Cryptocurrency ether rose to afresh record peak on Tuesday before dropping sharply as some investors pulled profits from a white-hot market bulging with questionable new entrants. New crypto coins proliferateIt is also being driven by a speculative frenzy in the assetclass. Other new tokens have proliferated, and buyers this week piled in to several tiny new coins promoted by porn stars. "What we're seeing right now is the definition of speculative excess," said IG Markets analyst Kyle Rodda, who likened it to the tech-bubble mania of two decades ago. Bitcoin, which is up 90% this year dipped to $55,625 while the U.S. dollar firmed slightly elsewhere.
Source: The Hindu May 04, 2021 05:55 UTC