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Ether jumps to all-time high above $2,000, in step with bitcoin's latest rally

Ether jumps to all-time high above $2,000, in step with bitcoin's latest rally

The cryptocurrency ether runs on the Ethereum network.
Dado Ruvic/Reuters




The price of ether surged to an all-time high Friday in lockstep with bitcoin's rally to just shy of $60,000.




"The main takeaway for me is that the increased capital flows into crypto is now making its way into more than just [bitcoin]," Jeffrey Wang of Amber Group told Insider.




Sergey Nazarov, co-founder of Chainlink, lab also attributed the surge in ether to the rise of decentralized finance, or DeFi,




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The price of ether, the world's second-largest cryptocurrency by market capitalization, surged to an all-time high Friday in lockstep with the rally in the price of bitcoin.Ether climbed to a high of $2,077 at around 11 a.m. ET. It first broke the $2,000 threshold around 9:50 am ET Friday. The digital asset for the ethereum network has gained 177% in 2021 alone and 1,370% in the past 12 months. "It's very positive to see [ether] rally along with [bitcoin] which has been the de facto flag bearer for crypto assets," Jeffrey Wang, Head of America's at Amber Group, told Insider. "The main takeaway for me is that the increased capital flows into crypto is now making its way into more than just [bitcoin]."Wang also said investor diversification bodes well for the whole cryptocurrency space, which has seen a broader rally in recent weeks, boosted by the economic recovery from the pandemic-led recession and the third round of stimulus checks under the Biden administration.
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