Dubai: Lagging Ethereum prices are playing a catch-up after spectacular performance in Bitcoin.
Ethereum touched a record high of $677.03, up more than 4 per cent on Wednesday.
“One plausible explanation for the rally, could be investors booking profits in Bitcoin and re-allocating it to Ethereum and Litecoin,” Devesh Mamtani, Head of Investments & Advisory (Financial Markets) at Century Financial said. Bitcoin prices, however, traded 2.11 per cent lower at $16,816.29, after hitting a record of $17,500 earlier in the week.
Analysts expect Ethereum prices to hit $1,400 in the next six months.
