Ethereum is on the brink of breaking its all-time high of $1,827 after it formed another crucial higher low overnight.
The world’s second largest cryptocurrency was expected to suffer a sell-off this week following its listing on CME, however news of Tesla’s investment in Bitcoin gave the wider market a much needed lift.
At the time of writing Ethereum is trading at $1,769 as it begins to retest the previous all-time high that was set this time last week.
This has caused the likes of Cardano to rally by more than 100% over the past seven days in what has been a clear sign of strength in the altcoin market.
However, if Bitcoin continues to consolidate between $45,000 and $50,000, Ethereum will set itself up for a rally to above $2,000 as optimism around the world’s second largest cryptocurrency surges to a new high.
Buterin had proposed that Bitcoin needed a scripting language. He decided to develop a new platform with a more general scripting language when he couldn’t get buy-in to his proposal.
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