Hunter S. Thompson once wrote, “There is nothing in the world more helpless and irresponsible and depraved than a man in the depths of an ether binge.” He was referring to the intoxicating drug, not the cryptocurrency. But ethereum investors may have reasons for fear and loathing, too.
The world’s second-most valuable cryptocurrency has soared even more than bitcoin () in 2021 thanks to non-fungible token mania and increased adoption of ethereum — ether, for short.
Ether prices are now hovering around $3,400, a more than 350% gain this year. Bitcoin prices have risen a “mere” 90% by way of comparison. In the past week alone, ether is up a staggering 30% while bitcoin is flat. That has raised some concerns that ether has risen too far, too fast, just like bitcoin did in 2017 before plunging spectacularly in 2018.
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