In Bitcoin's shadow, another cryptocurrency, Ether, stages its own rally
Launched in 2015, Ether, also known as Ethereum, is by far the second-largest digital currency in terms of total value, now estimated at over $460 billion.
Along with other cryptocurrencies including Solana and Dogecoin, it benefited from the regulatory approval in the United States of a new bitcoin investment product, the exchange traded fund — or ETF — in mid-January, said James Butterfill of the investment company CoinShares.
These ETFs allow investors to profit from any change to the price of cryptocurrencies without having to buy them directly, while also letting them sell at any time.
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View Details»The launch of crypto ETFs has led to an influx of new money, sending bitcoin to a fresh record on Friday of $70,085.
Bitcoin's rise has been well-documented, but Ether's has been even more impressive, surging almost 72 percent year to date in comparison to bitcoin's 61 percent rise.
This strong performance is largely due to «expectations that an Ethereum ETF could be approved in the United States,» according to Dessislava Aubert of research firm
