Bitcoin price rises as second-biggest cryptocurrency ether hits all-time high

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  • Bitcoin rose more than 7.4% in the last 24 hours to trade around $34,807, looking to recover from steep losses last week.
  • Ether, the world’s second-biggest cryptocurrency, notched a new all-time high of $1,476 early Monday morning.
  • After quadrupling last year, bitcoin has had a wild start to 2021, climbing to $40,000 for the first time earlier this month.

Bitcoin’s price rose on Monday after a brutal sell-off that saw the virtual currency briefly dip below $30,000. Meanwhile, ether — the world’s second-biggest cryptocurrency — hit a fresh record high.

Bitcoin rose more than 7.4% in the last 24 hours to trade around $34,807, according to data from CoinDesk, looking to recover from steep losses last week that wiped out more than $100 billion from the entire crypto market.

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Ether, the digital token of the Ethereum blockchain, notched a new all-time high of $1,476 early Monday morning. The cryptocurrency climbed 6.2% to a price of $1,415 at about 9:15 a.m. ET.

Altcoins, or alternative cryptocurrencies, have been known to rally in times of strength for bitcoin. Ether’s latest price movement was attributed to increased use of Ethereum — its underlying network that is undergoing a major upgrade — and interest from institutional investors in crypto.

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