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Another first for Ethereum, as it hits $1,600

Another first for Ethereum, as it hits $1,600

The price of Ether is still climbing. On 4 February, the world’s second-largest crypto asset by market cap breached another all-time high. Ether was trading well above $1,600 range, priced at $1,614.16 at press time, across all major crypto exchanges. In the past 24 hours, Ethereum hiked by 5%.

The phased upgrade of the Ethereum network, which can process more transactions could have affected the price of Ether recently. After Ether’s recent surge, several DeFi tokens including Chainlink, save and Sushiswap followed the trend, registering price hikes.

Ether’s prices have more than doubled this year and have surpassed Bitcoin’s performance as well. Over the year, Ether has gained 757.3% compared to Bitcoin’s 293.8% yearly increase.

Institutional investors are not just eyeing Bitcoin at the moment. Corporate buyers could be another reason why Ether’s price has surged recently. The price of the asset could continue to increase especially as such investors are expected to further their positions.