Ethereum has risen to a new record high past $4,000 Monday, which extends to the second largest cryptocurrency in the world for an amazing rally.
The Ether, Ethereum’s digital token, rose almost 7 percent during the last 24 hours, according to Coin Metrics, to $4,141.99 by 3:40 a.m. ET. It is now worth $476.3 billion on the total market, less than half of the $1.1 billion of Bitcoin.
Ether rose by 6.7% at a cost of $4,130 at 8:50 a.m. ET. On the other hand, bitcoin increased to $57,861 by about 0.9 per cent.
Ether recently saw parabolic gains once in Bitcoin’s wake when investors look for returns to other cryptocurrencies. Bitcoin decreased by more than 2% in April and Ether increased by more than 40%.
Today, according to CoinMarketCap, the entire crypto market has a value of approximately $2.5 trillion based on growing spatial interest.
Mainstream investors and certain corporate buyers such as Tesla flocked to Bitcoin this year and saw the Digital Coin as a potential hedge of inflation as the central banks print money in the world to ease the battered economy of coronaviruses. Major banks of Wall Street such as Goldman Sachs and Morgan Stanley also tried to offer bitcoin exposure to their rich customers.