Ether (ETH), a native cryptocurrency of the Ethereum blockchain, has gained five-fold in just the past year. Its last highest rally took place about three years ago. Ether has the second-largest market cap after Bitcoin (BTC)
Ether reaching its new all-time high is backed by a few strong reasons such as the rise of DeFi (Decentralised finance), growing popularity for NFTs (non-fungible tokens), and evidence of robust growth in transactions as well as network efficiency,
As of writing this, Ether is trading at around $3494 (approx. Rs. 257525)
The entire cryptocurrency market is going through a bullish rally upwards for the past six months basis various speculations, including the rise of DeFi and NFTs, tweets by celebrities like Elon Musk, bigger institutions openly holding, using & discussing benefits of cryptocurrencies, and, the stimulus cheques in countries like the USA bringing in new investors.
A bunch of cryptocurrency options traders also claim to be betting $8000 on ETH price for the next month, while others are speculating big time after the Coinbase exchange debuts on NASDAQ last month through a direct listing route instead of an IPO.
The overall market sentiment around cryptocurrency seems positive. The Indian government is still drafting its new law on cryptocurrency. It’s been in the news several times that the government was keen on banning it completely. It’d be interesting to see how the Finance Ministry and the RBI look at the whole scenario given these recent developments across the world.
During the ongoing COVID-19 pandemic when stricter lockdowns have hit jobs and reduced people’s income, will any government in the world take a risk to stop its people from getting benefits through such assets?
What’s your opinion about it? Do tell us in the comments.