The world’s second-largest cryptocurrency, Ethereum, has soared to a new all-time high following significant investor enthusiasm for Bitcoin alternatives in the nascent digital currency space.
The price of one ‘ether’ reached $US1430 ($1855) overnight after a surging rally that began days after the new year and saw the digital token grow 82 per cent in under three weeks.
Second-largest cryptocurrency Ethereum has hit a new all-time high. Credit:Bloomberg
Ethereum has now traded higher than in 2017, where a similar end-of-year rally saw the currency reach $US1400. The most recent price movement follows a similar boom in leading cryptocurrency Bitcoin, which hit over $52,000 in early January.
But while Bitcoin’s rally was fuelled by retail and traditional investors looking to get a foot in the door, Ethereum’s is likely due to those same investors diversifying their portfolio in the cryptocurrency sector.