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The price of ethereum (ether) has hit a new all-time high amid predictions that an impending supply shortage will force the price up even higher. The cryptocurrency reached above $1,500 (£1,100) for the first time in its history on Wednesday following a 10-month price rally that has seen its value rise by more than 1,000 per cent since last April. Its fortunes have mirrored those of other major cryptocurrencies over the last year, including bitcoin and Cardano (ADA). The market surge has been boosted by increased institutional interest during the pandemic, which has seen major investors turn to cryptocurrency in an effort to diversify their portfolios during a time or economic uncertainty. Retail investors have also turned to crypto assets, as more and more apps offer easy ways to purchase bitcoin and other cryptocurrencies.

The price of ethereum (ether) has hit a new all-time high amid predictions that an impending supply shortage will force the price up even higher. The cryptocurrency reached above $1,500 (£1,100) for the first time in its history on Wednesday following a 10-month price rally that has seen its value rise by more than 1,000 per cent since last April. Its fortunes have mirrored those of other major cryptocurrencies over the last year, including bitcoin and Cardano (ADA). The market surge has been boosted by increased institutional interest during the pandemic, which has seen major investors turn to cryptocurrency in an effort to diversify their portfolios during a time or economic uncertainty. Retail investors have also turned to crypto assets, as more and more apps offer easy ways to purchase bitcoin and other cryptocurrencies.

February 3, 2021
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