a major upgrade called Ethereum 2.0 that is expected to make it faster and more secure.
Growing investors in the cryptocurrency space believe that Ethereum can support NGN applications, and thus could become a model for the next generation of the decentralized internet.
The theme for 2020 is the emergence of decentralized finance (DeFi). Its aim is to replicate traditional financial products like loans, but there are no intermediaries like banks.