LONDON — Ethereum’s recent surge is continuing on Monday, with
the cryptocurrency close to its all-time high.
Ethereum, the second biggest cryptocurrency after bitcoin,
crossed $1,000 per coin for the first time on Friday. Gains
continued over the weekend and ethereum cleared $1,200 per coin
in the early hours of Monday morning. It hit an all-time high of
$1,261.41 at 4.40 a.m. UTC/GMT (11.40 p.m. ET).
The digital currency, which was worth just $10 at the start of
2017, has since given up some of its gains but is still trading
higher on the day.
Ethereum is up 6.8% against the dollar to $1,191.96 at the time
of writing (7.55 a.m. GMT/2.55 a.m. ET):Markets
The immediate spur for the recent rally was a fourth quarter
report on the performance of ethereum, which is a decentralized
network for people to run contracts on. Transactions volume on
its network doubled, according to a blog post, “surpassing 10
transactions per second for days at a time.”
Ethereum’s recent rally means the cryptocurrency now has a market
capitalisation of $118 billion, according to data provider
CoinMarketCap.com. That equates to 15% of the entire
Elsewhere in the cryptocurrency markets, bitcoin is down 1.8%
against the dollar to $15,875.17 at the time of writing and
litecoin is down 2.4% to $264.19.